- Report: #181858
Complaint Review: CherryHill Triplex - Cherry Hill New Jersey
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CherryHill Triplex
1805 Marlton Pike Cherry Hill, 08002 New Jersey, U.S.A.
Phone:
856-665-6799
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CherryHill Triplex ripped me off of over $20,000 for a used vehicle and took my car as a trade in which they got for free basically Cherry Hill New Jersey
Hello everyone
I got ripped off by these criminals. The dealer sold me a 2002 Suzuki Vitara for $20,285.00 which included $2000 for a service contract and taxes.
Me not knowing any better I traded my vehicle because they advertised that they would get $8000 for my trade-in. I find out that the used vehicle I purchased was only worth $10,000. Now I am stuck paying for this vehicle and by the time I pay it off I would have paid $29,000 to the back to the bank.
For the past 6 months I have been getting the runaround from them and they do not return my calls or no one is available to speak to me when I go there. These jerks are con-artists.
Please people be aware of these CRIMINALS!!!! Ihope someone does something about them, please.
Eileen
Philadelphia, Pennsylvania
U.S.A.
I got ripped off by these criminals. The dealer sold me a 2002 Suzuki Vitara for $20,285.00 which included $2000 for a service contract and taxes.
Me not knowing any better I traded my vehicle because they advertised that they would get $8000 for my trade-in. I find out that the used vehicle I purchased was only worth $10,000. Now I am stuck paying for this vehicle and by the time I pay it off I would have paid $29,000 to the back to the bank.
For the past 6 months I have been getting the runaround from them and they do not return my calls or no one is available to speak to me when I go there. These jerks are con-artists.
Please people be aware of these CRIMINALS!!!! Ihope someone does something about them, please.
Eileen
Philadelphia, Pennsylvania
U.S.A.
1 Updates & Rebuttals
B.
Anytown,Delaware,
U.S.A.
Uhhh....let's get this straight.....
#2Consumer Suggestion
Sat, March 18, 2006
Did you mean that you purchased a brand new Suzuki (back in 2002) for $20,0 and some change, or did you purchase a used one for that?? If it was a used one, I hope it included a Rolex watch in the glove box and a Louie Vuitton bag in the front seat. Right now, used 2002 Vitara's are doing in the tall $3K's to low low low (did somebody say low?) $6K's on trade, depending on your exact model/trim level. Okay, so one of two things happened here. Neither one makes the car dealer a criminal. #1 - You bought the 2002 Suzuki brand new. You put down little or no down payment (or you traded a vehicle with negative equity) or both. So in 2006, you still owe a pile of money on it (more than the trade-in value), and the negative equity was added to your new car loan. or...Scenario #2 - You bought the 2002 Suzuki used, and you traded a car with a good bit of negative equity. So either way, here's the result: You end up with a car loan for waaaaay more than your vehicle is worth. That's called being "upside down". It's not unusual, it's normal when you trade in a vehicle with negative equity, or when you have little or no money down and you finance for a long time (like 60 months or more). A lot of folks don't come out even on a trade until the last 6 months or so of their car loan! So when they tire of driving around their old clunker...guess what? That loan balance on their old car doesn't just magically vanish! It gets added to their new loan. So now they're driving a newer vehicle, but they are in even worse shape financially than before. How to keep this from happening? Simple. NEVER trade a car if you owe more on it than it's worth. And when you buy a new vehicle, make sure that you put a nice chunk of money down. Those "zero down, low low payments for 60 months" look great...until you realize that you're going to be upside down on the loan for the next 50 months. I'm not a car dealer, but I've been a car aficionado all my life, and I've probably bought 25 or 30 cars since I've been 16 years old, so I sure have dealt with a lot of dealers. When I read some of these so-called "rip off reports", I realize that these folks haven't been ripped off at all. They blame the dealers for their own financial mistakes.
