This auto dealership told us that we would not be upside down in a vehical that we bought if we went back to trade it in a year latter. They had given us 9,000 trade in on a 1990 Escort HB. They had us come in the next day after signing paper work @16% saying that Ford Motor Credit would not buy the contract with the way the names were and that they had to just chance the names around as the primary and co - buyer.
The neaxt day they slipped in 22% saying that everything was the same although it turned out latter that it was not because they had told us to bring the original paperwork back with us so we had no proof. Very Slick. 1 year latter in 2001 we wnet back to trade the vehical in and they told us we were upside down too bad.
The salesman had the file and told us by the way that FMC bought it at 11% and that the dealership more than doubled our rate saying that that was all that we could get bought at was the 22% although previous paperwok they had us bring back said 16%. To make a long story short, we tried everything to resolve this with Crown Ford and FMC. YOu see they are in bed together so to speak. Esp since FMC knew what they bought it at and allowed the dealership to do what they did. How is a person really to know what the buy rate is?
Any way we had run the figures of the 22% for 48 months at 382.17 mo. The actual rate being charged was 22.53 not the 22% as the contract stated. When questiond about that we were told that "that is normal practice as long as the customer has payments around what they want, they don't check"
This really pissed us off. We turned the vehical back in voluntary becasue of this mess and they took 5 months to come get it after we stopped payments then went to seek a judgment and never sent anything certified as required by law, yes we kept everything and have a huge file on it. Buyers beware!!!
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