Question: Who in the car dealership is authorized to present and explain the finance papers to me?

Sept. 19, 2005

Hello Tony

The salesman at the car dealership did all the paperwork for the financing of our vehicle. We were never sent to the Finance Department. This is a large dealer and I can't believe they would allow a salesman to do all the paperwork. Help.

Thanks,

Janine

Answer:

Hi Janine,

It's a fairly common practice for the Finance Manager to prepare the paperwork and then have the sales person go over the papers with you and have you sign whatever you need to sign. Sometimes they do this when they are very busy.

If this is what happened it was probably done correctly except for the fact that you had no say as to what they put on the contract as far as interest rate and so forth. There are so many different ways they can rip you off when you let them arrange financing that you have to be very careful.

If it went down some other way - I don't know. The only one who can prepare the paperwork and print them out is usually the Finance Manager. If the sales person actually prepared the forms himself then you better read them over very carefully. Have someone who is familiar with loan contracts look them over for you. Perhaps someone at your bank for example.

All my very best...

Tony Iorio