[octopine]

I just bought a car. The contract presents it as a financed car with a 5.9% APR, even though I had said that I o not want a loan and paid for the car and the service contract on the day of purchase (with a personal check and a smaller amount was charged on my credit card). I am waiting for the title in the mail. I was not given a bill of sale that I see other people mentioning here. 1) Is the bill of sale different than the contract? 2) Do I need to go back to the dealership and request one or does the contract suffice? 3) Is there any chance that I will be asked in the future to pay for the interest on the loan? My contract does not say "one final payment" of the total amount on the date or purchase. It really looks as if I'm supposed to be paying 48 monthly payments. 4) Why did the dealership insisted that they only write their contract this way? What do they gain by presenting the purchase as financed, even thought they got paid in full? 5) Is there anything I should worry about or do? Thank you very much.

[tickle]

You should have been given a bill of sale marked paid in full.

[odinn7]

You better go back to the dealer and straighten this out now before it becomes an issue for you down the road.

On the one hand though, you can't really be charged out for payments if you never signed any loan papers but you should have received a BOS marked paid and the terms of payment. Something sounds screwy there in how they wrote that up. Get it taken care of with the sales manager.

[ScottGem]

I'm not sure but I believe that dealerships get some remuneration from the lenders so they prefer financed vehicles. Its possible they are pulling a scam on the lender.

[Fr_Chuck]

Yes, this is a issue you needed a paid in full receipt before you left.

You needed a contract that did not even say finance or interest. In fact you should have refused to sign it.

Have you already taken delivery of the car ?

[octopine]

Hello, I'm new on this site. Thank you all very much for taking the time to answer. I really appreciate it.
The financial manager who did the paperwork insisted that they write all the contracts as financed even if one pays for everything on the spot. And later I saw on yelp some other costumer complaining that they also had him sign a contract with finance terms even though he paid in full with cash. And yes, I did drive away from the dealership with the newly purchased car on the same day. They told me that I will get the title in the mail.

[ScottGem]

You can check with the lender to make sure there is no account or payment expected. If you don't get a cl;ear title within a month, I would question it.

Once you get title, I would report this to your local Consumer affairs agency. This practice seems to me to be illegal.

[odinn7]

Definitely some underhanded dealings there. It may not affect you but as Scott had mentioned, dealers usually do get some sort of kick-back on new car financing. So either you or the financing company is being scammed.

If it had been me, and they "insisted" that the paperwork gets written up as financed even if I paid in full, I would have told them I will buy from someone else.