Jim
Orlando,#2Consumer Comment
Thu, April 08, 2010
The bogus, add-on, phoney fee CONGAME is a mainstay in the sleazy American car business. A $6000 administrative fee from the lender? No, it was from this car dealer slime!
You did perfectly!
Susan
This City,#3Consumer Suggestion
Thu, April 08, 2010
What you should have done is authorize that one car payment then after the bank gave you your new account number, mail your car payments with a hand written check from your new checking account from then on. If you don't make your payments the loan company can and will reposses the car.
Do you have copies of your original car loan agreement? What those papers say is what you bought the car for. They dealer legally cant just say oops, you owe $6000 more than the papers you signed.
DO NOT SIGN ANYTHING NEW. My bet is that after the sale someone realized the car was worth more than a new agent sold it to you for. They can't come back and charge you $6000 more than the original contract for their stupidity.
Make your payment so they cant repossess and ask a parent, friend, sibling, neighbor to look at your original papers if you dont understand them.
Look up the car on kbb.com and see what it is worth. Click Go in the Used Car pane, fill out the info and see what the car is worth. If the car is worth $6000 more than you paid, lucky you. If they keep bugging you or you cant afford the monthly payments anymore, sell the car, pay off the loan and use their stupidity to pay cash for a car.
Lucky us, 4 years ago we paid $3500 cash for a 2001 Ford with 48,000 miles on her and she looks like showroom new. I have her up to 53,000 miles now, she is still showroom new and kbb says she is worth $3875., $375 more than we paid 4 years ago.