After reviewing my credit report while preparing to shop for a new vehicle in June of 2011 I realized that my lower credit score would require a substantial down payment or a co-signer
which I did not have available. I decided to take a look at the programs advertised by Car City which were said to be designed for helping borrowers establish stronger credit while
providing quality reliable vehicles
With an enormous advertising campaign focused on financing for any borrower with solid employment and requiring little to no down payment. Perfect, just what I was looking for. It was almost as if they were crusaders for people with less than perfect credit.
I stopped by the local Car City and met with a salesman who listened to exactly what I was looking for , which was a reliable newer model year auto mobile which was good on gas
and would still maintain value at the end of my finance term. He assured me that
the company was dedicated to providing quality vehicles and an outstanding service
department as well as a 6 month 100% dealer provided warranty to cover almost every major part and additional extended warranty which could be added to ensure low out of pocket cost in the unlikely event of a mechanical issue. He stated that the company firmly believed that by selling quality vehicles that would not need repairs the borrowers we're able to afford their payments and unlikely to default. Seemed like common sense to me.
Needless to say not only is the contract provided very difficult to decipher but nowhere in the contract is there actually an interest rate provided, making it virtually impossible to
access how much your cost of improving your credit will be. The payment is actually
based on an assigned cost of depreciation during the lease term (which is interestingly
higher than the actual value of the vehicles selling price...hmmm) and then adding a
rental/lease charge and dividing the total by 48 payments... Which I must tell
you brought the cost of my 2006 Sebring which was priced at 10,400 dollars to a
staggering 23,642 in 48 months (not including the repairs totalled more than the cars value by month 13).
So to all of the attorneys reading this and shaking their heads while uttering didn't you read
the contract I must say to you yes I did, and with over 10 years of mortgage
lending experience I challenge any of you to calculate the formula
used to arrive at the payment without my having given you the break down.
And to further add insult to injury, since when did we as a society begin to accept predatory
lending as punishment to anyone who had fallen on difficult times or lost a
job resulting in a less than perfect credit score? And to the law makers and legislators who have
chosen to over look this little injustice because the majority of people who
are forced into using these parasites to obtain the vehicle that enables
them to get to the job that provides for their families are not the people who
fall into demographics that will strengthen your numbers at the polls.... You may want to re evaluate the impact of predatory lending and the fall out it creates. Have we forgotten already that the mortgage industries use of predatory lending played a larger part in the collapse of our economy than any other "single" issue... with fall out that we are still seeing today.
Let me assure you that after extensive research into this disgusting business practice which
claims to offer help to those who have nowhere else to turn, as well as my personal experience,I am making it my business to see that this is brought to the attention of not only
potential consumers but news media and the general public as well.
Does anyone really think that it is ok to let people who either lack the resources to stand up for
themselves or who lack the knowledge that they even possess the right not to be
bullied into situations that trap them in a finance situation that they have no
hope of ever getting out of, many of which have actually had their vehicles repossessed
while never having missed a payment. Well it is not O.K
My personal situation left me, after ongoing mechanical failures, taking the
vehicle to a reputable mechanic only to learn that the cost of repairs
necessary to even deem the car safe to drive would total more than the vehicle
which I had only had for 13 months was worth. That 10,400 auto mobile just 13 months into the lease was now valued at 2465.00 dollars with repairs required that would exceed 2500.00 Weighing my options and wanting to continue to re establish my credit rating I chose to address the issue yet again with the very dealer ship that misrepresented the original purchase. I
provided them with a plethora of documentation detailing every single issue
which led to the unsafe to drive status.
Because of their strong moral fibre (are you kidding me), they offered to do all the required repairs while only charging me their cost which totalled 993.05. When the car was
finished I asked for the old parts which had been replaced as I had signed the
form opting to have the old parts returned to me. Well somehow it was over
looked so they had mistakenly gotten thrown out. As soon as I drove away from
the dealer it was apparent that if anything had been done at all it was a screw
which had been tightened, not a front end and suspension system replaced. The car
drove exactly as it had before. The car is currently being evaluated by the
mechanic who gave the original estimate showing what was required to make
the car safe to transport my two small children. It has now been just 21 months since the purchase/lease of this car, and as of today the value of the car (if it were in mechanically sound
condition) is $ 1739 dollars. So it appears that what I will be looking for is a really good attorney who still believes that predatory lending and misrepresentation is a crime. So if your out there feel free to contact me, I have all documents to substantiate these facts.
Take a moment to look at the highest offer I have for this car is today. Just 21 months
after I picked the vehicle up and with 27 months to go @ 405.59 a monthA big
Thank you to Car City and Orbit Leasing, you are quite a team to say the very