I am a full time student and first time buyer. I purchased a 2006 Nissan Sentra 1.8S from Conyers Nissan 4 days ago, on a Saturday night. The price of the car I found out later on was $14,800 for a car with 12,768 miles on it. I put down $4,000 on the car and of course was told I should get the extended warranty for 5 years/100,000 miles for $1,452.
I signed the bill of sale papers and was then told by Susan Zill, the finance manager, that she needed 3 signatures from me which were electronically done through a keypad. I did not see the paperwork, in fact she put it on the desk beside her. Being a first time buyer, I just assumed that it was still the information from the bill of sale. After I signed the keypad, she printed off the paperwork and put it in an envelope. The "deal" I thought was over but little did I know it was just beginning.
Due to getting home late, I didn't get a chance to go over my paperwork until the next morning. I knew I would be paying $330.92 a month for 60 months. However, I didn't know that my interest rate was 15.14% which means my finance charge on a loan would be $6,005.27.By the time the finance charges and interest, in 60 months I would have paid $23,855.20 for a USED car. I also saw in the contract that there is "No cooling off period. State law does not provide for a "cooling off" or cancellation period for this sale. After you sign this contract, you may only cancel it if the seller agrees or for legal cause. You cannot cancel this contract simply because you change your mind."
Then I found out yesterday that the beacon score that they have on file for me is 18 points lower than the score that I have, which was pulled from the same company they pulled it from.in fact, over the last couple of days, I have had several different financial institutions pull my credit score and mysteriously they come up with the same score I have. The only place that has a 18 points lower beacon score for me is Conyers Nissan. Is this a coincidence? I think not.
I can't get refinanced through any other institution for a lower percent rate because the amount that the car is worth $11,400, is lower than the amount of $14,800 that Conyers Nissan is charging me. I talked with 2 managers, Mike Abbondanza and Brian Massoll, at their establishment about the difference in the score, the amount in the car and its value, and if I could take it back but I'm told that I can't because I signed a contract that I never saw, using an electronic keypad.
The only resolutions that I have is to TRY to refinance with another institution with a co-signer and pay an additional $876.61 for the difference in the amount of the loan and the amount that can be financed.in the meantime I am stuck with a car that I have to keep and have to make payments to a deceitful, misleading, and unethical business for the next 5 YEARS.
BUYERS BEWARE! They will rip you off and you will have nothing left and no options either.
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