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Being scammed by car loan company?
So we bought a car and the interest was pretty steep. But me having little credit and needing a car I got it since I didn't have many options. It turns out the company stacked on payments (telling us it came with the car when in fact it didn't). We cancelled this the same month we found out but didn't get it approved until 6 months after as they gave us the run around. We got a lot less money back than we paid. they also work the money around so we are actually only paying fur the interest and not the car. Anyway they haven't applied the money to the principal yet (wanting to get as much interest as possible I guess) and we want to refinance to a better company.
How do we get them to apply it so we can refinance?
Also can we report them? They are doing a lot of shady stuff.
Im guessing you all must be car sharks too because even the bank said what they did was unethical
2 Answers
- TheRealLv 66 years ago
First and formeost, it didn't take six months to get approved. No way.
Second, your credit/credit history qualified you for the rate you're paying, and you accepted it, signed the contract, and took delivery of the vehicle.
Third, you need to understand that this is how car loans work. The majority of the interest is paid over the first two years. You financed retail for the car, plus tax, title, and license. With a high interest rate, you're paying almost nothing but interest for the first year. Meanwhile, your car is depreciating at a steady rate. On a 5 year loan, you'll be lucky to break even at 3.5 years.
As buried as you are in this loan, you're not going to be able to refinance without a significant amount of money down.
Source(s): 16 years retail auto sales experience. - Anonymous6 years ago
It doesn't take 6 months to cancel anything.
And you wont be refinancing for probably 12-18 months of ontime payments because you will be upside down for a long time.
You will be paying for your ill considered purchase for many years.
A 2nd job & doubling or tripling up on payments will pay it down quicker.
There is no quick & easy way out of a bad deal.
Nobody put a gun to your head.
