On 11/17/08, I purchased a new 2008 Nissan from Antwerpen Nissan. I asked to have a the contract set up for a 90 day defferal (where myfirst payment wouldn't be due unitl 02/17); which they agreed to or so I thought.
I asked the Finance Officer at Antwerpen three times before signing the contract what the payoff amount would be on 02/15. The Finance Officer kept indicating to me that the amount financed $23,207.00 was the amount due on 02/15; with no prepayment penalty.
A few days later I thought I would verify this with the bank BB&T. BB&T bank informed me that I was being charged $5.57 a day since the date the contract date of 11/17/08. See the details of my contract below:
Annual Percentage Rate 8.79%
Finance Charge $6275.62
Amount Financed $23207.12
Total of Payments $29482.74
(the amount I will pay after making all payments as scheduled)
Total Sale Price $31482.74
Your Payment Schedule Will Be:
Number of Payments 63
Amount of Payments $467.98
When Payments Are Due Month beginning 02/15
Or as follows (this section of my contract is blank and where the $5.57 per day should have been entered).
No where on this contract does the $5.57/day appear. As having previous experience in Real Estate profession as I recall every detail of the contract must be devulged in the contract, in the TRUTH IN LENDING section.
So far I've filed complaints with the BBB, the Md. Att. Gen. Office, the FDIC, the Md. Finance Comm. And the NC Commissioner of Banks. None of these agencies have take any steps to resolve my issue; all of the agencies were satisfied as long as BB&T responded to their inquiry.
Its my contention that this contract is invalid.
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