Toyota dealership wants 2020 Prius Prime back

Discussion in 'Prime Main Forum (2017-Current)' started by J21, Jan 12, 2020.

  1. J21

    J21 New Member

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    I recently got a letter in the mail from Toyota stating they are electing to rescind the contract because they could not assign the contract to any financial institutions. They stated that in the contract they have “rescission rights” to cancel the contract within 10 days. The postmark date of the letter is dated just after 10 days so I responded to the letter by declining to oblige to their request. I have not received any phone calls or any other contact from the dealership. I responded by letter just in the past week.

    Has anyone seen this before. I have good credit and the only thing I can think of is their a management was not happy with the sale price. I purchased and live in California.
     
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  2. Munpot42

    Munpot42 Senior Member

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    If they exceeded the 10 days, can you find your own financing to complete the purchase of the car?
     
  3. DavidA

    DavidA Prius owner since July 2009

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    This all sounds a bit fishy. Are these models hard to come by in your area?
     
  4. JC91006

    JC91006 Senior Member

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    Surely another dealer can sell you the same car? It's only a Prius Prime, dime a dozen around CA. If you have good credit, you shouldn't have any problems with a loan.

    Just think of it as a free loaner car for the time you had it. Did you send in the Edison rebates? Bonus...
     
  5. mikey_t

    mikey_t Active Member

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    If they exceeded the ten days and you haven't heard back from then since, some manager probably fumed for a bit and now you're all good. You must have gotten a great deal.
     
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  6. George W

    George W Active Member

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    Steve Leto's Law. Episode 51 . Don't let the dealership take your car away
     
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  7. jerrymildred

    jerrymildred Senior Member

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    You're probably better off shopping for a loan and securing it before you even walk into the dealership. They are not as interested in getting you good loan terms as you are.

    Or, if you can wait, borrow the money from yourself. Take that "loan payment" and save it up every month. You'll be able to pay cash sooner than you would have paid off the loan from a bank. Let compound interest work for you instead of against you. ;)
     
  8. Salamander_King

    Salamander_King Senior Member

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    Humm, I've heard of the "cooling off" period for a buyer, but never heard a dealer backing off of the closed deal more than 10 days later. A seller's remorse??? Was it financed through Toyota Financial? Or through the dealer? Whatever happens to the car, please update the out come. Good luck.
     
    #8 Salamander_King, Jan 13, 2020
    Last edited: Jan 13, 2020
  9. The Electric Me

    The Electric Me Go Speed Go!

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    Interesting.
    I would think you'll hear back from them.

    I've never heard of this happening before:

    I would actually be interested in what the laws are in regards to a situation like this.
    I don't have an answer, just following this thread out of curiosity.
    I hate to utter the word, Lawyer, but knowing exactly what rights you do have in this situation I think would be helpful.

    Dealerships are vehicle selling machines. I'm kind of surprised a situation like this would arise.

    Good Luck,
    Let us know what happens.
     
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  10. edthefox5

    edthefox5 Senior Member

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    What was the contract that was rescinded? Financing from Toyota? Sounds like whatever it was is canceled. I would find out unless you want your car repo'ed. I would go talk to the dealer they sound like idiots.

    Never ever have I left a dealership without knowing exactly what financing is in place and it being approved. Its a done deal or you aren't driving that car away.

    If you have good credit Toyota will fall all over you to finance.

    What did you pay for the car if you don't mind?
     
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  11. sam spade 2

    sam spade 2 Senior Member

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    Sounds to me like a ruse to get you back into the showroom so they can try to "upsell" you into a different model or more expensive loan or lease.

    I would ignore it unless and until you hear more.
    And if you DO hear more, I'd contact a lawyer BEFORE you contact them.
     
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  12. Kenny94945

    Kenny94945 Active Member

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    Need more info.

