Bruce
Superior,#2Consumer Comment
Wed, October 13, 2004
In reading David's complaint I find a lot of facts that just simply cannot be true. 1. Banks approve the finance contract not the dealer. 2. Customer's sign all the paperwork before they leave the dealer and receive copies of all paperwork. 3. Banks underwrite all auto dealer's paperwork and verify the facts, i.e. income, residents, credit, purchase price, and book value before they will fund a contract. Until the contract is verified the dealer is on the hook not the bank or consumer. Since it is very unlikely any dealer would carry the paper themselves or let a consumer drive a vehicle that is not paid for facts again don't add up. 4. Credit score not the dealer or bank dictates what interest a consumer pays. These rates are regulated in the State of Wisconsin so that a consumer CANNOT be taken advantage of. If you are paying a high rate of interest it is because you had poor credit, not because of the dealer. 5. The price, tax, license and trade all must be submitted to the bank for approval prior to signing any finance contract. It is highly unlikely that the dealer changed the price after the fact since the bank would have to approve the change first. In the event the dealer did this any bank would contact the consumer directly to verify the change before accepting the contract. 6. Banks do NOT approve finance contracts with out a signed credit application authorizing the bank to check credit. At the time the credit application is submitted to the bank it MUST include the terms, vehicle, book value and be signed by the consumer. Dealers and banks just can't do paperwork, put your sisters or brothers on the contract and check credit without specific authorization. The credit bureaus requires: name, social security, date of birth, and address before credit will be released on a consumer. All banks will NOT check credit or negociate terms without a signature authoring them to proceed. Your facts don't add up considering how the system really works and the facts you have stated clearly could not have occured in todays financial environment. There are too many checks and balances for this complaint to be true. Banks and dealers simple CANNOT do business in the manor you have describe.