The vehicle was overpriced for a stripped, cloth, standard Dodge truck, the credit was pulled and was shopped with too many lenders... The rate was told to be around 4.5% and the APR was 10.75%... The contact had no APR when
contract was sent fed-ex from Tennessee to Louisiana. The APR box was left blank when questioned it was ommited in error? Me the co-buyer ended up being the buyer.
Credit scores from all three (transunion, equifax, experian) were over 800pts
the dealership used the excuse that the co-borrower was such a hight risk that it made the APR go up extremely? I personally never signed the purchase contract, that was brought to the attention of Richard, Finance Director with GMAC, never rec'd a response on such. The Finance Manager at Gary Matthews, in a recent phone call said that GMAC set the APR on the contract, after I called GMAC and they said NO, that the dealership sets the rate. I then got on a three-way with the finance mananger of Gary Matthews and the GMAC credit dept. And GMAC told the dealership that they had no say so of the set rate and the dealership guy would not comment. I hung up with that call and called the dealership back and spoke to the same guy and he backed down and ate his words. And his comment was " You own a business right? You are out to make a profit, right you are in business to make money right, well in other words, thats how we made our money on your deal!"
Never the less, I was pissed. I was screwed with an overpriced purchase amount and on top of that the rate I was quoted was inflated. To ridicoulous measures.
On a previous phone call in the infant stages of the after the sale, a calll was made to the finance manager he was out of the office, so his assistant asked if he could help. I briefly explained to him about the APR, the overpriced selling price, how the contract was not signed but another person must have signed it, how that the bureau was pulled without a consent. At that point he had no answer, so I stated " I quess I will have to contact an attorney for legal litigation" he then cursed me out and hung up on me...
The truck is in re-po status cause the crook that went to buy it made a raw deal with the crooks at the dealership and I got the crooked end of the stick in my hand... And everyone else is happy with padded pockets
R & R
Lafayette, Louisiana
U.S.A.
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