    Best option IMO: Visit dealer talk to owner or GM to find out what this letter is.
    If you have good credit...maybe the letter is in error...sent to wrong customer.
    (Maybe the dealership sold the car for no profit at all to you (an error) and wants to rescind the deal?)

    As suggested, you could also call Toyota Financial or your local credit union and be prepared with financing options.

    Let us know the outcome and good luck.
     
  13. Washingtonian

    Washingtonian Active Member

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    Looks like the dealer sold a new car and if they take it back after a couple of weeks they will then have a used car. Not a good business decision unless they manage to keep all or part of any down payment.
     
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  14. J21

    J21 New Member

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    The letter was dated within 10 days but postmarked 11 days after sale. I think someone tried to fix a mistake. The car was financed through Toyota financial. I plan on refinancing with local credit union at a better rate.

    I have not attempted to directly reach out to the dealership other than responding to the letter. I don't feel there is any reason to get worked up if the dealership hasn't tried calling me.

    I'm really just curious if anyone else has experienced or seen this situation before.

    I paid the following for the car.

    2020 Prius Prime LE Silver. Northern California

    MSRP $28,789
    Discount ($3,281)
    Rebate ($2000)
    Doc Fee $85
    Tax $2,175
    Non tax fees $432
    Uber driver discount ($750)

    Total $25,450 out the door
     
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  15. DavidA

    DavidA Prius owner since July 2009

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    Might they have sold this same car twice, one to you at the stated price above, and to someone else at a much higher and more profitable price and wanted it back to complete the sale to the higher prospective customer?
     
  16. dubit

    dubit Senior Member

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    I've never heard of this and i've worked at a dealership most of my life..
     
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  17. IMkenNY

    IMkenNY Im just being nosy

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    I wouldn't be surprised to hear that the Uber driver discount is a factor. Hyundai was afraid to give me a 60 month 0% interest loan in conjunction with a $1000 Uber discount (I ended up settling with the $1000 off and 48 month at 0%)
    I assume some finance companies are taking a hit when rideshare drivers kill a car off early and dont pay the remaining balance on longer loans.
     
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  18. dig4dirt

    dig4dirt MoonGlow

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    There is no other thing it deals with other than money.

    I am sure OP can secure financing if they have "good" credit.
    So if that works, secure that up asap, but it may not work in this situation....not sure.

    BUT, the dealer is just betting on being able to make more money selling this car used
    to another buyer either paying more or getting less for their trade in.

    Very sad to think that, but money is the bottom line here. money.
    Not safety, no ease or sale, not happy customer, not another notch for a sale,
    MONEY

    Totally insane.
    Good luck, hope you get to keep the car!
     
  19. The Electric Me

    The Electric Me Go Speed Go!

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    This is just such a strange and unique situation.
    To be honest I don't know.
    I think the question becomes what do YOU want to do?

    If it was me? I think not having a full resolution or understanding of the situation would bother me. It would be hard for me to ignore the situation.
    But the OP probably is demonstrating some wisdom in NOT poking the hornets nest by contacting the dealership.

    I don't know how much it would cost to at least temporarily, to specifically deal with this issue, get a lawyer to act as your representative, someone who would know the laws, someone who could either tell you you're OK, or communicate in your behalf to get answers.

    But personally, post marked 10+ past the deadline, it would just bother me to NOT know exactly what is going on.

    Crappy, that the dealership would for whatever reason- put you in this situation.
    You should be able to sign a contract, make payments in good faith, and own the vehicle without this type of situation being thrown back in your lap.
     
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  20. fotomoto

    fotomoto Senior Member

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    I'm thinking Toyota Financial could be the issue here and they are trying to get the dealer to fix a problem. Why? Well.....

    About a decade ago, I had my Gen 3 financed thru them and when I traded it in early at an out of town dealership for a Camry, TF paid it off and a few weeks later sent the new, clear title TO ME!!!! Luckily, I'm a nice guy...... Yeah, they got problems. LOL
     
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