Car dealer rip off

[Boehlertaught]

Wow, this is terrible. Car cost too much, interest too high, three day rule does not apply, less than ethical dealer probably will not take car back... There is a part of me that saying, OK, we can't do anything about this so let's do something about this...ah like go back to the dealer like you have a question and accidentally let your foot slip off of the brake and crunch the door of the most expensive car on the lot. Just kidding of course but I can dream can't I?

 

[Mr10mm]

Take it to this neighborhood and leave keys in it.

http://www.news9.com/story/19005724/rise-in-crime-sparks-frustration-action-among-neighbors

 

[KOPBET]

You could always go back to the car lot and ask them to take the car back in lieu of "television news coverage" of how a stealership ripped off a naive child car purchaser.

 

[BReeves]

It is a scam, taking advantage of teens and people with poor credit.. Could be one of the news stations would be open to a good on-your-side story.

 

[jstaylor62]

Slack, you are a saint to help this girl. Go to the dealership with her and try to return the vehicle. Record the entire conversation while you try to explain to the dealer that you feel that she was taken advantage of by them. Don't mention any recourse you will take if they do not agree to take the vehicle back and cancel the loan. If they do not cave, then its time to act.

Take a copy of your conversation to Channel 4's In Your Corner.
File a complaint with the Better Business Bureau.

Look here for anything they might have done that violates the new federal consumer loan protection laws

http://www.responsiblelending.org/other-consumer-loans/auto-financing/

In short, file a complaint with anybody that you think that can come back on them.

 

[benjamin-benjamin]

OK, i sold cars for 4 years for enterprise (one set price) and i would constantly have people come to me in the exact same situation described or come to me years after "dropping" a car back at a car lot because it wasn't a good deal. I dealt with people's credit all the time as well as what is legal and what is not.. need to clear some things up in this thread...
1. no 72 hour law or anything like that, it only applies to people selling on YOUR property, not if you walk onto theirs, no law of any sort that you have so many hours to decide
2. the whole "i will scare them by getting media/lawyers/won't get insurance/won't pay bills/whatever into making them take it back won't work, it is a SIGNED CONTRACT and this type of 'rip off' goes on every hour of every day, and none of these places care if you report them to BBB or anywhere else, no customers of their is checking any websites and no news station is going to go out and do a story on a COMPLETELY LEGAL CONTRACT, because you feel like it is not right.. even if a story does get ran, they don't care, their customers aren't checking news stories...
3. refi with another bank/credit union - not a chance with how far upside down she is, would take a good 6-8K (due to her age most banks/cu won't even look at it even if it is at value unless there is a strong co-signer)
4. just drop it off and don't pay and "take the hit". DO NOT DO THIS, DO NOT DO THIS, DO NOT DO THIS... this is incredibly short sighted, just get a interest calculator and put in various amounts and interest rates varying from 2% to 21%, trying to save 5K now only to have to pay 100K more in interest or not be able to buy a home down the line when you are only 18 IS NOT A GOOD CHOICE. I cannot tell you how many people wanted to buy a car from me at a decent price that we could not approve due to "taking a hit" so instead went up the street and since they cannot get approved anywhere, they buy another car 5-7K over value at 21% and they don't report to credit bureau so they never get better credit and the vicious cycle continues THE REST OF THEIR LIVES... now look there are always expectations to the rule and i am sure someone her has a cousin somewhere that was able to "get away with this", but i am telling you, you cannot fathom how much more in interest/rent/cc, etc... you will pay with a repo on your credit and most people NEVER RECOVER.. the only reason i am jumping on this is because i dealt with it on a daily basis...

She signed a legal contract, it is done, if you really want to help, help her realize their are consequences to your actions and just figure it out for a couple of years and then learn from the mistake...

 

[POKE1911]

"If you have to make payments on something, then you can't afford it."

You lost me there. Most people who even have enough cash to pay outright will still finance it. With federal interest rates so low many companies are financing operations and expansions because you can earn more in cash investments than you'd lose in interest.

 

[inactive]

1. no 72 hour law ...
2. the whole "i will scare them ...
3. refi with another bank/credit union ...
4. just drop it off and don't pay and "take the hit". DO NOT DO THIS, DO NOT DO THIS, DO NOT DO THIS...

1. Very True. I believe the sales contracts even state specifically that there is no cooling off period.
2. Very True. They give zero flips about this. Bad deals are bad deals, and very legal. Even if it sucks.
3. Very True. Only subprime lenders would make a gamble like this. And nearly all of them don't mess with refi; just originating loans from dealers.
4. Probably true. The easiest way to negate the interest is pay the thing off early. You only have interest if you finance over a term. The more she can thrown down ever month, the less the interest ends up. But that may be hard to do when the payment is already 450 per month, before other expenses.

How did you get the 100k figure? Any residual debt after the repo is hers, plus fees and interest. But there are statutes to how long they can pursue the debt collection, as well as how long the hit will stay on her credit. Even if they do sue within the statute, and get a judgement, chances are it will roll of her credit report before she looks to buy a house; consider her age. Anything aside from the house, she can learn to live without credit and pay with cash in the meantime anyway.

 

[MFCEO]

so is the OP ever going to come back to this thread? There's always more to the story, and there's no sympathy from me. Sorry

 

[Droberts]

tell her to work at a strip club, pay it off in 3 or 4 months. problem solved?