Well, unfortunately I feel this is as much my fault as it is theirs. I was a first-time car buyer, from a dealership anyway, and I started out by getting a very nice deal and a great truck: an '04 Dodge Ram 1500 for $18,600. Not a bad deal. But when I got to the closer, he started talking about all these add-ons and warranties and other things I could add on for a minimal amount. He mentioned that all this was only going to increase my loan payments by $50. This was going to put my payments at about $375, which was not bad for what I thought I was getting. Because of all this, I was never shown the final price for the vehicle, and I figured it was only a couple thousand more, $23,000, like he mentioned.
I started getting notices from numerous banks that were denying my loan. The loan amount ended up being $29,695, way more than 110% of the vehicle's worth. I could have bought a brand new 07-08 truck for that. On top of all this, I got a call from Showcase saying they were unable to push my loan through because there was fraud on my credit report. I was informed that I needed to go down to the Social Security office and get a letter to verify who I was.
Considering all this and how angry I was, I went down to Showcase wanting to cancel everything that was added on or return the truck. I spoke to the same finance officer, who told me that nothing could be canceled and that he had pushed the loan through to SunTrust Bank that morning. I could not believe what I heard. He forced a loan through on a fraudulent account to a bank for a loan amount way more than 110% of the vehicle's worth. No bank does this, and I could not believe SunTrust did...
I went home very angry and read through all the contracts front to back, and found out that all but three of the things that were added on could be canceled within 30 days. I went back down and spoke to their finance manager, who helped me cancel everything but could not care less that I had been lied to and taken advantage of...
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