Complaint Review: McGinnis Mitsubishi

My complaint is on McGinnis Mitsubishi, it was December 22, 2001 at around 6:00pm and we went to this dealer to purchase a new vehical. The new sales person was Moses Mayorga who attended this transaction.

I told Moses Mayorga that this was my first vehical finance and that I knew that my credit was not that good, so I already Knew I had to pay a high finance rate. All I wanted was to be able to finance this car with the intent to refinance with in one year with no attachments. He said that was fine,as long as I paid my payments on time for a year.

When we finanly signed papers for a credit check they came back and said I would have to pay up to $500.00 a month for 60 months and I agreed. When we got to finance department he said he was able to bring my payments down to $405.71 a month by extending my loan to 66 months instead of 60 months and that I was able to refinance in one year with no problems.When this transaction took place it was a the end of the month and very late and I was very ill wiyh brochitis,I do admit of not asking in more detail of my contract, the only thing I made sure,that were the loan amount and interest and payments were broken down did not match but he said don't worry you will still be able to refinance in one year or more.

I also admit of not paying closer attention of the transaction., but the finance personal was rushing through the contract only explaining certain details and had us sign the contract.

All I was told is that the payments will be due the 22nd of every month,and the loan was a 66 month term and to refinance in one year, he went through the contract and never said about a balloon note or lease contract. i tried to trade the vehicle for another and was told they could't take the car as a trade because of the type of loan I had and then I was notified of the situation. The dealer would give me another vehical with out the car as a trade in.

When I attempted to call the dealership to talk to the finance department,I was told to com in so he could explain my loan,but I told him it was to late to explain,I found out about the details of the loan through the bank at which the vehical is financed.

Christine
Missouri City, Texas
U.S.A.