Bob Howard Automall
Ripoff, says lenders 'require' purchase of credit life and more
- 11-25-2001
- 4
Bob Howard Automall, Oklahoma City, OK, says they don't, but I'm telling you they do...
I had some credit blemishes and the business manager at Bob Howard Automall told me that there was a lender, a bank, no less, that would loan me money for a vehicle. However, in order to 'protect their interests, ' the bank was requiring that I buy credit life, disability, and extended warranty insurance. This was in addition to a down payment of $6,000 for a $21,000 vehicle.
It was to my eternal regret that I believed this business manager and signed the contract. That 'requirement' which the bank told me later they knew nothing about added nearly $4.300 to the loan. This ended up being one of those loans designed to fail, a scam that the FTC sees primarily in the home equity market. And guess what, this loan failed. I forgot the best part, monthly payments of $639 per month.
Why would I do this, one may ask. This dealership won a GM customer satisfaction award and I knew that my situation would require special handling. I came to them with my hat in hand and they took the hat!
This company's website waxes on and on how they want buying a vehicle from them to be a pleasant experience. They lied to me, they put me in a position financially that no self-respecting dealer would put a customer in. When I confronted them via the District Attorney's fraud protection unit, they denied ANY of this happened. I don't blame them, what a despicable thing to own up to.
This summer, I opened a website asking for anyone who has had a similar experience to contact the FTC and the Oklahoma Attorney General's office. If more instances of this type of predator selling by this dealership can be documented, then maybe they will straighten up and try the angle of honesty to sell their vehicles. Website: http://www.geocities.com/tsktskbobhowardautomall
Company: Bob Howard Automall
Country: USA
State: Oklahoma
City: Okla. City
Address: 13300 N. Broadway Extension
Phone: 4059368666