Reno Toyota FINANCING FRAUD , Internet
I recently purchased a new car. During the finance interview I asked about financing with my credit union which I had previously financed with, but was told that my credit union did not finance for the length of time my new contract would be using. The dealership subsequently placed the financing through their own finance company at the rate of 6.65 % interest. However a few days later I learned that my credit union who does a lot of business with this dealership did in fact offer the length of time allowed to finance my car and at a significantly lower interest rate. The dealership withheld this information and blatantly lied to me when I inquired about financing with my credit union as I learned not only did they offer this type of financing, but the dealership was well aware of this as they had all the information in regards to the lending policies because it was provided by the credit union. I believe this was a blatant attempt to provide fraudulent information in an endeavor to force me to finance through their company by means of deceptive information for financial their own benefit. Additionally when I received the Report of Sale, the dealership stated that the transaction date was 10/25/2010, when in reality it was 10/08/2010. I believe this was to cover the fact that they sold my car nullifying my ability to back out of the contract and also hide the fact they never obtained a valid signed contract stipulating that financing had actually been passed to my credit union. If this was done to me, I am sure this has happened to others as well.
6 Updates & Rebuttals
shopgirl_sarah
Reno,Nevada,
USA
You should read more carefully
#7Author of original report
Wed, August 17, 2011
In the explanation of what transpired I explained in detail that my CU is contracted with this company therefore there was no need to contact them first, had you read more carefully this would have been clear. Also there should have been no question as to who I wanted to finance with since I made it clear prior to any paperwork being drawn up or completed. Additionally it was also explained that I was LIED to when I was told my CU did not finance for that length of time; and since I took the fortitude to contact them and learn that indeed they do I was able to procure the financing myself. Thank you for your concern, but please if you are going to be instructional, read more carefully to get your facts straight.
Karl
Highlands Ranch,Colorado,
USA
FORGERY AT TOYOTA POEM....
#7Consumer Comment
Tue, August 16, 2011
is available at this website!
Just type in 331575 and it appears in the consumer comments section at Ripoff Report #331575.
Thank You
***MORTGAGE/BANK ALERT: Don't forget to type in the following at this site and read the Ripoff Reports for valuable information if you have a mortgage or a bank account in the USA-
MERRILL LYNCH
WELLS FARGO
BANK OF AMERICA
GM CREDIT CARD SERVICES
Karl
Highlands Ranch,Colorado,
USA
"BUBBLE SONG 3".......
#7Consumer Comment
Thu, May 05, 2011
was submitted at this website on May 5th, 2011.
*Just type in 529757 to see if it has been posted in the consumer comments section at Ripoff Report #529757.
Thank You
Karl
Highlands Ranch,Colorado,
USA
KRISTEN, MOST OF THE POLITICIANS IN THE USA OBVIOUSLY SUPPORT THE FRAUD, DECEPTION, MANIPULATION, &.........
#7Consumer Comment
Tue, March 01, 2011
trickery that's taking place at Car dealerships, because they opposed a bill that would protect consumers.
If you 'Google' this- ELIZABETH WARREN GRILLS GEITHNER, CRITICIZES FORECLOSURE PLAN PBS, and watch that 6 minute 17 second interview on the web, you'll be able to hear what she said at around 4 minutes 50 seconds into that interview about car dealers. It appears that car dealers will be exempt from having to be honest when disclosing loans to customers, right?
You see, the BIG corporations obviously control our politicians, and many of the BIG corporations make their profits by deceiving consumers. Without deception in the car business, the majority of car dealers in the USA would see their profits fall dramatically. Much of the profit per sale in the car business comes from 'back-end' products, like 'extended warranties', 'GAP insurance', 'life insurance', and other products that can be put into the financing of the car loan.
Some consumers in the USA have extended warranties that were put into their loan and they don't even know about it, because they were 'tricked' into signing for it by the finance person at the dealership. Most finance managers make the majority of their income on a commission basis. They're paid on the 'back-end' products that are 'sold' to the customer. They also get a commission from the rate that can be raised on unsuspecting customers.
Example: If you qualify for a rate of 7%, but the finance person increases it to 9.9%, then there's extra profit in the deal for the car dealership. A $20,000 loan at 7% over 5 years comes out to be $396 per month. But if the finance manager charges you 9.9%, your payment goes up to $423 a month. If you multiply the additional $27 per month times 60 months, you'll see how car dealers can make a lot of extra money by deceiving, manipulating, & tricking customers, right?
An extra $27 per month x 60 months = $1,620.00
Keep in mind that the politicians in the USA are loyal to the BIG corporations, not the average person in this country. They work for 'BIG' business, and most politicians are just like the ones working at many of the car dealerships throughout America.
WELCOME TO AMERICA- ONE BIG CAR DEALERSHIP, OUT TO DEFRAUD AS MANY INNOCENT AND UNSUSPECTING PEOPLE AS POSSIBLE
Jim
Orlando,Florida,
USA
Of Course They Lied To You But You Could Have Avoided This!
#7Consumer Comment
Tue, March 01, 2011
Unless I'm terribly mistaken, it is YOU who has the account with the credit union, not them. Why then did you not ask the credit union? They knew what they were doing. By you asking them, you told them, "I don't know my credit union's policies". Their next thought was, "Since she doesn't know, then we can move in and get more profit with our financing deal...she'll never know!" Bingo! That got you!
Should car dealers be honest? Of course. But we all know the nature of the Sleazy American Car Business! So we need to protect ourselves from the sleaze and slime by arming ourselves with INFORMATION.
Better luck next time.
Karl
Highlands Ranch,Colorado,
USA
Kristen, Make sure to 'Google' this- CAR SALES: TRICKS OF THE TRADE- CONSUMER ALERT, and watch how Tori was scammed......
#7Consumer Comment
Sun, February 27, 2011
at a car dealership that is owned by the 3rd largest Automotive Dealer Group in the country. Sonic Automotive owns & operates about 150 Auto dealerships nationwide.
It appears that car dealerships are still conducting business as usual in the USA, wouldn't you agree?
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Good luck to you.