• Report: #457761

Complaint Review: Hillsboro Auto Mart

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  • Submitted: Tue, June 02, 2009
  • Updated: Tue, February 12, 2013

  • Reported By:TAMPA Florida
Hillsboro Auto Mart
12950 N Florida Ave Tampa, Florida U.S.A.

Hillsboro Auto Mart Deceptive Trade Practices Tampa Florida

*Consumer Comment: Simple Interest Loan

*General Comment: Simple Interest for a Simpleton reporting a ripoff.

*Consumer Comment: What amazes me

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Hello, I am here to tell everyone about the ridiculous sales practice that goes on at Hillsboro Auto Mart. First thing they told me when I called was that they were family run and operated. Everyone that worked there was family. After talking to the saleman for 5 minutes I realized that this place was no different than any other lot on Florida Ave. The sales guy confirmed what I was thinking that in fact no one that worked there was even related. I settled on a car and then waited an hour to speak to a guy named " DAN". What a peice of work this guy was, to say the least. He was your typical used car salesman. Gold chains, nice clothes and talked really fast. Now what Dan Curley did not know was that I was a finance Manager for 14 years in the car business and I never told the sales guy that I was in the car business either. He began to tell me how their financing was different than everyone else. Of course this caught my attention right away. He started to rattle on and on about how his loan is so much better than the competition because it was a Simple Interest Loan with a Simple Interest Payoff......WHAT !!!!! There is no such loan to begin with. Then he went on to show me on the screen how he was going to save me all this money. Of course he never really eleaborated on how the payments were being calculated but everytime he hit buttons the payments went down. He told me that the payments were Compound, Prorata, Sum of digets and Sum of decibles.....WHAT !!!! He was so sure of himself and the crap he was saying that it was obvious that this was a standard practice of his. It was like a pre-written speach or something. Anyways after 15 minutes of his lies I got up and ran out of there before the guy bit me.This guy and this dealership is so misleading I can not figure out how they are still in business. Not to mention the 2 cars I called about and were told were there were nowhere to be found. But they did have others that were thousands more. In short I would stay away from this place and if you get the same sales pitch from Dan like I did ....RUN OUT !!!!!

Bob
TAMPA, Florida
U.S.A.

This report was posted on Ripoff Report on 06/02/2009 12:33 PM and is a permanent record located here: http://www.ripoffreport.com/r/Hillsboro-Auto-Mart/Tampa-Florida-33612/Hillsboro-Auto-Mart-Deceptive-Trade-Practices-Tampa-Florida-457761. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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0Author 3Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Simple Interest Loan

AUTHOR: Peanut6 - (United States of America)

My assumption is that the dealership you worked for most likely did not offer simple interest loans and that your background is not financial so you are not familiar with the various financing options available to individuals, outside of what your dealerships offered.

That being said, I recently bought a car at Hillsboro Auto Mart and had the exact same experience with Dan. The difference being that I have a financial background and found it incredibly enjoyable. He and I went through all of the equation's and I found him to be extremely well informed. 

Things to note:
1. There is no haggling, the cars are priced very fair in comparision to competition and Dan will not negogiate much if at all on the list price.
2. The same can be said of trade- in's. You stand a better chance of getting a favorable price if your car is one that he can list and sell at his lot vs. taking to the auction.
3. I left with a simple interest 5 year loan.  If I keep the loan over 5 years, I will only pay around 1k in interest.  You can do the math on your own or use a financial calculator.  I ran the numbers multiple times to ensure that I was not being "duped" with his fancy math tricks. 
4. The biggest savings you get by going to Hillsboro Auto Mart is around the financing, in my case I have great credit so I was able to lock in a phenominal interest rate on a used car.

I hope this is helpful, and provides more context around the business practices. 
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#2 General Comment

Simple Interest for a Simpleton reporting a ripoff.

AUTHOR: Joe - (United States of America)

To whom it may concern,

     I know of Hilsboro Auto Mart personally, and this is the first time I have heard anything negative about them.  Dan Curley is a customer of mine, and I am about to become a customer of his.

Thanks ahead of time for reading this.  Pretty SIMPLE stuff.

***********************************************************

     The gentleman reporting the ripoff is not as educated as he might think, as he never heard of a simple interest loan.  What a piece of work HE is!  See below.

***********************************************************

Simple interest is the most basic type of interest. In order to understand how various types of transactions work, it helps to have a complete understanding of simple interest.

For example, you may pay interest on a loan, and it is important to understand how interest works. Better yet, your bank may be paying you interest on your deposits and you can maximize your earnings by knowing more about interest.

Simple Interest Overview

Simple interest is just the amount of money paid on a loan. It is the easiest type of interest to calculate and understand. Other types of interest (like APY, APR, and compound interest) can be more complex.

Simple Interest Formula

If you want to calculate simple interest, use this formula:

I=P r t

In other words Interest (I) is calculated by multiplying Principal (p) times the Rate (r) times the number of Time (t) periods.

For example, if I invest $100 (the Principal) at a 5% annual rate for 1 year the simple interest calculation is:

I=P r t

$5 = $100 x 5 % x 1 yr

Simple Interest Limitations

Simple interest is a very basic way of looking at interest. In fact, your interest whether youre paying it or earning it is usually calculated using different methods. However, simple interest is a good start that gives us a general idea of what a loan will cost or what an investment will give us.

The main limitation that you should keep in mind is that simple interest does not take compounding into account.

Going Forward

Now that you know how simple interest works, you can look at more complex types of interest. Most of them are a variation of simple interest, and the calculations are repeated several times throughout the life of a loan.

A good next step is to familiarize yourself with Annual Percentage Yield (APY) which takes compounding into effect.

You can also see how much interest you pay when borrowing money. Running the numbers may motivate you to borrow less and repay debt more quickly.

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#3 Consumer Comment

What amazes me

AUTHOR: Flynrider - (U.S.A.)

Is that you were in the car business for 14 years and this is a surprise to you. What you described is par for the course at nearly every dealership I've ever visited.
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