Auto Financing collusion? - Page 5 - Mercedes-Benz Forum

Reply
 
LinkBack Thread Tools Display Modes
post #41 of 63 (permalink) Old 05-25-2008, 05:22 PM Thread Starter
One of the BW Old Guard
 
Ears's Avatar
 
Date registered: Aug 2004
Vehicle: 1988 560Sl
Location: Fort Payne, Al
Posts: 6,292
Mentioned: 3 Post(s)
Quoted: 248 Post(s)
Lifetime Premium Member
(Thread Starter)
Quote:
Originally Posted by GermanStar View Post
For one thing, I would expect that the loan institution trusts the dealer (via contract) to provide an accurate evaluation of the vehicle for equity purposes, and that the lending institution would therefore not have to incur the fee of a professional in order to provide this service.
Good point, until the desire or incentive to move the car off the lot, outweighs the dealer's fiduciary responsibility to report the truth. The fact a prior executed "contract" might exist between said dealers and financial institutions lends credence to the collusion theory, don't ya think?

RM Smith www.rmsmithco.com

Where is it again that we are going... And why are we in a handbasket?
Ears is offline  
Sponsored Links
Advertisement
 
post #42 of 63 (permalink) Old 05-25-2008, 05:23 PM Thread Starter
One of the BW Old Guard
 
Ears's Avatar
 
Date registered: Aug 2004
Vehicle: 1988 560Sl
Location: Fort Payne, Al
Posts: 6,292
Mentioned: 3 Post(s)
Quoted: 248 Post(s)
Lifetime Premium Member
(Thread Starter)
Quote:
Originally Posted by Jayhawk View Post
Ears,

It seems to me that you are looking for boogymen. Deal w/ it! And get over it! Before it makes you crazy...
OK

Peace, Out.

RM Smith www.rmsmithco.com

Where is it again that we are going... And why are we in a handbasket?
Ears is offline  
post #43 of 63 (permalink) Old 05-25-2008, 05:25 PM
BenzWorld Elite
 
Jayhawk's Avatar
 
Date registered: Aug 2005
Vehicle: S500/W220/2000
Location: Lawrence, KS (USA)
Posts: 21,652
Mentioned: 0 Post(s)
Quoted: 3 Post(s)
Quote:
Originally Posted by Ears View Post
OK

Peace, Out.
No disrespect intended... I just worry about your mental health. I used to get paid for that.

Don't believe everything you think
Jayhawk is offline  
post #44 of 63 (permalink) Old 05-25-2008, 05:30 PM
~BANNED~
 
Date registered: Sep 2004
Vehicle: 2002 clk320
Location: Lancaster, Kentucky
Posts: 8,498
Mentioned: 0 Post(s)
Quoted: 0 Post(s)
I just worry about your MENTAL HEALTH. I used to get paid for that. Hey Jayhawk can you help me with the voices in my head?
the clk man is offline  
post #45 of 63 (permalink) Old 05-25-2008, 05:30 PM Thread Starter
One of the BW Old Guard
 
Ears's Avatar
 
Date registered: Aug 2004
Vehicle: 1988 560Sl
Location: Fort Payne, Al
Posts: 6,292
Mentioned: 3 Post(s)
Quoted: 248 Post(s)
Lifetime Premium Member
(Thread Starter)
Quote:
Originally Posted by Jayhawk View Post
No disrespect intended... I just worry about your mental health. I used to get paid for that.

No, Its cool. I just find this situation surprising, and am interested if anyone else finds this the edge of the slippery slope?

You will remember not too long ago, some in congress with the support of lobbyists for dealers, tried to pass a bill that would effectively remove your ability to perform your own maintenance on your own vehicle. Before that, it was the warranty issue with parts other than OEM...(Magnusson-Moss act, I think, is what we got to stop the luanacy of aftermarket voiding warranty)

Incidentally, both of these issues were unsuccessful.

RM Smith www.rmsmithco.com

Where is it again that we are going... And why are we in a handbasket?

Last edited by Ears; 05-25-2008 at 05:36 PM.
Ears is offline  
post #46 of 63 (permalink) Old 05-25-2008, 06:35 PM
BenzWorld Elite
 
Jayhawk's Avatar
 
Date registered: Aug 2005
Vehicle: S500/W220/2000
Location: Lawrence, KS (USA)
Posts: 21,652
Mentioned: 0 Post(s)
Quoted: 3 Post(s)
Quote:
Originally Posted by Ears View Post
No, Its cool. I just find this situation surprising, and am interested if anyone else finds this the edge of the slippery slope?

You will remember not too long ago, some in congress with the support of lobbyists for dealers, tried to pass a bill that would effectively remove your ability to perform your own maintenance on your own vehicle. Before that, it was the warranty issue with parts other than OEM...(Magnusson-Moss act, I think, is what we got to stop the luanacy of aftermarket voiding warranty)

Incidentally, both of these issues were unsuccessful.
This is a 1975 United States Federal Law which deals with consumer warranty coverage. It defines responsibilities for both the buyer and the seller of all consumer goods costing more than $25. A portion of this law applies to aftermarket parts and modifications and how it affects your car warranty.

For our purposes the law basically states that you have a right to use aftermarket, non-OEM parts on your car and still retain the factory warranty. However, if there is a failure and the manufacturer (Hyundai, in this case) can show that the failure was caused by the aftermarket part, they can deny coverage.

