Dobbs Ford, Inc. LIES to Customers! Company artificially INFLATES interest payments Because They Get Kickbacks! Don't Trust Them! Also Lies about Down Payments! Internet
I went to Dobbs Ford on Mt. Moriah in Memphis, TN. They LIED to me and told me they found a blemish on my credit report and I had to put down $2,000.00 because the Finance Company REQUIRED IT. This was AFTER I mentioned that's what I had on me and AFTER they first told me only $1,000.00. I FELL FOR IT. When I left the Dealership, I called the Finance Company and they told me? they had no clue what I put down and that all downpayment money go directly to the Dealership and that they have nothing to do with it. WHAT THE f**k! I don't trust them!
When I complained the Finance Manager told me in his office that the dealership gets a residual payment everytime you make your payments. He stated the Finance Company (Lender) ALLOWS the dealership push up the interest rate after the finance company agrees on its own interest rate. He stated that the interest rate has NOTHING to do with credit and that the ONLY way a person can avoid this situation happening to them is if they get their car financed at a credit union or a bank which the car dealership can not earn a profit from. Apparently, the Lenders ALLOW this because they want to be on the short list when the dealership calls as the dealership has a lot of different lenders they can go through.
I found out when I called the Finance Company and asked what interest rate I was paying to them and I was SHOCKED. The interest rate I was paying of of my contract was 7 percentage points HIGHER! It was because Dobbs Ford got a cut every month from all of my payments during the life of the loan.
This is a new way the major dealerships are doing business and it is primarily hurting the POOR. To misrepresent to a customer that they have bad credit when they do not just so you can bump up the rate they get for residual payments should be illegal. It should also be illegal to lie to customers like the Finance company dictates the downpayment when the finance company has nothing to do with the down payment.
Capitalism at its finance. These Folks are DIRTY! CORRUPT! JUST A BUNCH OF CROOKS!
1 Updates & Rebuttals
willobi
Knoxville,Tennessee,
USA
Finance Rates
#2Consumer Comment
Sun, July 15, 2012
This is nothing new. I had a dealership try this on me in 1987. I didn't fall for it and talked them down $40+ per month on my payment within 10 minutes.
Never let a dealership do your financing. The are in cahoots with lenders everywhere. The dealership makes far more money from the financing than they do on the sale of the car.
I would go to a bank or credit union and see if they will refinance your loan. Most credit unions especially will be happy to to gain a customer.