One week after my husband and I purchased a used vehicle, Waldorf Ford calls and says that the financing fell through. They attempt to get us to put money down, but we decline and tell them to honor our original contract or we would return the vehicle. Finally they say they have new financing and the monthly payment will only increase $4/mo.
In the meantime we receive three letters of application denial from various lenders - each stating that the collateral was insufficient and quoting finance amounts far less than our original contract. It appears that Waldorf Ford never had any intention of honoring our original contract.
The finance manager Eddie tries to say that our credit is the issue and points out some blemishes on our report. When I counter with the fact that one of the lenders told me it was an issue of trying to financing too much money he says that is not what the V.P. Told him. The new contract is $1,400 less to finance, but the interest rate increases 2.5% - supposedly because of our credit. We know exactly what our credit is and our insulted that they pushed it back on us because of their incompetence.
We signed the second contract but are still confused about the whole financing practice and stupidity at Waldor Ford. This appears to be a new scheme to get more money out of unknowing consumers - although legal it is a very poor and dishonest business practice. If I had known that the contract was not approved I would not have signed on the dotted line, but waited until they had one approved. They strong arm the consumer and push the blame on them, when it isn't true.
It is completely disgusting that auto dealerships have stooped to this level of drawing up contracts that can't be honored and then pushing the blame onto the consumer - trying to get more money out of them. Just when you thought you were safe - they think of some new way to screw you!
Not only is this poor business practice, it is stupid. Obviously they have not earned a repeat customer or a customer for even service - they will never see another penny of mine. I will be removing the Waldorf Ford sticker from my vehicle - no free publicity. But I will tell everyone I can every chance I get about the poor business practices at Waldorf Ford.
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