So I decided to trade in my honds s2000 on an Acura 3.2 cl type s. My s2k had become a little intense than I wanted for daily commuting 50 miles or more. Some love it, but it became a little too stressful. Either way I need advice.

So the terms we agreed upon were 72 months at 5.25% interest. The 5.25% is the interest rate that my local credit union (capital educators fed. credit union, boise, id) is offereing to better credit score people on cars no older than 2003. So I figure I am in the clear.

I get a call on Friday directly from Caped FCU, saying they need income verification. She said my score is not an issue, but my debt:income is not where they would like it. As I am missing my s2000 after a week without it (it took from last thursday to the next friday to get this call), I tell her if it is that tough of a decision, deny the loan, I will go back and get my s2000.

Shortly after, I get a call from the finance guy assuring me that if my bank won't pass the loan, he will get me those terms elsewhere. Realistically, I have not heard of anyone doing 72 month 5.25% loans, so I doubt that will happen, and even hope it won't.

I rolled 1k of negative equity into my acura from the s2k. They have not yet paid off my s2k, but I was told that they sold it the next day. So if they sold it, and Idaho has no laws covering this (as far as I have found on the internet), and my contract says that they have 5 business days to get financing, we are at 6 and monday will be 7, can I go in and say take your car back no harm no foul?

in a more black and white description;
1. took spot delivery
2. 5 days to get financing
3. did not secure financing
4. I did not give them express written consent to extend that time (as contract requires to keep going past 5 days)
5. Sold my trade in (or lied to me about it, unhorsing is the scam there)
6. I would benefit from walking away with them having sold my s2k and I can get something else without having to work to sell it, and would not have negative equity on next deal)
7. Can go in with keys and say something (1-5) are fishy and when I smell fish I want salmon or to get the fu** out. So deal is done and they eat the negative equity?

Hendeu

 

if they sold your car, you walk away from your car. You can probably cry foul so you dont have to pay on the negative equity. They should have had a policy where they couldn't sell your car until the deal is funded.

That would probably be the best thing that happende to you since you wanted to get rid of your S2K. Tell them to eat the 1k.

So if they haven't been able to finance you at the agreed terms then you will just have to unwind the deal.

 

I think a better question is... why did you have negative equity on a 10 year old car?

 

i had not updated when I got my second s2000. A 2003 silver/red

 

The idea of negative equity on cars makes me want to throw up.