I am a Michigan resident, purchasing a used vehicle (online) from a major Wisconsin dealership. After a week-long discussion surrounding various vehicles offered for sale and details of the vehicle I was offering for trade, we agreed to terms and a purchase agreement was put in place.
The signed purchase agreement was received by my financial institution (in this case, my local credit union), with credentials for planned wire transfer from my credit union to the said dealership.
I signed the loan agreement with my CU and I was wire transfer was scheduled. Because the deal was closed after regular business hours, the wire transfer was going to have to take place the next business morning.
Later the same evening, I received a call back from the dealership with concerns that they had over-valued my trade, by mistake... By an estimated $3000. In my search for a replacement vehicle, I have had 3 different dealerships estimate the value for this same trade. Each comparable with the offer from this dealership
The VIN and vehicle description for my trade are clearly noted in the purchase agreement, as is the agreed upon value for my trade. The circumstances surrounding their $3000 drop in trade value had to do with an assumption that my vehicle was a "limited edition" vs "Laredo"... Details that I not only shared with their sales associate the week previous but would also be clearly described with the VIN number search that I provided the same afternoon to allow them to value my trade.
I now have 43k locked up in auto financing but have asked the credit union NOT to send until I understand my rights a little more clearly.
Recommendations???
The signed purchase agreement was received by my financial institution (in this case, my local credit union), with credentials for planned wire transfer from my credit union to the said dealership.
I signed the loan agreement with my CU and I was wire transfer was scheduled. Because the deal was closed after regular business hours, the wire transfer was going to have to take place the next business morning.
Later the same evening, I received a call back from the dealership with concerns that they had over-valued my trade, by mistake... By an estimated $3000. In my search for a replacement vehicle, I have had 3 different dealerships estimate the value for this same trade. Each comparable with the offer from this dealership
The VIN and vehicle description for my trade are clearly noted in the purchase agreement, as is the agreed upon value for my trade. The circumstances surrounding their $3000 drop in trade value had to do with an assumption that my vehicle was a "limited edition" vs "Laredo"... Details that I not only shared with their sales associate the week previous but would also be clearly described with the VIN number search that I provided the same afternoon to allow them to value my trade.
I now have 43k locked up in auto financing but have asked the credit union NOT to send until I understand my rights a little more clearly.
Recommendations???