The important thing is that your dealer cannot VOID your entire warranty just because the part is on the car. There have been cases where a dealer would tell a customer that their new car had no warranty because it had an aftermarket exhaust. Granted, the exhaust is not covered, however the rest of the car is still under the normal warranty.


The bottom line is to talk to your dealer and get their feeling about aftermarket mods. Some dealers are more prone to be ok with it than others.

For more detail on warranty related issues, check this excellent article from SEMA.

Also, Magnuson-Moss Warranty Act - Wikipedia, the free encyclopedia

Don't believe everything you think
Jayhawk is offline  
post #47 of 63 (permalink) Old 05-25-2008, 09:18 PM Thread Starter
One of the BW Old Guard
 
Ears's Avatar
 
Date registered: Aug 2004
Vehicle: 1988 560Sl
Location: Fort Payne, Al
Posts: 6,292
Mentioned: 3 Post(s)
Quoted: 248 Post(s)
Lifetime Premium Member
(Thread Starter)
Quote:
Originally Posted by Jayhawk View Post
This is a 1975 United States Federal Law which deals with consumer warranty coverage. It defines responsibilities for both the buyer and the seller of all consumer goods costing more than $25. A portion of this law applies to aftermarket parts and modifications and how it affects your car warranty.

For our purposes the law basically states that you have a right to use aftermarket, non-OEM parts on your car and still retain the factory warranty. However, if there is a failure and the manufacturer (Hyundai, in this case) can show that the failure was caused by the aftermarket part, they can deny coverage.

The important thing is that your dealer cannot VOID your entire warranty just because the part is on the car. There have been cases where a dealer would tell a customer that their new car had no warranty because it had an aftermarket exhaust. Granted, the exhaust is not covered, however the rest of the car is still under the normal warranty.


The bottom line is to talk to your dealer and get their feeling about aftermarket mods. Some dealers are more prone to be ok with it than others.

For more detail on warranty related issues, check this excellent article from SEMA.

Also, Magnuson-Moss Warranty Act - Wikipedia, the free encyclopedia
Thanks for making my point... Had it not been for the passing of this act, we all would be tied to using only OEM for the period of a vehicle warranty. I posted this as an example of how consumer interests have been at odds with automakers before, and now this financing thing is just the latest wrinkle in the same vein...

Incidentally, how is the new perscription dosage working out for you? Hate to hear how you USED to get paid for concerning yourself about others' mental health. Perhaps things will change around for you yet...

ps: the unsuccessful part was the auto makers failed in their attempts to hog-tie the consumer. The act prohibited voiding warranty under cases where substitution parts meeting OEM spec were used, as opposed to OEM... to use your words, the
Quote:
Originally Posted by jayhawk
"big boys"
helped there...

RM Smith www.rmsmithco.com

Where is it again that we are going... And why are we in a handbasket?

Last edited by Ears; 05-25-2008 at 09:24 PM.
Ears is offline  
post #48 of 63 (permalink) Old 05-25-2008, 09:36 PM
BenzWorld Elite
 
Jayhawk's Avatar
 
Date registered: Aug 2005
Vehicle: S500/W220/2000
Location: Lawrence, KS (USA)
Posts: 21,652
Mentioned: 0 Post(s)
Quoted: 3 Post(s)
Whatever...

Don't believe everything you think
Jayhawk is offline  
post #49 of 63 (permalink) Old 05-25-2008, 09:37 PM Thread Starter
One of the BW Old Guard
 
Ears's Avatar
 
Date registered: Aug 2004
Vehicle: 1988 560Sl
Location: Fort Payne, Al
Posts: 6,292
Mentioned: 3 Post(s)
Quoted: 248 Post(s)
Lifetime Premium Member
(Thread Starter)
Quote:
Originally Posted by Jayhawk View Post
Whatever...
precisely...

RM Smith www.rmsmithco.com

Where is it again that we are going... And why are we in a handbasket?
Ears is offline  
post #50 of 63 (permalink) Old 05-25-2008, 10:20 PM
~BANNED~
 
Date registered: Aug 2002
Posts: 41,649
Mentioned: 6 Post(s)
Quoted: 1762 Post(s)
The quality of aftermarket shit is typically shitty.
Shane is offline  
Sponsored Links
Advertisement
 
Reply

  Mercedes-Benz Forum > General Mercedes-Benz Forums > Off-Topic

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Mercedes-Benz Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in











  • Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
     
    Thread Tools
    Show Printable Version Show Printable Version
    Email this Page Email this Page
    Display Modes
    Linear Mode Linear Mode



    Similar Threads
    Topic Author Forum Replies Last Post
    Financing a used G morgan71 G-Class 4 06-25-2007 10:11 AM
    Financing with mb sanjaymerchant W164 M-Class 5 10-13-2006 03:58 PM
    MB Financing whitewagon General Mercedes-Benz 3 09-15-2006 02:04 PM
    financing amg123 W203 C32 AMG, C55 AMG 1 07-03-2005 09:49 AM
    Financing Guest (MBNZ) R/C107 SL/SLC Class 0 08-07-2002 08:29 AM

    Posting Rules  
    You may post new threads
    You may post replies
    You may not post attachments
    You may not edit your posts

    BB code is On
    Smilies are On
    [IMG] code is On
    HTML code is Off
    Trackbacks are On
    Pingbacks are On
    Refbacks are On

     

    Title goes here

    close
    video goes here
    description goes here. Read Full Story
    For the best viewing experience please update your browser to Google Chrome