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re: Scammed by auto dealership...What should I do?
Posted on 10/28/14 at 6:17 am to yellowfin
Posted on 10/28/14 at 6:17 am to yellowfin
If you fell this bad for this, you likely got screwed on the purchase price of the car also. You should bring a friend with you next time. Also, talk to your bank before you go to see what rates they are offering. Sometimes, the dealership rates are actually better than your bank but at least you will be more educated.
Posted on 10/28/14 at 6:21 am to LSU1018
Yeah most people aren't smart enough to make major purchases like a vehicle
Posted on 10/28/14 at 6:34 am to Farkwad
Yes, it was.
I know that I signed all of the paper work.
I've purchased 3 other vehicles from 3 different local dealerships in the last 7 years. I've never once had a finance guy repeatedly bold face LIE to me.
I even asked him about canceling the warranty after the fact, to which his reply was wait 4-6 months and I would get 100% back (which is a LIE - according the the warranty contract). He said it was a "loophole".
It is my own fault for falling for this. But I think that others potential customers should at least be aware of these types of practices. From what I gather researching this practice online, this is common for dealers to do. If recognized, it should be reported to the state attorney general and FTC. (Both of which I plan on doing after I get the warranty cancelled.)
Was just looking into if the OT had any good advice.
I know that I signed all of the paper work.
I've purchased 3 other vehicles from 3 different local dealerships in the last 7 years. I've never once had a finance guy repeatedly bold face LIE to me.
I even asked him about canceling the warranty after the fact, to which his reply was wait 4-6 months and I would get 100% back (which is a LIE - according the the warranty contract). He said it was a "loophole".
It is my own fault for falling for this. But I think that others potential customers should at least be aware of these types of practices. From what I gather researching this practice online, this is common for dealers to do. If recognized, it should be reported to the state attorney general and FTC. (Both of which I plan on doing after I get the warranty cancelled.)
Was just looking into if the OT had any good advice.
Posted on 10/28/14 at 6:43 am to lurk9000
I got 2.2 % 6 years ( plan to pay off in 3) on a Toyota with 30k miles .. 765 credit . You got played
Posted on 10/28/14 at 6:58 am to GFaceKillah
interesting reply to what seems to be a similar situation on their Ask the CFPB portion here: CFPB says to report
Posted on 10/28/14 at 6:59 am to lurk9000
Not sure how much research you did before going in but you should have known the financing incentives the manufacture was offering before going in and had a fall back preapproved offer from a bank or credit union.
At 750+, you should have been able to get under 4% all day from a bank but manufacturers are offering way under that. I bought 2 Honda in the last 2 years both at .9%.
Oh yeah and 79 mths
At 750+, you should have been able to get under 4% all day from a bank but manufacturers are offering way under that. I bought 2 Honda in the last 2 years both at .9%.
Oh yeah and 79 mths
Posted on 10/28/14 at 7:07 am to Helo
Oversight on my part due to good experiences with other dealerships. I currently also have a Hyundai at 1.9%.
I failed to do the appropriate research and have learned my lesson.
I plan on going to the dealership today to explain my complaint. I suspect they are aware of the tactics (LIES) the F&I manager uses, but in case they are not, they will be today.
I failed to do the appropriate research and have learned my lesson.
I plan on going to the dealership today to explain my complaint. I suspect they are aware of the tactics (LIES) the F&I manager uses, but in case they are not, they will be today.
Posted on 10/28/14 at 7:08 am to lurk9000
You took out a 79 month loan on a used Chevy Taverse?
Posted on 10/28/14 at 7:10 am to SPEEDY
is a 2014 with <30k miles - but i agree the idea of 79 months for an auto loan is but i did not intend on paying the minimum.
Posted on 10/28/14 at 7:14 am to lurk9000
here is some advices...buy better cars!
it is a joke that at least one didn't/wouldn't last 7 years...must be upside down.
quote:
I've purchased 3 other vehicles from 3 different local dealerships in the last 7 years.
it is a joke that at least one didn't/wouldn't last 7 years...must be upside down.
Posted on 10/28/14 at 7:16 am to lurk9000
Why didn't you just say no?
Posted on 10/28/14 at 7:16 am to lurk9000
The only answer here is to carry your arse over to the nearest FCU and have them pick up the loan.
Bite the bullet and pay any early termination fees with the stealership. Low mileage vehicle should be around 3 percent at a FCU.
Bite the bullet and pay any early termination fees with the stealership. Low mileage vehicle should be around 3 percent at a FCU.
Posted on 10/28/14 at 7:17 am to lurk9000
You fell for the ole' "coupons" line?
Posted on 10/28/14 at 7:17 am to MyNameIsNobody
2 of the 3 were terrible decisions - from which I have learned
while not upside down on any of them, they were still a huge waste of money
They Hyundai I do plan on keeping for 10 years just as I did my prior Mitsubishi
while not upside down on any of them, they were still a huge waste of money
They Hyundai I do plan on keeping for 10 years just as I did my prior Mitsubishi
Posted on 10/28/14 at 7:22 am to lurk9000
Short answer = I don't think it was illegal, wrong but not illegal.
Also, if you plan to make a big deal about it to the dealership, I would not plan to have services performed there.
I never walk into a dealership without knowing what financing I can get elsewhere and I never tell the Finance Manager what I can get elsewhere. I simply tell him/her to give me your best rate.
The only way I would do 79 months on a vehicle is if I had other high interest debt that I wanted to tackle. 3.29 seems great for the loan term, which leaves me wondering what you could have got on a 60 month or less term.
Also, if you plan to make a big deal about it to the dealership, I would not plan to have services performed there.
I never walk into a dealership without knowing what financing I can get elsewhere and I never tell the Finance Manager what I can get elsewhere. I simply tell him/her to give me your best rate.
The only way I would do 79 months on a vehicle is if I had other high interest debt that I wanted to tackle. 3.29 seems great for the loan term, which leaves me wondering what you could have got on a 60 month or less term.
Posted on 10/28/14 at 7:23 am to lurk9000
quote:
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%.
Holy frick, is that legal? Jesus, man, THINK--and next time, go to a credit union or something.
Posted on 10/28/14 at 7:37 am to TigerPanzer
You didn't get scammed. The extended warranty may be the best thing you ever done. You evidently have cash flow issues and that's fine. The traverse is the same vehicle as the Acadia and Buick Enclave. My wife owned both and you probably will have your share of problems before 79 months are up. I'm pretty sure you would have more than $2700 worth of problems and sensors malfunctioning in 6.58 years. Now you will not be on the turn on some engine lights list when the dealerships are slow. I'm almost convinced they screw you over on purpose thru onstar.
Posted on 10/28/14 at 7:54 am to lurk9000
quote:
is a 2014 with <30k miles
So, 29k miles?
Posted on 10/28/14 at 7:59 am to lurk9000
Always have your deal done before you talk to the F and I guy. They absolutely will straight up lie to your face, not all, but plenty will.
I'm 52 and I have bought plenty of cars and they will still try it on me.
You may have some recourse legally, IDK.
I'm 52 and I have bought plenty of cars and they will still try it on me.
You may have some recourse legally, IDK.
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