When I "purchased" my 1996 Cavalier Z24 from Tommy at Dan Nelson on July 18, I was completely lied to. After spending more than 6 hours at Dan Nelson that evening, in the end the car loan they were financing me for totaled an amount of $8284.75 at a 24.95% interest rate. I was promised that after I had the car a year to 18 months, the loan, in full, would be paid by Dan Nelson (not added onto another loan with a new car) and my credit would be established enough to be financed in a new car with a normal bank. I even have paper work that says exactly "Keep your note, WE OWE, and payment calendar handy for future references..." Since I have had my car, more than a year and a half later, I have been told the truth. Now they are saying that the negative equity (more than $5000) owed on the loan will be applied to my other car.
Okay, first of all... WHO WOULD PAY $8000 24.95% interest for a '96 Cavalier with over 100,000 miles, more problems than can be described here, and a 1 year warranty!!! A normal bank would not even allow a $2000 car to be financed at $8000. The negative equity of $5000 also makes it IMPOSSIBLE, no matter how good your credit is, to be financed with another bank. For instance, if I were to purchase a $9000 car, the bank would have to finance me for $14000 with the negative equity (which basically I would be paying to drive 2 cars and only have 1). NO BANK IS GOING TO FINANCE A $9000 CAR AT $14000, IT'S IMPOSSIBLE, TRUST ME I'VE TRIED.
Dan Nelson also advised that they were a separate company than CNAC (also a lie), and that any concerns with the loan would need to be taken up with CNAC. They lied to have me sign a contract. I was 18 years old and they seen me as vunerable and an easy target. I confronted Jim Brown with the problem, who they told me was the vice president of Dan Nelson (also a lie). He told me that it was "not his problem" and called me a liar. He also told me he didn't "care" if I left the car there that day. Therefore, that day, as my car was in the shop across the street on a left because it was broken down, again, I emptied my car and left it there. More than a week later, after speaking to Deanna, she agreed to pay off my car repairs, only a couple hundred dollars! (again) CNAC also agreed to lower my interest to 5%. That would be all great and dandy except for the fact they were already making thousands and thousands of dollars off of my car, which they recieved through an auto auction, probably at a fraction of the $2000 it was worth.
CNAC has also used my "reference list" that I completed when I recieved the car to harass my family, telling them that I did not pay my car loan, and even using threatening and vulgar languange to my GRANDPARENTS! It's ridiculous. According to the lawsuit against them, this is also very ILLEGAL in the state of Iowa. Maybe Christina at CNAC will tend to the language a little more.:)
Most recently, my car needed repaired again, this time for the bushings that were SHOT when I purchased the car (YEAH SO MUCH FOR THEIR INSPECTION OF THE CARS THEY LIE ABOUT WHEN YOU PURCHASE IT). I was 9 months pregant and could not be driving around like that. The car was making horrible sounds!!! So CNAC who, of course, would not pay for it to be repaired, decided to be "nice" and allow me to add it to my loan. Wasn't that sweet?!?!
I am still paying on my car to this day. I'm one of the few who just hasn't said forget it and let it get repo'd. I've already paid, as of today (I checked) $3864.08 on my car and still owe $6000 dollars, 2 years later almost. The car is worth $2000 and I've paid amost $4000, not too smart. The Iowa Attorney General has filed a lawsuit against the company for "Targeting Vunerable Consumers" and violating a number of Iowa Consumer Credit Code, Iowa Consumer Fraud Act, and many other violations.
You can visit the website and even get a copy of the 33 page lawsuit by going to http://www.state. Ia.Us/government/ag/latest_news/releases/jan_Dan_Nelson.html
ALSO YOU CAN CONTACT Bob Brammer @ 515-281-6699 IF YOU HAVE BEEN AFFECTED BY THE DAN NELSON RIP OFF. I left a voicemail and a nice lady called me back who said she would be sending me out a complaint statement to fill out about my experience and to mail all of my copies of my paperwork so that it could be included! Good luck
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