- Car Dealer Horror Story -
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"I think i will tell you exactly what happened and then may be you can tell me what to do next. Me and my fiance purchased two cars from a used dealership and one was a 1994 chevy cavalier which they charged over 7,000 for and the other was a 1996 chevy cavalier and they charged over 5,000 for it. well needless to say we got in over our heads and our financial situation changed after we purchased these vehicles so we tried to borrow money to pay them off. They would not accept what the lender offered for the two vehicles which was more than the blue book value. So we took the vehicles back and left the keys in the night drop they turned around and sold the vehicles at auction for less money than our lender was willing to pay and are trying to charge us the remaining balance on the bill at a 19.95 interest rate per day on one and a 24.45 interest rate per day on the other one. So what can we do?"
My response...
Okay the full story with this one is that apparently the car dealer didn't check their credit rating before giving them a car loan. If thats the case then they must have known that these two didn't have anything on their credit rating or they didn't care and just charged them an outrageously high price for the cars plus huge interest on the loan. Right away you're going to get hit really hard for the financing. Thats understandable since there isn't any credit history and you're considered a higher risk. Just turning the cars in at the dealer was a huge mistake because you are locked into a legally binding contract and will be held liable regardless of how poor your finances are. This was a perfect example of what I talk about all over this site on the importance of NEVER going in to a car dealer without being being prepared!
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