I submitted a application through fundingway.com for an auto loan. They claimed on this website that they have a 93% approval rate. They claimed that if approved, that you can get a car from their dealers.
I got a call a few hours later from ClearLake Auto Finance. They said that we were preapproved up to $30,000, and when could we schedule an appointment to come in? I asked about the interest rate, and they said anywhere between 7-17% depending on the car.
I made the appointment and that I should ask for Daniel, and that I needed to be there at 10am. If I arrived on time, that I could get a free window tint, and a tank of gas. They were having a "red tag special event" where certain cars were $2,000 to $10,000 off listed price.
They said to bring 30 days income, drivers license, phone bill, and proof of residence. I was running late, so I called in to say that I was going to be late. I spoke with the receptionist and she said that "Daniel" does not arrive till 10:30am. My appointment was at 10am.
I arrived shortly thereafter and was told to be seated while I wait for "Daniel". After awhile, a salesman asked if I needed help. I told him I was waiting for "Daniel" and he showed me to a desk.
I asked if his name was "Daniel" and he said no. Michael was his name, and "Daniel" was his boss. He said that they make all the appointments under "Daniel's" name for it to be easier.
Michael asked me to fill out a credit application. I asked him, I thought I was already pre-approved? He said that even though you are pre-approved, we still need it on paper. I filled out the paperwork.
Michael went to run my credit, and came back 20 minutes later stating that I needed a co-signer. I said, Why do I need a co-signer if I am already pre-approved?
He said that there are two offers. That I would need to put 20% down, or that I could get up to $30,000 approval with a co-signer. I also asked him, Why did you say that I was pre-approved and then tell me I need a cosigner? I told him I drove an hour to get here.
He said that he makes the commute from Katy to Clear Lake everyday, and that because of the privacy act, they can not disclose approval information over the phone. I thought this odd because it was my information and my loan.
I did not have the 20%down, so I searched for a co-signer. I asked Michael if a person with banktruptcy can be a co-signer. He said yes as long as the banktrupcy is dismissed. He also said that the cosigner can be in another state, and they do not have to sign anything, that the cosigner will be on the loan for 8 months, then we are on our own.
I gave him a cosigner info and he left. He came back about 30 minutes later and said that he needed a stronger cosigner. I was trying to find a co-signer for about an hour.
After that, Frankie, a different salesman, asked if I had found a cosigner. I gave him the name, address and social of that person. He took the information and was gone for about 20 minutes.
He came back and said that the bank needed more information. I filled out the rest of the information, which took about 30 minutes. He came back 30-45 minutes later and took the info.
He came back to the table and said you are approved. The bank approves a certain car for you, let's go look at this car. First I drove a 2004 Camry with 45,000 miles. The Camry was just traded in because it was unclean and had pet hairs all over.
I drove the car, but I did not want to buy a dirty car. I asked Frankie why it was dirty. He said because it was a new trade and they did not have time to clean it. The car drove nicely, but I did not want that high mileage.
I asked Frankie how much was the car, and he said he did not know. I told him, how can you be a salesman and not know the price of the car? He said because I don't.
I asked him if he had any Nissan Altimas. He said he would check. He came back 15 minutes later and said he only had one that was 84,000 miles. He said that he could put me in an SUV. I did not want an SUV.
He said that beggars can't be choosers. He said but, I think that I have an Altima that the bank will approve. He left for a while, and brought back a silver Altima.
The Altima was a 2002 with $30,000 miles. It did not have tinted windows, so I asked Frankie about the "special". He said he would have to see if I come back with a smile. I drove the Altima and it was nice, but it was also dirty.
I came back and had to search for Frankie. He asked if I liked the car. I said that it was dirty, and it was an 2002. I was going to trade in my 2002 Pontiac, and told him I wanted a newer car.
I asked him how much the Altima was, and he said let me run the "numbers". He came back 10 minutes later and said "with a $1,000 down, and $538 a month."
I said how much is the car? He said, "I get the feeling you do not want to buy a car?!" I said that an 2002 Altima with 30,000 miles should be around $16,000 or $15,000. I told him I can get a 2006 Altima retail for $17,000.
He said if you can get a better deal elsewhere, then go. I said goodbye. I was there at this dealership from 10am to 2:15pm, and I had my children with me. I never had this experience before. I think that the people there are rude, unprofessional, and taking every opportunity to scam you out of your money.
I felt that they need to be exposed so that other consumers will know what I went through. I wasted a whole day to put up with their scam, their rudeness, and dirty cars. The pre-approval was to get me there in person, to get me in a car I did not want.
Janet
Lake Jackson, Texas
U.S.A.
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