My husband and I went to purchase a vehicle from this dealership over a week ago. Due to our credit rating we got a high interest rate of 21% through a traditional lender. I specifically asked the finance man who was helping us "is this guaranteed lending at this rate, or will you call me in three days and say it fell through and try to swindle us into a higher rate?" He replied that this was a secured rate and was guaranteed.
We decided we could handle the payments at that rate, and since our credit is on the rise, we figured on refinancing after a year of good payments anyways. We signed the paperwork for 21% and was told all we needed to provide was copies of insurance cards for the new vehicle for the loan to be completed. That evening I got insurance and emailed a copy of the proof to the company, the insurance policy was also faxed to them directly.
This all happened on a Wednesday, the next Monday, 5 days later I called the dealership to get the loan number so I could make a payment. I was told they needed more information to process the loan, I emailed them a copy of the last months W2's as proof of income for the bank. The man on the phone said we were all set and the lender would contact us.
Today, Thursday, a week and one day after the purchase, I got a call from our original finance man. He starts by asking me if I had gotten any calls about the car. Which I replied I hadn't but told him of my conversation on Monday about getting the loan number. He states that he received and email that our lending wasn't approved and that we would be needing an in house lender at 3% higher interest rate!
I told him that this new rate was unacceptable and that we had already signed for the 21%. He said he didn't know how this happened but he was going to research the issue and would call me back within an hour. I reminded him of our conversation the day of purchase and that I had specifically asked him about this. He had no response. He claims he doesn't know what the problem is but he is happy to finance us at the higher rate or we could bring back the car. And isn't it nice that he also offered to excuse any miles put on the car in the week we had it instead of charging us for the use!
It has been over an hour they have over $10,000 of our money, and my old car (which he could no longer find in his inventory, it must have gone to auction) and no answers as to how they could get away with this scam! Don't go through this dealer unless you have a lot of extra time and money to waste!
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