Carbiz, - is ripping it's customers off when they convert to leases their interest rate increases up 29.95% or whatever the state legal limit is. These customers were promised a minimum of 1 months payments off the end of their term and an extended warranty, but were not informed of the interest increase because not even the store managers knew about it. This was all done at a corporate level. I have seen rates go from 17.95 to 29.95 even for employees who purchased vehicles and converting to a lease requires that the vehicles be titled in carbiz or dsc (lender) name which means that you no longer own the vehicle until paid off, then the title will have to be transferred into your name. It's bad enough that they charge 225% over cost for vehicles but to charge outlandish interest rates on top of it then scam customers into even higher interest should be and is a crime. I was not affected by these practices but witnessed them on a daily basis. Carl Ritter and Rick Lye run the company and not only are aware of these practices they endorse them. This is a publicly traded company and I'm sure that the FTC or SEC would have an interest in carbiz's business dealings. Those carbiz customers should have their lease contracts compared to their original contracts by an attorney, but even without they should be able to see that the contract term has increased in length. This company brings new meaning to the term predatory lender
0 comments