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Message
Scammed by auto dealership...What should I do?
Posted on 10/27/14 at 10:49 pm
Posted on 10/27/14 at 10:49 pm
long time lurker - very rare poster - need advice - pretty sure I got scammed by a dealer on an auto loan - what should I do?
Recently purchased a new used vehicle (2014 Traverse - for wife - no pics) from a local Baton Rouge Dealership.
Everything was ok until we got to the finance managers office. Somehow, i am pretty sure I got scammed into signing my name on a less than ideal auto loan.
credit score >750, debt to income ratio <25%
was told that the only way I would qualify for a 3.29% 79 month (I know STUPID - but I planned to pay very quickly) was if I got the extended warranty ($2795). I was told if not, the rate would be at least 5%.
I was also originally told that the best rate he could give me was 7ish% with the warranty for 79 months. Then somehow, he found "coupons" to lower the rate >4% to the odd number 3.29%.
Unfortunately, no lights went off in my head until after we left.
After researching this potential scam after the fact, I'm 99% sure I got scammed, and it seems this may be illegal.
Is there anything I can do (other than cancel the extended warranty asap - which I'm doing)????
TLDR - While trying to fit in with out new debt loaded society, I believe I made a mistake in judgement and subsequently was scammed. NEED ADVICE on path forward...
THANKS
UPDATE- went to the dealer- spoke with the GM- The warranty was canceled for me. The GM apologized and said he's never had that issue with this F&I guy (20 plus years). I explained that I would not recommend them to anyone and was going to file complaints with all applicable agencies.
I expected this outcome and have learned my lesson. I'll do the math when I get time on if I will refi at a shorter term and lower rate. I aim on having the loan paid off in 24 months. I still have at least a year if factory warranty left on the vehicle.
As a side note- by chance I think I may have already stopped one person from going to Brian Harris. Saw some friends at a grocery store who were on their way to get a new Tahoe. Explained them what had just happened. After laughing at my stupidity, the were appalled and said they wouldn't step foot in Briam Harris.
Lesson learned for me the hard way- hope someone else on here who reads this learns from my mistakes.
Recently purchased a new used vehicle (2014 Traverse - for wife - no pics) from a local Baton Rouge Dealership.
Everything was ok until we got to the finance managers office. Somehow, i am pretty sure I got scammed into signing my name on a less than ideal auto loan.
credit score >750, debt to income ratio <25%
was told that the only way I would qualify for a 3.29% 79 month (I know STUPID - but I planned to pay very quickly) was if I got the extended warranty ($2795). I was told if not, the rate would be at least 5%.
I was also originally told that the best rate he could give me was 7ish% with the warranty for 79 months. Then somehow, he found "coupons" to lower the rate >4% to the odd number 3.29%.
Unfortunately, no lights went off in my head until after we left.
After researching this potential scam after the fact, I'm 99% sure I got scammed, and it seems this may be illegal.
Is there anything I can do (other than cancel the extended warranty asap - which I'm doing)????
TLDR - While trying to fit in with out new debt loaded society, I believe I made a mistake in judgement and subsequently was scammed. NEED ADVICE on path forward...
THANKS
UPDATE- went to the dealer- spoke with the GM- The warranty was canceled for me. The GM apologized and said he's never had that issue with this F&I guy (20 plus years). I explained that I would not recommend them to anyone and was going to file complaints with all applicable agencies.
I expected this outcome and have learned my lesson. I'll do the math when I get time on if I will refi at a shorter term and lower rate. I aim on having the loan paid off in 24 months. I still have at least a year if factory warranty left on the vehicle.
As a side note- by chance I think I may have already stopped one person from going to Brian Harris. Saw some friends at a grocery store who were on their way to get a new Tahoe. Explained them what had just happened. After laughing at my stupidity, the were appalled and said they wouldn't step foot in Briam Harris.
Lesson learned for me the hard way- hope someone else on here who reads this learns from my mistakes.
This post was edited on 10/28/14 at 1:44 pm
38
Posted on 10/27/14 at 10:50 pm to lurk9000
frick off Turkey Creek
Posted on 10/27/14 at 10:53 pm to lurk9000
Shh.
You had me at "new used".
You had me at "new used".
