Dealer won't send terms of loan/contract?

[joeshmoe]

Hey guys,

Going to pick up our new camper from a dealer in Oregon on Thurs.

Everything has been done over the phone and online, but when I asked for them to send me the contract/loan agreement to look over, I was told that legally, they can't; that "I need to be present when an installment loan is being handled". That's Oregon State law, according to them. Anyone know if this is true? I'm kinda leaning towards BS, personally. I just want to review the contract before I drive 900 miles. I think it's just a tactic to ensure that they get you there and signed off. They know nobody's really gonna drive hundreds of miles only to renege on the deal?

UPDATE:

A copy of the Loan conditions and fine print were finally emailed. Nothing out of the ordinary. Will update if they decide to make any "Changes".

[Passin_Thru]

Hopefully you thought about calling another dealer and asking if they would actually send a copy and see if they said it was state law.

[atreis]

Bank rates for loans are typically set the day you sign. If they quote you a figure before you sign and have laws in place that make verbal agreements binding, they risk exposure for changes in interest rates between that point and the point at which you sign. This COULD be the cause of their reluctance.

[v10superduty]

I really don't get it with some folks...:h

The original poster said on page 3 its "all good" now and we are still giving advice on page 5?

Ya, I know, I am still reading it to...:o

[bigdogger]

sh410 wrote:

wny_pat wrote:
Not a bank, credit union, or loan company out there that is doing loans using simple interest!!!

:?

Out here all institutions use simple interest and disclose the APR on the loan papers whether its at the dealer or a lending institution

Haven't seen a vehicle loan that wasn't a simple interest loan in many, many years. You might see a pre-payment penalty on a big loan, but that is a different issue.

[Allworth]

That could be a reason to avoid Western New York if you happen to need a loan!

[2oldman]

wny_pat wrote:
Last loan I obtained for a new car was .49% APR.

About the same as a 1-year CD.

[sh410]

wny_pat wrote:
Not a bank, credit union, or loan company out there that is doing loans using simple interest!!!

:?

Out here all institutions use simple interest and disclose the APR on the loan papers whether its at the dealer or a lending institution

[popupcamping]

rhartman911 wrote:
Sounds like they don't want you to have time to read the entire contract before signing it, So if you need to be in person then I would drive over there and pick it up in person then take it home and look at it and if they don't agree to that sale is over good bye theres plenty of Rv's for sale

obvious case of someone NOT reading the post in its entirety....

you want the OP to drive 900 miles??????????

[wny_pat1]

joeshmoe wrote:

Crowe wrote:
Glad you got what you needed. Your post sounded like a classic case of buyers remorse. Very strange they wouldn't send the "fine print" with the original terms. I probably would have walked away, but I can be a bit "suspicious" at times!

Well, I was surprised, since all previous interaction with them was normal and pleasant. Then, on Friday, when I requested a copy of the fine print, and started getting the run-around, I certainly became suspicious. That prompted me to post about it.

punomatic wrote:
I once bought a boat from a dealer in Seattle. It was during the early '80s, when loan rates were around 20%. I found financing in NJ at 15%, so I did all the paper work by mail, until it came time to sign. Then the loan company made me fly from Oregon to NJ to sign. It turns out the loan was a Rule of 78s, which is illegal in most states. Consequently, the papers had to be signed in NJ. DON'T SIGN ANYTHING UNTIL YOU HAVE A CHANCE TO READ IT, AND PERHAPS, HAVE YOUR ATTORNEY READ IT.

Thanks for sharing. Good to know.

This loan is a simple interest one, with no pre-pay penalties. As someone pointed out, it's a standard "boiler-plate" type credit union, consumer loan with the requisite, default and late pay conditions. Nothing unusual...at this point

Not a bank, credit union, or loan company out there that is doing loans using simple interest!!! And I'd never get a loan from a dealer. I always get much better terms and interest rate by finding my own lender! Last loan I obtained for a new car was .49% APR.

[2oldman]

punomatic wrote:
.. during the early '80s, when loan rates were around 20%. I found financing in NJ at 15%, so I did all the paper work by mail,

That must have taken forever in the 80s.

[rhartman911]

Sounds like they don't want you to have time to read the entire contract before signing it, So if you need to be in person then I would drive over there and pick it up in person then take it home and look at it and if they don't agree to that sale is over good bye theres plenty of Rv's for sale

[joeshmoe]

Crowe wrote:
Glad you got what you needed. Your post sounded like a classic case of buyers remorse. Very strange they wouldn't send the "fine print" with the original terms. I probably would have walked away, but I can be a bit "suspicious" at times!

Well, I was surprised, since all previous interaction with them was normal and pleasant. Then, on Friday, when I requested a copy of the fine print, and started getting the run-around, I certainly became suspicious. That prompted me to post about it.

punomatic wrote:
I once bought a boat from a dealer in Seattle. It was during the early '80s, when loan rates were around 20%. I found financing in NJ at 15%, so I did all the paper work by mail, until it came time to sign. Then the loan company made me fly from Oregon to NJ to sign. It turns out the loan was a Rule of 78s, which is illegal in most states. Consequently, the papers had to be signed in NJ. DON'T SIGN ANYTHING UNTIL YOU HAVE A CHANCE TO READ IT, AND PERHAPS, HAVE YOUR ATTORNEY READ IT.

Thanks for sharing. Good to know.

This loan is a simple interest one, with no pre-pay penalties. As someone pointed out, it's a standard "boiler-plate" type credit union, consumer loan with the requisite, default and late pay conditions. Nothing unusual...at this point

[Luke_Porter]

Get your loan somewhere else.

[punomatic]

I once bought a boat from a dealer in Seattle. It was during the early '80s, when loan rates were around 20%. I found financing in NJ at 15%, so I did all the paper work by mail, until it came time to sign. Then the loan company made me fly from Oregon to NJ to sign. It turns out the loan was a Rule of 78s, which is illegal in most states. Consequently, the papers had to be signed in NJ. DON'T SIGN ANYTHING UNTIL YOU HAVE A CHANCE TO READ IT, AND PERHAPS, HAVE YOUR ATTORNEY READ IT.