My wife and I were calling around trying to find a new car about a year ago. We had called this dealer that guaranteed we could drive home a new car that day even though we were second tier financing. We had to bring all the goods, Bank statements, payroll stubs, lease, utility bills, the whole nine yards.
The thing is that somehow we were foolish enough to go ahead with the $400 a month payment for a 4 cylinder Chevy Mailbu. This was even after we said we could not afford more than $200 per month. The problem I'm having now is that we cannot afford this car.
It's become a my kids eat or I pay the car payment kind of issue. When we got this car the dealer said that when the bank called to verify the information make sure we tell them our rent was $500 LESS than what it really was! This cannot be legal.
The dealer lied just to get us in a car. Our lives have been destroyed by this car and now we do not know what to do. There is a reason the finance companies have these calculations for income / debt ratio. Why if the dealer can fudge them? Predatory Lending in my opinion!
If anybody has some kind of direction or advice for me on how to try and start dealing with this please let me know ASAP!!
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