- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
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 10:53 pm to BlackleafBaller
Cancel the extended warranty, go talk to the GM and not the finance manager.
Posted on 10/27/14 at 10:54 pm to BlackleafBaller
Should be able to cancel the warranty...and you got your interest rate. SO whats the problem exactly?
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 bubbz
79 months? damn son you really wanted to be fuked in the arse.
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 11:02 pm to bubbz
Yes - in hindsight, I could have at least asked for lube. Either way, I won't be out much money since I plan on paying the loan off much sooner rather than later.
I guess I'm too honest of a person. I guess a fraud will lie repeatedly until he gets what he wants.
A life lesson it certainly is. I just would rather other folks not be suckered into the same issue, especially those who are in WAY worse financial situations as myself.
I guess I'm too honest of a person. I guess a fraud will lie repeatedly until he gets what he wants.
A life lesson it certainly is. I just would rather other folks not be suckered into the same issue, especially those who are in WAY worse financial situations as myself.
Posted on 10/27/14 at 11:03 pm to LSUGUMBO
quote:anacdotal evidence sucks.....
e 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.
They sell those extended warranties because they make a pretty big profit margin off of them.... Yes of course some people it works out for the best, but playing the odds, you don't nees the Extend.
Posted on 10/27/14 at 11:04 pm to Double Oh
agreed - but I fully intend on paying the loan off in about 24 months - just wanted the loan as a buffer
Posted on 10/27/14 at 11:06 pm to Retrograde
so my plan is to cancel the warranty - but I would also like to bring this up to the GM. What type of response should I expect?
From what I've read online, I should report this practice to the FTC and the State Attorney General's office. (both of which I plan on doing)
From what I've read online, I should report this practice to the FTC and the State Attorney General's office. (both of which I plan on doing)
Posted on 10/27/14 at 11:07 pm to lurk9000
quote:
so my plan is to cancel the warranty - but I would also like to bring this up to the GM. What type of response should I expect?
From what I've read online, I should report this practice to the FTC and the State Attorney General's office. (both of which I plan on doing)
Do you have any proof?
Posted on 10/27/14 at 11:07 pm to SuperSaint
Those looking at the 79 months and hating on you are dumb.
3.79% is very solid for any term.
Yes you got hood winked, cancel the warranty and chalk it up to a lesson learned.
Or go raise hell, by I doubt they refund.
3.79% is very solid for any term.
Yes you got hood winked, cancel the warranty and chalk it up to a lesson learned.
Or go raise hell, by I doubt they refund.
Posted on 10/27/14 at 11:08 pm to lurk9000
I mean what do you expect them to do? I understand you feel you got hosed but you could have walked out of the place with your middle fingers in the air just as easy as reading what you had in front of you before signing.... I'm not real sure what you are going for here
Posted on 10/27/14 at 11:09 pm to lurk9000
did you fail the Bar?
Page 1 of 10
Popular
Back to top
Follow TigerDroppings for LSU Football News