Note to Administrator: I can't find a way to edit my post/thread I submitted earlier so, please edit /erase my 1st post and replace it with this one. Thank you.
Auto Finance Fraud Rev#1
Seven days before my due date to pay my first car monthly loan, I was told that they made a mistake on the interest rate. The second financing contract I signed was 5.9% rate for 6 years. They told me that the rate was for 5 year. The 7.9% rate is for 6 years. So they want me to sign a third contract to either 5.9 % for 5 years or 7.9% for six years. I refuse to sign, because I know, either of those two choices will increase monthly payment. Instead I like to return the new car and get my old car as my down payment. But they refused, instead the manager promised that if I return to sign the third contract, I will never pay more than what I already agreed to pay for and will give me an I owe you voucher of two (2) FREE full tank of gas.
The next day, I never agree to any computation he showed me on the computer screen, because It doesn't conform to any of what the manager promise for me. Plus he was still adding the $500.00, cash down payment, which I thought we already resolved before. When I discovered he added on the second contract I question him? I even told that if he insist, I will return the car. Now that I'm going to sign the 3rd contract he was still trying to add in the contract. I walk out and I told him, I like to return the car and get my old car.
This an old issue and should not be brought out again. I was ask many times, even before I test drive the car, from the car salesman to his manager up to him (finance rep) before I sign the first contract. They ask me many times, if I can issue a check for $500.00 down? I also answer them many times NO. The only down payment I can promise is my fully paid 1999 car and the $2000.00 rebate from an flyer-advertisement they gave me.
After almost 4 hours, trying to convince me to sign, he called me back to his office and said, he just talk to his manager and agree that I don't have to pay the $500.00 cash as shown on the 2nd contract. So I choose 5.9% for 5years even though I should not pay more than $270.00 a month, like what the manager promised. So I signed the 3rd contract August 16, 2008. After I signed, I noticed two items. First the interest rate was 5.99% instead of 5.9% for 5 years, and he did not follow my request to move my original due date of August 22, 2008. His response was there is a grace period.
Last Friday I log-in to their website to pay my monthly car loan. My account was showing that my interest rate was 7.9% for 6 years. I was surprised and could not believe what I saw. I went to my car to compare my copy of the contract. I discovered that the copy of the contract I signed was 7.9% for 6 years with a monthly payment of $310.80 a month. The amount of loan to be finance also increase to $17,717.56. I was furious and almost throw up. I did not sleep that night figuring out how it happen.
The next day after work, I went straight to the dealership, because the finance rep never returned my call. I talked to the manager, explain the indecent, but it did not turn out positive. He even told me, I'm only waisting my time.
After sleepless night and even day time at work or on my way to work or home, I came up to an idea how he cheated me. When I was signing the 3rd contract, of all the paper I signed, I was not aware I signed two sets of Retail Installment Sale Contract. One is a certified true copy which I'm aware I signed, and a second fake copy which he submitted, that I was not aware I signed. When I went to get Free Gas, he made the switch my true duplicate copy to a duplicate copy I was not aware I signed.
I like to sue them, but I cannot afford a lawyer, nor afford to absent on my work? I have a partial xerox copy of the 2nd contract which shows the rebate, my total down payment, amount to be Finance and my signature. I also have a copy of the flyer-ad for $2000.00 Rebate for Down payment.
I even thought of contacting TV Reporter with program dealing with consumer complaints, but I listen to my conscience. I don't want the whole dealership to be affected, because I know most of the employees there are honest, hard working and whose family are depending their financial income on them. All I can do now is to Pray God and go to website like this for help.
I still like to sue the finance guy for using deceptive technique, just to let customer sign. I will do it lated once I have the back up and resources. This technique is unfair way of doing business.
The moral lesson I learned from this, is when signing contract document, don't rush. Take time to read all the details and be aware of all the paper you are signing. Make sure the copy you are getting is what you agree to sign. Make xerox copy of the contract. When offered a free tank of gas, take out your copy from the car.
