This auto dealership told us that we would not be upside down in a vehical that we bought if we went back to trade it in a year later. They had given us $9,000 trade in on a 1990 Escort HB. They had us come in the next day after signing paperwork @16% saying that FORD MOTOR CREDIT would not buy the contract with the way our names were because on of the buyers recived SSI and was under disability from social security and that they just had to change the names around as the primary and co-buyer. We had good credit and the trade in was already paid for in full.
The next day they slipped in 22% saying that everything was the same although it turned out latter that it was not becasue they had told us to bring the original paperwork back with us so we had no proof. Very slick of em. 1 year later we went back to trade the vehicle in and they told us we were upside down in it and too bad. The Salesman Lenord Mcgrew had the file and told us "By the way FMC bought it at 11% the dealership more than doubled your rate" saying that 22% was all that we could get bought at although previous paperwork they had us return so there was no proof was 16%.
To make a long story short, we tried everything to resolve this with Crown Ford and FMC. You see, the two are in bed together so to speak esp. since FMC knew what they would buy it at and allowed the dealership to do what they did. How is a person really to know what the buy rate is??
Anyway we had run the figures of the 22% for 48 months at $382.17 month. The actual intrest rate being charged was 22.53% not the 22% as the contract stated and they claimed which is illegal for for a used vehical. When we questioned Crown Ford sand, Lenord MCgrew(sales) said " That is normal practice as long as the customer has payments around what they want, they don't check" this really pissed us off and we told FMC to come get the vehical due to this mess. It took them over 5 months to come and get it after we stopped payments. Then FMC sought a jugment against us and never sent anything certified as required by law and the paperwork they had did not match ours, BUYERS BEWARE of FORD MOTOR CREDIT and CROWN FORD of FAYETTEVILLE.
Hope Mills, North Carolina