In March my husband received a letter from Stuart Toyota stating that they were looking for good people with bad credit and that he was pre-approved for a used car loan. Unfortunatley at this time the car which my husband was driving had broken down on his way to work. (Ford Thunderbird 86 paid in full)
So the next day I drove him to Palm Beach to check this offer out. They told him they would take the old car as a trade-in worth 2000.00 and a postdated check for 30 days for 500.00.
My husband asked Adam several times what the total price of the car would be, but Adam said he would tell him later. The car is a 97 nissan altima with a blue book value of 7000.00.
They checked my husbands credit and found out that he owed 3000.00 on an old account.
In order for them to sell the nissan they had to pay the 3000.00 debt first and they did, but they failed to tell us about the money we will paying for this Favor.
Adam went through the Union Acceptance Corporation for this loan.
The amount of money Adam asked Union Acceptance for was 19,000, which my husband had no knowledge of how much Adam asked for or whom he was getting the loan from. We ended up buying the nissan, losing the 500.00 check and the Thunderbird.
To complete this report we want everyone to know that we will end up paying close to 35,000 dollars for a 7000.00 dollar car.
To this day we are still trying to either take the car back without damaging our credit or loosing more money.
How could Union Acceptance give a loan without even knowing the real price of the car or even speaking to my husband or asking any questions about him. Even if we give the car as a voluntary repossession we will still owe the corporation 10,000 dollars or more.
If anyone knows of a situation like this or how we can get out of this debt, please e-mail my husband or myself at [email protected] or [email protected] any advice will be greatly appreciated.
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