Shotgun,
Thats me, I might make sense sometime and then ................. you never know [img]i/expressions/face-icon-small-wink.gif[/img]
But really. I was just trying to stick up for a guy if he deserved to be stuck up for, but I came to the conclusion that he didn't need to be stuck up for.

But I agree, lets get a posse, if nothing else, I always wanted to be in a posse!

 

I hear ya,

I could send down my pit crew, they wouldn't charge much, hell if it was on a Saturday night they wouldn't charge anything, they're going to be in a fight anyway. lol

The word is out! [img]i/expressions/face-icon-small-smile.gif[/img]

 

Well what interest rate is on the paperwork he signed?
If it says 17 percent then he knew what he was getting and it is his fault.
If it says 10 percent and he is getting charged 17 then he can get it fixed.
If he didnt read and just signed then he isnt to bright.

 

Thats the weird part, there isn't a interest rate written down on the contract he signed. That line is blank. He's gonna take it up with the General Manager as soon as he can.

 

They did'nt have any bank approvals yet , he should have never taken it with out exact figures .

 

I just spoke to my friend a few minutes ago and he said he's just gonna pay off the whole thing off cash! It's not that actual interest rate that pissed him off, its the way we were treated when we went back...

 

Like Fast4wrd said.
Its what I thought. They made a "quote" of a rate and were either not able to honor it because of credit, or its a way a crooked dealership figured how to get into , how can I say, nieve peoples pockets.
This is a good point, never sign a contract without a interest rate.It says in small print at the bottom of the contract that they will attempt to ge the best rate on the street, but it also has to have a rate cap on it to. I would bet it was 17%.
Either way, they guy should have calmly explained that to him, but the dealership did nothing illegal. That sucks.

 

yea, my friend should have known better. I guess he was too excited about getting a new toy. Maybe we can get the apr lower though, after all I do work for a news organization here in L.A. and you know the media, we love to help those in need. Well it doesn't matter anymore, he's paying off the whole thing cash. At least that way they won't make much money off of him.

 

Well he might just get the last laugh, alot of retail contracts have a clause in them that will charge back the dealership a flat fee of like $500 if the contract is paid off before it gets to mature for 6 months. If there was any kind of promotion, then its almost for sure. They do this because there is a kick back to the dealer ship for either marking up the interest rate, or they gave away free acces, ect.
He better hope its a simple interest contract. If not he is going to be really mad!

 

Is that a contract where there is a penalty for paying it off early?