Household Auto Finance pre-approved me for an auto loan, with a strict guideline I had to follow on what I could purchase. They issued me a check for $14,000.00 and told me to go shopping, but gave me so many stipulations on what I could purchase.
Their rules stated the vehicle had to be a 98; 25,000 to 70,000 miles; and of course had to be used. When I proceeded to go shopping it turned out that the vehicles that had this criteria would all fall in a category of leaving me upside down in my, purchase, but I needed a car.
When I addressed my concerns with household they told me don't worry they would make sure that I would not end up in this situation with the car I finally end up purchasing. So, after looking at several cars and presenting them to household, the one they approved was a 99 cougar with 37,000 miles.
The car has given nothing but trouble in the two years I've had it, so I went back to household to see if I could trade it in and get a better vehicle, and they agreed. However, no car I've found have they approved of and I'm now severely upside down in this vehicle.
The balance owed is $11,500, but the vehicle has dropped in trade-in value to between $5,000.00-$7,000.00. Household should be responsible for the loss since they chose the vehicle, especially since they knew Mercury was getting ready to discontinue the cougar line in 2003 and that would cause the car to loose value extensively.
I'm tired of this type of abuse in the car industry, especially when it pertains to people who are really trying to rebuild credit for whatver downfall may have occur in their lives.
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