- Report: #174044
Complaint Review: Cherokee Ford - Woodstock Georgia
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Cherokee Ford
195 Woodstock Pkwy Woodstock, 30188 Georgia, U.S.A.
Phone:
770-592-0090
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Cherokee Ford ripoff on truck sold Woodstock Georgia
I bought my truck from them last year. I told them that I didn't want to keep it for a long time and wanted to make sure I could come back and trade it in on something in the next 2 years. They said I would definitely be able to do that.
I also told them that i wanted my payments at a certain place or below. They went back and forth, and the 4th time, told me that the lowest they could go would be 10 dollars above where i wanted them, but that if i paid that much more, I would be able to trade my truck in and not have a problem being upside down.
Well, I had my truck appraised at 12 months later just to see where I was and to my surprise, I was $10,000 upside down! I have never been this far in debt in my life and I will never go there again. I knew I would be maybe 3 or 4 thousand upside down, but 10 thousand? The truck is now worth less than half of what i owe on it and I will now have to keep it until I pay it off.
They will take advantage of you in a heart beat and I just don't want this to happen to anyone else. If you can, try not to go there. To top it all off, the person who sold me my truck was also someone who had been a friend for 5 years. So if I can't trust a friend there, there is no telling what a regular sales person would do! I will never go there again and I advise you to steer clear too!
Ardin
woodstock, Georgia
U.S.A.
I also told them that i wanted my payments at a certain place or below. They went back and forth, and the 4th time, told me that the lowest they could go would be 10 dollars above where i wanted them, but that if i paid that much more, I would be able to trade my truck in and not have a problem being upside down.
Well, I had my truck appraised at 12 months later just to see where I was and to my surprise, I was $10,000 upside down! I have never been this far in debt in my life and I will never go there again. I knew I would be maybe 3 or 4 thousand upside down, but 10 thousand? The truck is now worth less than half of what i owe on it and I will now have to keep it until I pay it off.
They will take advantage of you in a heart beat and I just don't want this to happen to anyone else. If you can, try not to go there. To top it all off, the person who sold me my truck was also someone who had been a friend for 5 years. So if I can't trust a friend there, there is no telling what a regular sales person would do! I will never go there again and I advise you to steer clear too!
Ardin
woodstock, Georgia
U.S.A.
2 Updates & Rebuttals
B.
Anytown,Delaware,
U.S.A.
You can't escape the laws of basic finance
#2Consumer Suggestion
Tue, February 07, 2006
The previous post by Jim in Orlando is exactly correct. Just as you can't escape the law of gravity, you can't escape the laws of basic finance. You probably bought the vehicle with a pittance of a down payment (or perhaps you even ADDED negative equity from a previous vehicle?). Then you pound the dealer for the lowest possible monthly payment possible. And then...a year later, you are shocked to be buried in negative equity. Friend, there is no escaping it, that's just the way life works. It's not the dealers's fault! Here is an example: You buy a new 2006 Whatchamahoocie for $25,000. You put a measly 5% down = 1250 Old 2001 Jalopy neg equity = 3000 Total financed = 26750! 1 year later, avg 30% depreciation, means your car is now worth $17,500 wholesale. 1 year later, for a 5 year loan, you still owe $21K to $22K, depending on your interest rate. See? It's not just your loan or your dealer. It's just the way life works. In the future, you CAN avoid this? How? Pay a large amount down (like 30% to 40% of the vehicle cost) - or save up and pay cash. Yeah, I know...that's probably not real popular with today's "gotta have it right now", d**n the consequences generation.
Jim
Orlando,Florida,
U.S.A.
Arden....Auto Financing 101
#3Consumer Suggestion
Sat, February 04, 2006
Arden, was this really the dealer's fault? You become upside down because you put little or no money down; you finance for a long term. Sounds like you are a payment shopper..."it doesn't matter what it costs, just so my monthly payment is low." When you have a low payment, there's more interest and you end up owing more than the car is worth. So you want to trade this car in two years later. What do you think happens to the unpaid balance? Do you think it just vanishes and you're off the hook? THE UNPAID BALANCE IS ADDED TO THE NEW LOAN! You avoid being upside down by putting more money down and financing for a shorter term. The fault here is with your desire to shop by payment.
