In January I purchased a vehicle from Avondale Dodge. This vehicle was intended for my wife as a second vehicle. The vehicle I picked out was a 1995 Chevrolet Camaro w/67000 miles. The vehicle was in great shape and the price was right. I went thru the fleet department just like several of my friends have done in prior days with the exception that I purchased a used car instead of a new car.
The price quoted was 6250.00 which I thought was a great deal. Once I made it to the finance department it turned out to be $6750. Before the whole deal was over and the pressures of the finance department were over, I was $10,880 dollars into this vehicle. I was paying for items that I was told I couldn't take off such as dealer prep fees, the auto butler fee, etc etc etc.
One fee that I had removed was the bogus extended warranty that the finance department talked me into buying for an inflated price of $2000. However they wouldn't take it off the finance paper work since they said it was already sold to the Credit Union that bought the contract. So I have a refund coming in the amount of $2000 from the bogus warranty and am still waiting for this to be refunded and it still shows that I have $10,880 financed with the Credit Union.
I thought maybe the Credit Union might be in bed with the dealership seeing that the total amount that they financed was 166 % above what they finance, but suprise suprise they Credit Union stated that it didn't look like the dealer pulled a fast one and that the rate was given in accordance with the lending policy.
The real reason I'm putting this out to everyone is this, watch what the dealer adds to the financing, ask them if they will take off certain items such as dealer prep fees, etching, etc. Take the time to read your contact and question everything. Alot of the fees are removable if they want your business. Don't let the dealer pressure you into buying something that you don't need, chances are you can still obtain it at a later time, and a much reduced cost.
I have learned the hard way and now I'm stuck in a 6200 car for 10,800 not to mention what I will be paying in interest fees. Just a note I did go back to the dealer to see what the chances were that they could help me out of the vehicle for something else, they advised me that I could get out of the vehicle that I was in and finance another one for $19,000 and this would get me out of the contract, the other car was only worth 13,000. So the difference was negative equity rolled into this new loan. Not only was this a joke but they didn't even offer to by the car back at what the low book was.
Anyways lesson learned the hard way.
Jeff
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