Apr 21 2009
Financing Your Car – Tips to Avoid Dealer Fraud
Many cars are sold each year in America and financing is obtained in order to pay for them. You might think that receiving financing is relatively easy, however it is not always so. If you consider buying a new car you should first read these tips on automobile financing before you head to your local dealership.
Compare Rates
You can get financing for your vehicle from a number of lending institutions such as banks, online lenders and the dealership. The difference is they will offer different general requirements, interest rates as well as fee structures. Make sure you evaluate as many financing options as possible and choose the best deal for you.
Credit Score
Your credit score is a very important factor in obtaining automobile financing. It generally defines the interest rates and down payment requirements you will receive and whether or not you receive financing. Make sure you know your credit score before you ever head to the dealership. If your credit score is above 600 then you should be able to get financing without too much trouble, however if your score is below 600 you should spend a few months lowering your bills and focusing on increasing your credit score so you can not only qualify for financing, but also for a great interest rate in order to buy that new car.
Get Pre-Approved
If you have an option to get pre-approved for auto financing then you should do so before going to the dealership. When you are pre-approved you will be able to negotiate with the dealer as if you had cash in hand.
Follow these tips and will be able to get the best financing deal available. You will be able to save money by avoiding dealer fraud and purchase the car you want.
I need help with finding out if my situation qualifies as a lemon law case. I originally purchased a car 35/2009. I gave them $1350 down for a 2002 Dodge Intrepid. When we was finished with finalizing the paperwork I’m told that I can’t take the car home cause they needed until Tuesday to fix something on the transmission. They didn’t know what the problem was but is telling me that the car will not be ready until then. Very mad and disappointed to be sold a car that isn’t able to be driven home because it needs repairs. The car wasn’t fixed that Tuesday. The car wasn’t ever given to me I was given a check on 3/13/2009 that wasn’t any good when I went to cash it on 3/21/2009 the bank said there wasn’t any funds. I told them I needed my money back in cash and was given a run around. They seem like they weren’t going to give me my money any time soon and I needed a car ASAP. It’s now April 8, 2009. I told them to just keep the money that I put down and just let me pick another car that I like to switch the loan from the 2002 Intrepid to the one I find. When I pick a car out that I like and to have financed I’m told no that has to many miles so I look for a car with mileage low like the 2002 intrepid and I’m told that no they have a perfect car for me and it’s a good car that is reliable never been in accidents and guarantee not to break down and ensures me that I will like this car. I ask if the car is on the lot and he tells me no he will have it on 4/11/2009. I ask what kind of car is it and Luis tells me it’s a 2005 Dodge Neon Sxt Red with black Interior. I immediately tell him no I don’t want it I don’t like neon’s. I told him about the cars I seen that they have 2005 & 2006 Nissan Altima, 2004 Toyota Camry, 2000 ford Explorer, 2004 Jetta and they all have mileage 85K like the Intrepid that was financed. Luis would not sale them to me insisted on me to wait for the Dodge Neon. I’m very frustrated, mad and don’t know what to do at this point. I tried getting my money back and they didn’t give that back to me, I tried to get a car I liked and they wouldn’t help me or sale them to me. The only car they wanted to sale and to help me into is that Dodge Neon.
Luis called me 4/20/2009 telling me “Hey Torsha I got the car come and pick it up”. I get there and I am not happy. I don’t like the car. The description Luis gave wasn’t true. The interior wasn’t black which made me think that he hadn’t seen the car before and just recently found this one at an auction. The car has a lot of body damage. Has been in accidents. The final cost of this car I’m going to pay is $9100 and if you deduct 2000 of it being the amount for financing the car.
HERE’S MORE OF A DETAILED VERSION:
On March 4, 2009 I went to Itamex Motors because a lady name FLOR told me 2 cars I was interested in they had on the lot. When I got there no of the vehicles we discussed before driving from corona to Santa Ana for no reason. There was a 2002 Dodge Intrepid on the lot but when I asked about that car I was told that the car was already sold and wasn’t available. I was going to leave and Luis asked me what am I looking for and what is it I’m trying to do. I told him that I only have $1500 to put down on a car and I’m looking to for a car that isn’t more than $4000-$5000 and if I can get financed for the rest and I’m looking for either Dodge Intrepid, Mitsubishi Gallant and Nissan Maxima and a Honda Accord. I told him how much I really admired the intrepid and would like to buy but it already sold so thanks I’ll just go and look at the other down the street listed for sale. Luis asks me if I really like that car and asks me if he gives me a good deal do I want to buy this car. I get excited and say yes of course. He asked about my credit and then told me lets first see if I’m able to be financed and if financed then we will know what cars you can actually look at to buy.
I’m sitting and hour later he tells me that Westlake will finance me and he drown up the papers and I kept asking him what is the cost for the car. He already printed the contracts out and got a loan and never was told that this was being done or how much the car was. The car was being sold for $3995 and then said instead of $1500 down its $2000 down and my monthly payments would be $175 of 15 payments. Total price I’ll be paying is $4300 and I was totally okay with it but not with him forcing me to put 2000 down cause all I have for down payment is 1500 and said that from start. He said that I can give the other 500 later so I signed. I didn’t even test drive it because I was told we was just going to see if my credit is okay and see if I can get financed. He then tells me that I cant take the car home today 3/4/09 and that if I can please give them until Tuesday cause there’s something wrong with the transmission and they just repo the car that day and noticed it needed to be fixed. I asked what was wrong and he said they didn’t know but by Tuesday it will be in great working for me to take home. I ended up giving them $1350 cause that all I had. He asked if the next day I can come and bring the rest. I told him no I’ll just bring it to you Tuesday when I pick up the car.
I didn’t want to but didn’t have any choice. Many days passed after the Tuesday now it’s a week after that and the car still isn’t ready. I told him if the car has that much for you to fix I don’t want to buy it cause originally I wasn’t told anything was wrong but then they said it’s the transmit ion and they are going to put a new one and days pass and I call and he says now that they are waiting a engine part. I told him that is a lot of major problems wrong with this car if it’s taking this long to fix it and I don’t’ want a car that needs that much work done on it. I asked to let me choose another vehicle and change the loan to that car or to give me my money back. I was always told something and they would call me back and never did and the car
lee dodge is a auto broker in commack ny,they allow used cars dealers to submit applications on line to various banks,these dealers are signing bank contracts at there dealership under lee dodge,s name,lee dodge is in this for few bucks ,these crooked dealers submit all kind of fraud identification,forged proof of income,frame damage cars,over charged fees,these customers have no idea they are taken for this ride,banks are not aware even lee dodge is not aware these frauds are held under the name of there dealership.
This sounds like something that should be brought to the DMV’s attention. They will likely investigate and terminate their dealer licenses.
If you have never not taken possession off the vehicle then you have a right to refuse taking the vehicle - the deal is not complete until you accept delivery. If the dealerships keeps giving you a run around then give me a call. As for your down payment, they must give it all back to you. Again, if they refuse give me a call and I will make them refund it. 818.990.0418.
So if you haven’t taken possession of any vehicle then the deal isn’t complete? Is that in all states or just some?
True! That is the case in California. That is why most dealerships insist on you taking the vehicle on a test drive because you get the illusion of having taken possession of the vehicle and are less likely to walk away after signing.