Originally Posted by Ral
Agreed. We all need to wait until after Monday, when presumably someone involved will be able to publicly announce something. Everything I've read about people calling and harassing the dealership employees, their families (WTF!), etc. is not cool in the extreme. We cannot assume that anything either side is saying is the objective truth. As for the situation itself, all we can do is weigh the information given to us, and venture speculation and opinion on same.
As complex as this has become, I'm still trying to encapsulate the core of the problem. It seems to me like it went something like this:
1. Ken wins bid on car for $60,000
Question: did he have the ability to pay within 72 at the time of the bid?
It has been stated that payment was secured and available, and an attempt to pay was made, yet refused
2. Dealer calls Ken up and says "We made a mistake, we can't sell you the car for that amount, but we can sell it to you for x dollars more."
Mistakes within a live auction relm should be corrected before end-of-auction. In an auction, the seller has the responsibility to ensure the accuracy of goods sold. Tools for editiing and review exists to assist in this endeavor. Auction postings must be reviewed and agreed to before posting on e-bay. While mistakes can happen, if such happens after auction close, the buyer may legally be entitled to the winnings. Laws can change from state-to-state, so verification within your jurisdiction is a must.
3. Ken says "No, I want it for $60,000."
Question: did the dealership ever agree to sell Ken the car for $60,000?
Follow-up question: did Ken and the dealership ever agree on a price? - if so, then the dealer would be entitled to a down payment, and some kind of legal promise to pay within 72 hours (usually some sort of letter from the finance company).
Both questions may have been answered via the format of the sale. Both parties chose to conduct business on an online auction site. At the close of bidding, the agreed-upon cost is listed within the auction, as set forth by the creater of said page. In summary, I opine that the agreement requirement was satisfied, therefore the agreement to sell at $60,000 was granted at the end-of-auction listed price, $60K.
My experience has been that the dealership may try to hard-sell you on using their own financing, but that they generally don't have a problem with third party payment, and third party payments are perfectly common. Also, once the deal is made, the dealership gets the payment from the finance company for the full amount of the car's price in the form of a check or cashier's check. Then, the buyer and the finance company are the ones with an ongoing business arrangement, and the dealer is basically done. Whether the auto loan is in the form of a lease or a purchase is irrelevant to the dealership, and they shouldn't care one way or the other.