Auto Finance Fraud Rev#1
Seven days before my due date to pay my first car monthly loan, I was told that they made a mistake on the interest rate. The second financing contract I signed was 5.9% rate for 6 years. They told me that the rate was for 5 year. The 7.9% rate is for 6 years. So they want me to sign a third contract to either 5.9 % for 5 years or 7.9% for six years. I refuse to sign, because I know, either of those two choices will increase monthly payment. Instead I like to return the new car and get my old car as my down payment. But they refused, instead the manager promised that if I return to sign the third contract, I will never pay more than what I already agreed to pay for and will give me an I owe you voucher of two (2) FREE full tank of gas.
The next day, I never agree to any computation he showed me on the computer screen, because It doesn't conform to any of what the manager promise for me. Plus he was still adding the $500.00, cash down payment, which I thought we already resolved before. When I discovered he added on the second contract I question him? I even told that if he insist, I will return the car. Now that I'm going to sign the 3rd contract he was still trying to add in the contract. I walk out and I told him, I like to return the car and get my old car.
This an old issue and should not be brought out again. I was ask many times, even before I test drive the car, from the car salesman to his manager up to him (finance rep) before I sign the first contract. They ask me many times, if I can issue a check for $500.00 down? I also answer them many times NO. The only down payment I can promise is my fully paid 1999 car and the $2000.00 rebate from an flyer-advertisement they gave me.
After almost 4 hours, trying to convince me to sign, he called me back to his office and said, he just talk to his manager and agree that I don't have to pay the $500.00 cash as shown on the 2nd contract. So I choose 5.9% for 5years even though I should not pay more than $270.00 a month, like what the manager promised. So I signed the 3rd contract August 16, 2008. After I signed, I noticed two items. First the interest rate was 5.99% instead of 5.9% for 5 years, and he did not follow my request to move my original due date of August 22, 2008. His response was there is a grace period.
Last Friday I log-in to their website to pay my monthly car loan. My account was showing that my interest rate was 7.9% for 6 years. I was surprised and could not believe what I saw. I went to my car to compare my copy of the contract. I discovered that the copy of the contract I signed was 7.9% for 6 years with a monthly payment of $310.80 a month. The amount of loan to be finance also increase to $17,717.56. I was furious and almost throw up. I did not sleep that night figuring out how it happen.
The next day after work, I went straight to the dealership, because the finance rep never returned my call. I talked to the manager, explain the indecent, but it did not turn out positive. He even told me, I'm only waisting my time.
After sleepless night and even day time at work or on my way to work or home, I came up to an idea how he cheated me. When I was signing the 3rd contract, of all the paper I signed, I was not aware I signed two sets of Retail Installment Sale Contract. One is a certified true copy which I'm aware I signed, and a second fake copy which he submitted, that I was not aware I signed. When I went to get Free Gas, he made the switch my true duplicate copy to a duplicate copy I was not aware I signed.
I like to sue them, but I cannot afford a lawyer, nor afford to absent on my work? I have a partial xerox copy of the 2nd contract which shows the rebate, my total down payment, amount to be Finance and my signature. I also have a copy of the flyer-ad for $2000.00 Rebate for Down payment.
I even thought of contacting TV Reporter with program dealing with consumer complaints, but I listen to my conscience. I don't want the whole dealership to be affected, because I know most of the employees there are honest, hard working and whose family are depending their financial income on them. All I can do now is to Pray God and go to website like this for help.
I still like to sue the finance guy for using deceptive technique, just to let customer sign. I will do it lated once I have the back up and resources. This technique is unfair way of doing business.
The moral lesson I learned from this, is when signing contract document, don't rush. Take time to read all the details and be aware of all the paper you are signing. Make sure the copy you are getting is what you agree to sign. Make xerox copy of the contract. When offered a free tank of gas, take out your copy from the car.
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