Dealer increased lease rates after 3 months of waiting!!!

Diesel123 · 05-10-2007, 07:06 PM

I ordered my car back in Febuary and signed a contract for a lease for 460 a month. My car just arrived at the dealer and I am going to pick up the car on Saturday, but my CA told me that the lease rates i signed was only locked for 60 days and now my price is going to be 530 a month even after I signed a contract....WTF? Did anyone else experience this? I am so pissed that they told me this now after three months of waiting and when I am about to pick up my car.

Diesel123 · 05-10-2007, 10:34 PM

anyone?

BMW F22 · 05-10-2007, 11:04 PM

thats crap!! Demand to talk to General Sales Manager or the General Manager.

If you DID NOT sign the papers your rates are locked in for 60 days when u submit the credit app/ put a deposit down. You can choose to go with a newer rate if it's lower or stay with the old rate if the new one is higher.

IF you DID sign the paperwork there is no reason they can deny the original rate. Talk to the GM or GSM or get in touch with the BBB.

MoreCowbell · 05-10-2007, 11:12 PM

Agreed....they can't do it....

dkbimmer · 05-11-2007, 12:27 AM

Quote:

Originally Posted by Diesel123

I ordered my car back in Febuary and signed a contract for a lease for 460 a month. My car just arrived at the dealer and I am going to pick up the car on Saturday, but my CA told me that the lease rates i signed was only locked for 60 days and now my price is going to be 530 a month even after I signed a contract....WTF? Did anyone else experience this? I am so pissed that they told me this now after three months of waiting and when I am about to pick up my car.

I also ordered mine in February (end of Feb). Knowing that mine wouldn't be picked up until late May or early June, my CA and I was only able to agree on the final sales price. He said he can only hold the price for 60 days so it wouldn't be good even if we worked out the lease numbers at the time of the order. Once I got my PCD date of June 8, I had to wait until April to agree on the lease numbers using the April lease rate. Since the sales price was already agreed the lease number was almost automatic. No surprises there.

Your CA should have made it clear that the lease rate is only good for 60 days. Unless the contract you signed clearly says the rate is good for OVER 60 days, you may be stuck paying more.

Lassaxi · 05-11-2007, 07:43 AM

This is actually not crap.

Virtualy every leasing company will only allow you to lock a rate for 60 days, and it is actually a law in some states. One of the reasons for this has nothing to do with the car itself, but it has to do with how the leasing company accounts for and recognizes revenue on the value of the lease contracts on its books.

Read the contract. I would bet that there is a clause that says that the contract only becomes final if the leasing company takes possession of the title within 60 days of execution. If not, the contract becomes void. If it's not in the contract, it may be a state law. Either way, your dealer should have made this clear to you at the outset.

You probably don't have a right to enforce the lease contract you signed, but you may have recourse against the dealer. If it's a big deal to you, you can consult a lawyer about it. Either way, it was poor form on the delaer's part not to inform you.

IrvRobinson · 05-11-2007, 08:25 AM

Since the lease rate is only locked for 60 days from the end of the month, you would have needed to bill out your car in April.It's the responsibility of the client and the CA to stay on top of this,the dealer is not at fault.

05-10-2007, 07:06 PM	#1
Diesel123 New Member 6 Rep 21 Posts Drives: e92 328xi Join Date: Mar 2007 Location: New Jersey iTrader: (0)	Dealer increased lease rates after 3 months of waiting!!! I ordered my car back in Febuary and signed a contract for a lease for 460 a month. My car just arrived at the dealer and I am going to pick up the car on Saturday, but my CA told me that the lease rates i signed was only locked for 60 days and now my price is going to be 530 a month even after I signed a contract....WTF? Did anyone else experience this? I am so pissed that they told me this now after three months of waiting and when I am about to pick up my car.
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05-10-2007, 10:34 PM	#2
Diesel123 New Member 6 Rep 21 Posts Drives: e92 328xi Join Date: Mar 2007 Location: New Jersey iTrader: (0)	anyone?
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05-10-2007, 11:04 PM	#3
BMW F22 Major General 3730 Rep 9,783 Posts Drives: ///M235i Join Date: Nov 2005 Location: Bay Area iTrader: (8)	thats crap!! Demand to talk to General Sales Manager or the General Manager. If you DID NOT sign the papers your rates are locked in for 60 days when u submit the credit app/ put a deposit down. You can choose to go with a newer rate if it's lower or stay with the old rate if the new one is higher. IF you DID sign the paperwork there is no reason they can deny the original rate. Talk to the GM or GSM or get in touch with the BBB.
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05-10-2007, 11:12 PM	#4
MoreCowbell Lieutenant Colonel 559 Rep 1,702 Posts Drives: 24 i5M60 23 X740 23 Vette Z06 Join Date: Feb 2006 Location: Westchester, NY iTrader: (0)	Agreed....they can't do it....
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05-11-2007, 07:43 AM	#6
Lassaxi Major 10 Rep 1,035 Posts Drives: April ED - E90 328xi Join Date: Nov 2006 Location: Boston iTrader: (0)	This is actually not crap. Virtualy every leasing company will only allow you to lock a rate for 60 days, and it is actually a law in some states. One of the reasons for this has nothing to do with the car itself, but it has to do with how the leasing company accounts for and recognizes revenue on the value of the lease contracts on its books. Read the contract. I would bet that there is a clause that says that the contract only becomes final if the leasing company takes possession of the title within 60 days of execution. If not, the contract becomes void. If it's not in the contract, it may be a state law. Either way, your dealer should have made this clear to you at the outset. You probably don't have a right to enforce the lease contract you signed, but you may have recourse against the dealer. If it's a big deal to you, you can consult a lawyer about it. Either way, it was poor form on the delaer's part not to inform you. __________________ May 3, '07European Delivery, Redelivered on 6/11/07 - Monaco Blue/Beige, Steptronic, ZPP, ZCW, PDC, iDrive/Navi with RTTI, Logic 7, Xenons, HD Radio
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05-11-2007, 08:25 AM	#7
IrvRobinson Banned 39 Rep 731 Posts Drives: X3 Join Date: Jul 2006 Location: Chicago iTrader: (0)	Since the lease rate is only locked for 60 days from the end of the month, you would have needed to bill out your car in April.It's the responsibility of the client and the CA to stay on top of this,the dealer is not at fault.
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