Auto Finance Fraud
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 5yearr. 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 a 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 to me to pay. After almost 4 hours, trying to convince me to sign, and me convincing my wife, I agree to go 5.9% for 5years even though I should not pay more than $270.00 a month, like what the manager promised. I can no longer wait for the manager to come. 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 2nd monthly car loan. My account was showing that my interest rate was 7.9% for 6 years. I went to my car to compare my copy of the contract. I was surprised and couldn't believe when 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.
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 a conclusion 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.
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 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.
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 5yearr. 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 a 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 to me to pay. After almost 4 hours, trying to convince me to sign, and me convincing my wife, I agree to go 5.9% for 5years even though I should not pay more than $270.00 a month, like what the manager promised. I can no longer wait for the manager to come. 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 2nd monthly car loan. My account was showing that my interest rate was 7.9% for 6 years. I went to my car to compare my copy of the contract. I was surprised and couldn't believe when 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.
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 a conclusion 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.
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 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.
