Please help us.
When I bought my Hyundai Accent with a 10.99% interest rate in 2008.
Now, I have a job and my credit score is much higher than before so the Alliance Finance
Company offered me around 4% to refinance my car, the Accent.
The refinance company said to go to the Chrysler dealership and have the
car inspected, so my husband and I went to the dealership on sep 28th, 2010.
We tried to purchase a new car also.
We told the dealership we would come back after the refinance payments were set up.
We almost left there but we talked with a finance officer and he said he could check refinancing
the accent. He found a way to refinance and said why do you guys pay so much money for the car?
You can save your money, but this is with your new purchase. He said if you purchase a new car and put $2000 down payment on your Accent, I can help to refinance your Accent.
So we took $2000 for the down payment. We trusted him without any doubt. Before we started on the paperwork, he said he got off work in 40 minutes. So we were rushed into signing up for everything. We didn’t want him working extra time for us. Later, we calculated it wasn’t saving money. We thought we could cancel the Accent refinance within 72 hours, because of the “cooling off period” laws, but we found out this was not refinancing our car. He was really re-selling us our own car. The car became a used car sale. We only asked to refinance our car.
So we contacted the office but nobody could help us because he wasn’t there on sep 30th. The next morning on Sep, 31, we stopped to the dealership to cancel the Accent finance and they said it was all processed and nothing could be done. The sales manager MR. Bob said he was sorry that
the finance officer should have explained, but he said he couldn’t do anything.
If refinance amount go up, why do people do this? We didn’t have any problem for paying our cars.
However, they lied to us again before went to the dealer ship we checked our old and new finance bank also. Nothing had been processed yet.
Our new purchase Jeep included interest rate price was$41,054.16
after adjusted price $39,926.88
(The finance officer said that is equal the Accent car balance higher but new purchase car balance go down, you don’t lose any money)
adjusted price go down about $1,127.28
the Accent car balance was $ 11793.55
(included interest rate 10.99% $13351.24)
the dealership set up the Accent total $15,711.20 with 5.99%
compare to before $2,359.96 lose
adjusted the new jeep price go down $1,127.28
we still lose our money $1,232.68
(even if we pay $358.71x36months $14,913.56 we would still lose.)
