I was desperately in need of a car and have a very poor credit ratingdue to foreclosure on a home. I had heard that Hyundai had a goodprogram for buying a new car. My 1997 Mazda lost its A/C compressor andwould have only lasted 6 more months with a new compressor. My job is75 miles south of the city I call "home." I needed to get back to workon Monday, and the Mazda breakdown was on Friday. I went to GoettelMotors to look into this program. The new Hyundai Accent wasbase-priced at $14,997. With all the state, license, and "AssuranceProgram" fees plus $1000 discount for the "assurance deal" at thistime, the final price came to $18,509.00. The interest for the loanfrom CitiFinancial Auto is 10.9%, surely better than some people arepaying. However, I still could not get a loan without a co-signer.
My friend agreed to co-sign. We filled out the paper work, eachunder the impression that I, the buyer and payer of the account, is theprimary owner.By now the total amount, with interest over a 6-yearperiod (72 months), has brought the price to $26.000. Also, uponreceiving information from CitiFinancial Auto, I am no longer theprimary holder, but the co-signer. My friend as AAA credit score. Now, my friend is paying on a car at a heightened percentage on the creditscore (mine) instead for paying at an interest rate in keeping with theAAA credit rating. I will never see any improved credit score on mybehalf, even though I am paying for this car. Buyer beware! Don't getinto this program. It does take affect until the first two monthspayments have been made. The one advantage and only advantage is thatthe Assurance program allows you to lose you job, not from being fired, but at no fault of your own. At this point, you may drive the car for 3more months. If you do not find another job, Hyundai "claims" that youcan return the car, being absolved of payment. From other complaints, it seems that Hyundai does not honor its agreements. Buyer beware! Also, many dealers, including Chevrolet, practice this approach toseeking loans for car-ownership. I am seeking legal help with thismatte
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