- Report: #1105222
Complaint Review: Butler Kia of Indianapolis - Indianapolis Indiana
Reported By:
LetItBeKnown317 -
Indianapolis, Indiana,
Submitted:
Updated:
-
Author Not Confirmed
Why?
Butler Kia of Indianapolis
5500 N Keystone Ave Indianapolis, Indiana, USA
Phone:
1-317-251-1441
Web:
www.butlerauto.com
Categories:
Business Rating:
(0)
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Butler Kia of Indianapolis Anthony Fitzgerald Anthony stated that the APR of the car I was trying to finance would be 17% and right before I signed the paperwork the APR rate magically jumped to 24.7% Indianapolis Indiana
I am in the market for a used vehicle. I also do not have the best credit score which puts me in a situation where I would only be approved for subprime financing rates. I'm well aware of banks offering higher APR rates for people in this segment. Trust me I know it's my fault that I am in this category, but, I have been working hard to increase my score. Having a positive car payment on my credit report would help me bring my so-so credit score up to a good standing, with that mind I am willing to pay a high intrest rate and was expecting to do so.
I found a car at Butler Kia that I could afford and proceeded with application process, after the first day and 5hrs of being in the office I was offerd a rate of 17%, I was not shocked, that rate is something that I budgeted for and would be prepared to handle. But another problem came up, the bank wanted to verify 90 days of employment before they would approve the loan, mind you I have been on my job for 84 days at this point. I agreed to wait out the extra 5 days because I thought, "Hey these are good people they do not want to put me in a car only to call me back 2 days later and want a higher rate or to ask for more money down (yo-yo financing).
I get a call from Anthony Fitzgerald, the sales man today Saturday Dec. 7th telling me that I could go ahead and come in, that the financing will be approved. I happly aggreed and strolled into the dealership. After another test drive and 3 more hours, Mr. Fitzgerald comes back with an array of issues of why I would not be able to take the car home today and that I would have to come back on Tuesday. At this point I am really frustrated, I ask to see the financing papers from the bank "which he quickly flashed in front of me". In the split second I got to see the forms I noticed that rate was not 17% which was he told me on my first visit, but now 24.7%.
I know that I do not have the best credit, but, by no means is my credit so poor that all I could be approved for was 24.7%.
Am I upset that I was offerd a 24.7% rate? No its my choice to take it or leave it. What I am upset about is that Fitzgerald was very shady in how he was basically trying to slide this intrest rate under the rug hoping I would not notice. If he would have came to me, told me what happend, and showed me that "hey this is the real rate", I still would have not agreed to the loan, but I also wouldn't have felt like they were trying to play me for boo-boo the fool.
Do yourself a favor and stay away form this place, they smile to your face but stab you in the back with a crazy intrest rate, that even the most desperate car buyer should run away from.
2 Updates & Rebuttals
FloridaNative
Palm Beach Gardens,Florida,
I hope you didn't actually sign the contract
#2Consumer Comment
Sun, December 08, 2013
It is one of the common ways that shady car dealerships use to stick it to you. The F&I guy (or finance person) assumes you will not read the contract and will insert in higher figures for the sales price or higher interest rate or extend the number of months for repayment or insert both higher price and higher rate.
There are an amazing amount of consumers that don't read the contract until long after they have signed the contract and then it is too late. The consumer that doesn't read the contract is stuck.
I hope for your sake, since you noticed the finance person changed the terms, that you walked out and did not sign the contract. You are the only person that can protect yourself against these types of dirty tricks.
Having said that, I noticed you thought that you can increase your credit score by getting a car loan. Actually, that is one of the least effective ways to increase your score. An installment loan accounts for only ten percent of the FICO formula. However 35% of the score is how you handle payments for revolving debt and 30% is based on the how much debt you utilize out of your available credit limits. Search online for these much easier and more effective methods to increase your FICO score in the community forums that discuss legitimate ways to increase your score. You will be amazed and save a lot of money and aggravation too.
Ken
Colorado,As you said, You're well aware of your poor credit rating...
#3Consumer Comment
Sun, December 08, 2013
The one you are responsible for. Sounds like it's worse than you care to admit.
So, did you go somewhere else, and what rate did they quote...at the last minute, of course?
I would guess you helped in the "Ripoff" attempt.
