Hamer Toyota Rip-off Overpriced price of used resale vehicle ripoff swindlers Mission Hills California
I purchased a used 1999 Toyota 4 Runner in June of 2002. I put down 7K plus towards the price of the car. In October 2002, Toyota Motor Credit reposessed the vehicle, then assessed more repo charges. gave me 15 days to pay 2300.00 to get it back or pay it off at 20,554.00 to pay off the loan entirely.
My question? How can I owe 20K whne I put down 7K. This means I paid 27K for the car??? It was only blue booked at approx 15K (and that's being nice) I got ripped OFF and now bo car, no down payment nothing!!!
HELP!!!
Get This--Toyota wants to sell the car at auction and then make me liable for the remainder of the loan!!! They will NOT refinance the loan, nor would they give me more time to come up with the money.
Any suggestions??
walking in Cali
Wendy
Long Beach, California
U.S.A.
4 Updates & Rebuttals
Dave
Jacksonville,Florida,
U.S.A.
I have to agree
#5Consumer Comment
Mon, May 15, 2006
How exactly were your ripped off? YOU bought a used car, YOU agreed to the price, even thought you have no idea how much you paid for the car, YOU signed a promissary note agreeing to the monthly payments, and finally YOU didn't pay for the car.
From reading your post, it appears you didn't make a single payment. If you loaned someone $20, and they didn't pay it back, would you loan them another $20? I don't think so.
They will sell the car to recoup their money, but you will still owe about 12-15K after the sale, since it probably won't bring a lot of money at auction.
Again, no rip off here, except for the fact that YOU tried to rip off the finance company.
Bob
Reseda,California,
U.S.A.
What you should have done to start with
#5Consumer Suggestion
Mon, May 15, 2006
you should have
A) resurched the car you wanted
B) Talked down the price
C) paid a higher Down Payment
D) this is the most important one of all NEVER BUY A CAR THAT YOU CAN NOT AFFORD TO PAY FOR.
all deallers want to do is get there cars off the lot. every day a car is on the lot it cost the deallers money. so they will do what ever it takes to move that car even if you can not afford the car in the first place.
just cuz you want a car does not mean you can afford it. allways buy with in you're means and this problem will never happen again.
E) never finace a car just pay for it all right there and then. they can't over charge a person who resurches and then pays for in all at the time of buying that car, and they can't repo it ether.
Brandon
Mesa,Arizona,
U.S.A.
Oh, also...
#5Consumer Comment
Fri, December 13, 2002
Wendy,
I just thought about this. You bought the car in June of 2002 and it was reposessed in October of 2002, did you even make the first payment? A bank will not reposess the vehicle for behing one or even two months behind becuase they know things happen sometimes, so you must have not even made the first payment. I'd hate to see your credit report! Hope you get a good deal at Ugly Duckling!
Brandon
MEsa,Arizona,
U.S.A.
What is Toyota Motor Credit doing that is a rip-off?
#5UPDATE Employee
Fri, December 13, 2002
Wendy,
Apparently you are not aware of how businesses make a profit...they sell things for more than they pay for them, and in the car industry usually for more than the car 'books' for.
My suggestion to you, which is what you asked for when you asked for someone's help, is to pay your bills on time and not have your vehicles reposessed, then you wouldn't have to worry about this!
As far as Toyota selling your vehicle at an auction and making you liable for the remainder of the loan, what else are they supposed to do? And why would they re-finance the defiency balance? You didn't make the payment when you had the car, do you really think they are going to let you make a payment now?