Robert
Irvine,#2Consumer Comment
Wed, September 07, 2011
Generally when you put a deposit down those are Non-Refundable, so just keep that in mind when you go to the next dealer. The chances of you getting this money back minus $25-$50 is a long-shot at best. Because you bought this late Saturday Afternoon, they could claim that they could have sold that car Saturday evening. They can claim that you took up the time of a Salesman who could have sold a car to someone else.
As for the Payoff. It doesn't matter what the dealer tells you, even if they "Payoff" the old loan it is actually you who is paying it off. They may just add that amount to your loan. But they may be a little more sneaky. They can do this by not offering you as much on your Trade-In, not coming down on the price of the car as much, or find you a loan that has a higher interest rate where they can get a piece of it to make up for the payoff. This is actually really easy to prove. Go to another dealer DO NOT tell them you have a payoff balance. Get the best deal you can, Trade In, Purchase Price, Interest Rate & Terms. Then tell them you have a Payoff, and ask them to make they deal they need to payoff the loan. My guess is you will get the same reaction from them. That is to either pay it off yourself or add it to the new loan balance.
I did notice another statement. You said that between Saturday Night and Labor Day you were able to find a loan with a lower Interest rate. Since banks would generally be closed I hope you mean you got approved through some on-line process and didn't just look around. Because if you have not been approved you may not actually get that lower rate, and this entire issue may be for nothing.
Carole
Sandown,#3Author of original report
Wed, September 07, 2011
The difference between the monies offered as Trade In on my van and the outstanding loan combined equaled the approximate value listed for a trade-in on Edmunds. The dealer would be able to sell my trade-in and make a profit of $1550+.
The idea of the dealer paying off the loan was inferred especially since I had clearly stated that I was seeking alternative loans and the salesmen & Bus Mgr assured me the loan would be paid off by Port City.
The 2nd issue is the deposit. Had Port City said we will return your deposit minus a small amount of money, $25 or $50, for paper work that would have been acceptable. I am now forced to purchase a vehicle at Port City or lose $2000.
Yes, last week I was willing to do business with them; now, having seen how they operate, I don't have a great feeling about this operation. I am a woman and I am over 75 years old. Did they take advantage of me? I'll never know the answer to that question.
Jim
Orlando,#4Consumer Comment
Wed, September 07, 2011
When the dealer tells you they are going to pay off the remaining balance of a trade, do you actually think this is a gift? For the dealer to sell the trade, take it to the auction or even take it to the dump the dealer MUST have clear title to the trade. The ONLY way to get it is to pay off the loan! The dealer then adds the pay off amount to the loan of the next car and usually writes the new loan for some horrendously long term so that the amount can be "buried" in it! The dealer is NOT doing you a favor! They MUST do the pay off to get the lien off the title and then you end up paying the pay off back. THE DEALER ISN'T "GIVING" YOU A THING! Whether the check comes from them or from you, the end result is YOU are the one who is paying off the car. Plain and simple!
No ripoff here! And NO, I don't work for them or the lender!