Posted on 10/27/14 at 10:53 pm to lurk9000
If you were truly looking at a 79 month auto loan then you deserved to get scammed.
Posted on 10/27/14 at 10:53 pm to lurk9000
Not sure what you're looking for here.
Yes you got scammed. (due to your own ignorance, stupidity, etc.)
No there's nothing you can do about it now other than cancel the extended warranty & learn from this mistake.
Yes you got scammed. (due to your own ignorance, stupidity, etc.)
No there's nothing you can do about it now other than cancel the extended warranty & learn from this mistake.
This post was edited on 10/27/14 at 10:54 pm
Posted on 10/27/14 at 10:53 pm to lurk9000
You weren't forced to sign anything. It'd be hard to prove fraud as you always had the option to stand up and walk away. They didn't change numbers on the documents after you signed them or anything like that.
Sorry, it sounds like they got you.
Sorry, it sounds like they got you.
Posted on 10/27/14 at 10:55 pm to lurk9000
You got scammed by F&I manager. Not illegal...you just fell for what he was saying. Cancel warranty if you'd like.
I would see a refinance at local credit Union or bank.
I would see a refinance at local credit Union or bank.
Posted on 10/27/14 at 10:57 pm to lurk9000
Did he buy you a drink afterward?
Or breakfast ?
Or breakfast ?
Posted on 10/27/14 at 11:00 pm to lurk9000
Talk to your bank/credit union about refinancing the loan. At 750 credit score, you shouldn't have a problem getting approved through them.
Also cancel the warranty if you don't want it, but I'll tell you that we took full advantage of the warranty on my wife's Escalade- replacing the shocks by themselves covered the cost of the warranty, then there was several other small things that the warranty took care of. It was definitely worth it for us.
Also cancel the warranty if you don't want it, but I'll tell you that we took full advantage of the warranty on my wife's Escalade- replacing the shocks by themselves covered the cost of the warranty, then there was several other small things that the warranty took care of. It was definitely worth it for us.
Posted on 10/27/14 at 11:09 pm to lurk9000
did you fail the Bar?
Posted on 10/27/14 at 11:12 pm to lurk9000
quote:
credit score >750, debt to income ratio <25%
Go refinance at a Credit Union. Under 3% on 5-6 yrs should be EASY. Dont do 79 months again. No No No. In 2010 I was able to get 2.1%/6yrs with 0 down on a 725 score from a credit union. Rates have gone up some, but I still think you can find under 3%.
This post was edited on 10/27/14 at 11:14 pm
Posted on 10/27/14 at 11:14 pm to lurk9000
Really? Who buys a Chevy Traverse?
Posted on 10/27/14 at 11:25 pm to lurk9000
Pentagon federal: 2.59% for 72 months, takes about 20 minutes online and you don't even need to talk to a human being. A check will be at your door next day.
Posted on 10/27/14 at 11:29 pm to lurk9000
How exactly were you scammed?
Did you not want the extended warranty? You shouldn't have bought it if you didn't want it. Nor the car for that matter. And damn. 79 months!
Did you not want the extended warranty? You shouldn't have bought it if you didn't want it. Nor the car for that matter. And damn. 79 months!
Posted on 10/27/14 at 11:32 pm to lurk9000
Im a little buzzed but are you complaining about a 3.29% auto loan with a super long term?
Posted on 10/28/14 at 12:57 am to lurk9000
You should've got your own financing at a Credit Union. You got royally F'ed at almost 4% APR with a 750 beacon. The finance manager put you together and sold you a worthless warranty and you believed his bullshite lies about the rate changing to 5%. Don't ever get Auto dealership financing under any circumstance, especially since you work hard to maintain stellar credit. I guess lesson learned the hard way for you.
Posted on 10/28/14 at 5:30 am to lurk9000
Never do financing with a dealership.
Posted on 10/28/14 at 5:46 am to lurk9000
What's the name of the dealership? Hell, if they are that unscrupulous then they deserve the bad press...
Posted on 10/28/14 at 5:48 am to lurk9000
was it Brian Harris? Those guys are sleazy sharks.
Posted on 10/28/14 at 6:07 am to lurk9000
I can't believe a bank was dumb enough to make a 79 month loan on a used traverse
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