My wife and I needed an extra vehicle badly. We went to Spitzer Dodge and found an '02 Dodge Dakota w / 4500 miles on it for 9 almost 10k. It appraised for around 15k so we said we said we would take it. The man doing the financing for us neglected to tell us the details of our loan.
After he got off the phone with Capital One (there is another story yet with Capital One), he said he could get it for us for around 12 or 13k after fees and financing and such. We thought it was a bit steep but we took it because we were in need. We trusted the man to tell us exactly what the loan stated since we didn't understand all the technical jargon.
Around 3 years later we call up to see how much it is to pay it off and discover that we still owe over 7k on it! Here's what happened, he lead us to believe that our percentage of interest was incorporated into the price that he quoted when it was NOT. It was in addition to it.
We sat down and estimated what it was that we were paying and it turned out to be around 18 or 19, possibly 20k. Bottom line is that we will end up paying double for the truck.
I can not yet prove it but I personally believe that there was some sort of kick back to Spitzer or this person or persons from Capital One. I have talked with some people who know car saleman real well and they say that that is one of their tricks.
Here's the kicker, Capital One sold our loan to Wells Fargo! Capital One is greedy so why would they do that unless they made money off of it? Perhaps the money was made off me and they just wanted to get rid of it.
We think a lawyer would never touch this or we would press it and ask for the balance of the vehicle that we owe. Ironically, this is probably about how much they ripped us off extra for.
0 comments