• Report: #1010923

Complaint Review: TOYOTA NORTH HOLLYWOOD

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  • Submitted: Fri, February 08, 2013
  • Updated: Mon, February 18, 2013

  • Reported By: Liyoko — Nationwide United States of America
TOYOTA NORTH HOLLYWOOD
4606 Lankershim Blvd North Hollywood Internet United States of America

TOYOTA NORTH HOLLYWOOD RIP-OFF , MISLEADING, FALSE INFORMATION , UNFAIR BUSINESS PRATICES, Internet

*UPDATE Employee: Information Provided Does Not Match Records

*Consumer Comment: You forgot to take into account the interest on the loan

*General Comment: What?

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Words cant express how upset I am with this dealership. The things they do to people is absolutely UNFAIR, MISLEADING and it has to be a STOP  to this. I am writing based on MY experience, NOT what I heard.  I will try and make my story as short as possible.  In Sept. 2010 I purchased a used 2009 toyota yaris from Salesmen "Julio Cuellar" who then perceived to me as a honest individual based on how nice he was and the things he did at the time. I purchased the vehicle for $10,995.00.

They charged me a finance charge of $5,041.62.  Down Payment made: $500. They added a extended warranty of $2,500 that i was NEVER aware of ,which caused my monthly payment to increase from $213.94 to now $258.96. Keep in mind this is a USED VEHICLE with 37,809 miles. Why would i purchase a 36 MONTH or 36,00 miles extended warranty  term on a USED vehicle ? I would be crazy right ? When everything is all said and done everything comes out to a total of $14,880.38. This includes the actual price of the car, $55 document preparation fee, TAX $1,077.38 , WARRANTY $2,500 ,$245 Registration fee, $8.00 Exemption Fee.

Now lets do some math , $14,880.38 - $500 (Deposit) = $14,380.38 
Actual amount financed : $14,380.38 
So far I've made 28 payments of $258.96 ALL  on time , $258.96 X 28(payments) = $7, 250.88
$7,250.88 is my total amount of payments made to the car already.
If you take $14,380.38(amount financed) and subtract $7,250.88 (amount payed already) your total is : $7,129.50.

See this is where it becomes tricky, because my amount I've of been told I still owe on the car is $10,600. Now to me this clearly doesn't make ANY sense. And if you follow the same steps i took you would see the BIG ERROR. My question is how come I still owe $10,600 on a car financed at $14,380.38 with 28 payments totaled $7,250.88. Something is clearly wrong. My Balance is not adding up.

These people clearly RIPPED ME OFF. 10% interest rate, 7 year payoff this is ridiculous !!!!! I WILL NOT STOP UNTIL SOMETHING IS DONE TO THESE PEOPLE. I'VE HAD ENOUGH , THEY ARE NEVER GOING TO GET AWAY WITH WHAT THEY DID TO ME. AND I HOPE ANYONE READING THIS WILL NOT CONSIDER BUYING ANY VEHICLE FROM NORTH HOLLYWOOD TOYOTA !!!!

This report was posted on Ripoff Report on 02/08/2013 11:17 AM and is a permanent record located here: http://www.ripoffreport.com/r/TOYOTA-NORTH-HOLLYWOOD/internet/TOYOTA-NORTH-HOLLYWOOD-RIP-OFF-MISLEADING-FALSE-INFORMATION-UNFAIR-BUSINESS-PRATICES-1010923. 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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REBUTTALS & REPLIES:
0Author 3Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE Employee

Information Provided Does Not Match Records

AUTHOR: North Hollywood Toyota & Scion - (United States of America)

Good afternoon,

My apologies for the delay in response.  This Report just came to my attention recently and has been difficult to research without a customer name or VIN, etc.  Nevertheless, we did research deals from that time period that were transacted with the salesperson in question.  We found one file that we initially thought was a match, but the recorded financials do not match your description in this report.

We would love for you to reach out to us to discuss this matter further and, hopefully, get on the same page. 

The guidelines for Rebuttals on this website are a bit confusing.  Prior instructions stated that we could ask the consumer to contact us, but the rules above state "DO NOT sign your name, or include any e-mail addresses in the report." 

So if you would please call the Internet Dept at 818-508-2967 and ask for the Internet Director at extension 417, I will be happy to help with this matter.  Thank you!
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#2 Consumer Comment

You forgot to take into account the interest on the loan

AUTHOR: MovingForward - (USA)

You spoke about the interest rate and you made the calculations for the total purchase price; however, you didn't take into account the interest paid out of each one of your monthly payments. You applied the entire $258.96 monthly payment to the principal balance of your loan.  That is not the way it works. To get an accurate idea of how your payments are applied, first contact your lender and have them send you the amortization schedule they are using for your actual loan and have them send you the payments you have made on the loan so far. Then go to bankrate (dot) com and locate the auto finance calculator. You can estimate your amortization by putting in the dates and terms of your loan. Compare the two amortization schedules to see if you are on track. 

To save money, you can accellerate the payoff by making additional payments to your outstanding principal balance. Or, go refinance now with a credit union for a much better loan.

Also, it does look like you were ripped off on that very expensive warranty plan. See if you can cancel it now with the dealership. Find out how much they will credit toward your principal payment. Hopefully they will pro-rate it and apply the balance to your loan so you have much less to pay off.  Next time, don't fall for the very expensive warranty plan that the finance guy pushes. They usually are a rip off. Good luck.  
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#3 General Comment

What?

AUTHOR: Bubba Lee - (Canada)

I am sorry but I am going to call you on this. The warranty is a rippoff. But it was (by law) on the documents you signed. 10% was fairly reasonable for dealer arranged financing on a used car with so little down. While I understand your frustration, nothing illegal here. No grounds for lawsuit or police intervention.
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