This is a discussion on NY/NJ Dealer Trouble (ADVICE NEEDED, PLEASE READ!) within the Everyday Impreza Talk forums, part of the Community - Meet other Enthusiasts category; Originally Posted by Finesse Why not? Btw there's a dealer near me that's very mod friendly from what I've heard. ...
this was one crazy cringeworthy story. my gut literally hurt when i read that you took such a loss on genesis. it sounds like you already sealed everything up, but if you haven't i would get that genesis back. i bought a V6 Mustang and realized it wasn't the greatest car for me after a year. i twiddled my thumbs until i got into positive equity and now i'm getting a WRX. is there some reason why you HAD to get rid of the genesis? if you don't mind my asking. perhaps you got absolutely, positively, RIPPED OFF when you bought your genesis.
which now that i think about it, that's the most amazing thing in this entire saga. 8 months after purchasing your genesis you were $9,000 underwater.... nine. thousand. i don't even know how that happens. as i chased my mustang's payoff price i was never more than $1500 away. jeepers.
Furthermore, you still own your car. They still own theirs. I recommend a back ally "you got the money, I got the stuff" shady throwdown. But seriously, tell them to come to you, bring your Genesis on a truck, drop it off, get the WRX, and call it a day. Tell them to rip up the paperwork, but get copies or all of it if they try to sue, for some idiotic reason. Done deal.
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2009 WRX - Catted DP, Torqued performance stage 2
2011 Sportwagon TDi
1970 Chevy Impala Convertible 454
Although I have seen some circumstances when soa does a 1 time good will warranty claim.
I HIGHLY Recommend GAP INSURANCE!!!! If you do not know what it is, Google it and then buy it.
I wonder if this is the same dealership I almost did business with.
Honestly, you should get your Genesis back. It sounds like this deal is too much about wants and not about needs. You NEED a car. You don't need a car you can't afford and no one should be taking out a 75 month loan. The interest on that loan is too much.
It's one thing to have a car you love. It's another thing to buy a car you can't afford. With the arrangement you have made, it is not a stretch to state that you can't afford this car at this point in time.
Get the Genesis back. You will never be able to trust this dealership-- an honest salesperson would have been straight with you and told you that they cannot write a loan for that much more than the actual value of the car. And, quite frankly, 5 minutes of driving the vehicle and the deal just gets that much worse (as the car's value immediately depreciates).
Buy a well-cared for used one. Or, be happy with the Genesis until it is paid off.
You are heading down a very unhappy path of debt for no good reason at all.
sorry to be so blunt. I love my WRX, but you are not financially ready for a new one.
What gap insurance does -- and does not -- cover | Fox Business
I think this depends on the GAP insurance you purchase. My insurance company, State Farm, does not offer GAP insurance that covers the rolled in loan value. There may be some insurance companies that offer GAP that will cover the rolled in loan, but my bet is that it is vert expensive.Gap insurance does not cover:
car payments in case of financial hardship, job loss, disability or death
repairs to your vehicle
the value of your car or balance of a loan if your car is repossessed
a rental car while your vehicle is in the shop
the diminished value of your car after an accident
a down payment for a new car
carry-over balances on any loans you rolled over into your new car loan
extended warranties you add to your car loan
OP, did you purchase GAP insurance?
STOP THE INSANITY!!
This discussion about Gap insurance is ridiculous. They have a role, but not for this foolishness. Why not suggest paying off his previous car by buying lottery tickets?
Bring the car back. Seriously.
It was irresponsible of the salesperson and the dealership to sell it to you. You will get crucified by your loan company. Your credit rating will be destroyed. You will take down whoever cosigns with you, AND, I doubt highly that you will get approved by Subaru finance for $9,000 over the sticker cost of a new WRX. That's why your sale and the exchange was delayed. The dealership was trying to find you a third party creditor.
It was unwise for you to get rid of a decent car afer 8 months and put yourself so deep in debt. It was stupid, irresponsible and unprofessional for them to suggest this deal, let alone go forward with it.
Last edited by skimd; 03-19-2014 at 07:44 PM.