We wanted to buy a Toyota Prius, but could not gain the full coverage insurance on the weekend. We were prepared to leave without the car until a weekday when we had acquired the necessary insurance. The finance officer convinced us not to worry about the insurance just yet, because that would be an easy obstical to overcome.
We proceeded with the financing part of the conversation, provided him with a letter showing pre-approval for financing at 9.41% interest. He left briefly and came back with a manager who told us that Capitol One was notorius for misleading consumers about the interest rate they would be able to receive, and that they could get us 14% interest that would match what Capitol One would truly end up offering us. We accepted their interest rate, believing that was going to be the best we would be able to do.
We went through the entire process and spent 6 hours in the dealership. At the very end, the finance person told us that we could use our current liability financing and would have 3 days to provide full coverage insurance. He indicated that the financing would not be approved until the insurance was provided.
A couple of days later we received a check in the mail from Capitol One to cover the price of the pre-approval financing, where the interest rate was 9.41%, as promised originally.By that time, the financing for the new Prius had already been approved at the inflated 14% interest rate.
The new car was involved in an accident the next day, and there is no insurance to cover the damage. The dealership has no interest in helping us to figure out how we can deal with this situation without filing bankruptcy or paying for a car that cannot currently be driven and may end up totalled.
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