Max Madsen Mitsubishi ripoff dishonest quote on interest rate for loan and changed it and almost doubled interest rate first quoted and signed for Downers Grove Illinois
My husband and I bought a car from Max Madsen Mitsubishi on Feb. 17, 2006. The finance person was not there that night, so someone else ran the numbers. They quoted us 7.99% interest rate and promised it would not go up and said it may possibly go down. So we signed the contract.
We got a phone call on Feb. 23 saying they had great news for us and to come back in. So we went back in on Feb 25 and they had a new contract for us. Our original contract was still at home. The new contract now said 13.25% interest and added a year to it and increasing the payment approximately $15 a month. They said it was the best deal they could get for us because we are a newly married couple and don't really have established credit together yet.
We asked if we could go home and not sign this new contract that night since our original contract was at home still. They told us no, we HAD to sign it before we left and to come back in Feb. 27 with the original contract so that the new contract can then be filed, because he can't have two contracts out on the same car.
My husband and I feel that we should not have had to sign the new contract if the original one is still at home. We felt we were pressured and taken advantage of because we are newly married.
Tiffany
Downers Grove, Illinois
U.S.A.
3 Updates & Rebuttals
Ryan
Downers Grove,Illinois,
U.S.A.
we are good people
#4UPDATE Employee
Fri, March 10, 2006
The customer was right that the normal business manager was not in the night they bought the car. The person in charge gave them the interest rate that they would sign up with. When the business manager was given the deal to work on he was only able to get a higher rate than origanly signed for. They were given the oppertunity to return the car if they did not want to sign the higher rate. Once the customer informed dealer that they could come up with more money down we were able to get them better terms, which we did. Both parties are good people that were just not on the same page.
Tiffany
Downers Grove,Illinois,
U.S.A.
They fixed it
#4Author of original report
Tue, February 28, 2006
We went back to Max Madsen on Mon. Feb. 27, 2006 and we said that we wanted our trade in car back. They said that they already sold it, and then said that they already voided our original contract even though I still had a copy of it. He said he still needed our proof of residence because he "had a friend" that works at a credit union that was getting back into town last night and he wanted to fax that to him to see what he could do. So i faxed him our proof of residence and he called me back and said he got it for 6.60 % interest rate, which was lower than originally quoted. We had to put a little more down, but to us, it was worth it. We think that they knew what they did was illegal and we had them, whether they were going to tell us or not. They knew what they did was wrong and we could have come to them with legal action, and I think that is why they fixed it and fixed it good.
Thank you to the gentleman that responded, we know better now for future reference. this won't happen again.
Dave
Jacksonville,Florida,
U.S.A.
I hope you didn't sign the new contract
#4Consumer Suggestion
Tue, February 28, 2006
They were feeding you a bunch of bull. You are NOT OBLIGATED to sign the new contract. You should tell them to shove it, and give them back the car.
Turn this into the AG in your state and do it quickly. This is a spot delivery scam. IF you had done research before buying a new car, you would've realized what was going on.
NEVER take a car home if the financing is NOT approved first!