Dealer won't send terms of loan/contract?

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.