Steve
Bradenton,#2Consumer Suggestion
Fri, August 25, 2006
Jesus, Talk to your employer immediately, and tell them to say you no longer work there. Then fax the lender a letter saying that you are unemployed. This will get the contract cancelled as you will be declined for financing. Bill Heard has several dealerships nationwide, and they are all the same shady operation. The biggest mistake you can make is to shop by payment. NEVER do this!! That is why you got an 11% loan for 7 years. They could have financed you for 6-8% for 5-6 years for the same $450 payment, but now they can get a rebate from the lender on the financing known as a kickback. They can acually take a point or two off the top and then they will back your loan to the lender. The loan docs will be 11% but the actual loan may be at 9%. This is sometimes called "indirect financing". The bank is actually dealing with the car dealer. The dealership guarantees the loan in return for the back end money on the deal. The worst part here, is not the financing, it is the fact that they "stole" your trade too, I'm sure. NEVER let a car salesman take control. Get up and walk away. Also, NEVER buy any car until you leave and think about it over night. If they will not allow you to fully review the deal and come back the next day to sign, they are scamming you.
Hugh
Paducah,#3Consumer Suggestion
Fri, August 25, 2006
Was this your first time in a car dealership? Nothing you described is out of the ordinary these days for many dealerships. They take control of the situation and keep you in such a blur that (like you) you will agree to and will sign anything they put in front of you. Being a "payment buyer" is the worst thing you can do - they make more money from this type of buyer than any other type. You are stuck with this car, but take a lesson from it. If you are just a non-confrontational type person, then don't go car shopping alone - take along a friend that can stop you.