This was one of the most aggravating and fraudulent experiences in my life. I was looking for a used car for my sons, was going to put 10% down and finance the rest. I am going to use actual numbers here so that the issue is clear. We were
going to buy a car for $8500 and with all the taxes etc it would be $9200. We gave then a deposit of $1000 dollars and were going to come back a couple of days later since they needed to detail the car.
Just a side note...this was a 45 minute drive.
We get back and sit down with the financing person and he wants to charge us an interest rate of 9.5%. Just another note here...my credit history is excellent. So I say to this guy Terrence, that this rate is ridiculous. He tells me that I can repay the loan after 7 months which would work out for me fine. So I ask him how much I would owe after 7 months and he tells me $8200. Did you get that. I will owe him exactly the same what I would owe him today. He tells me that the loan is entirely front loaded so for seven months I am repaying only interest. BTW, this is completely illegal in New York. I ask
him about just paying for the car in cash and he informs me that he would need to up the price of the car by $1400 because without this the car would be sold too cheaply.
So I tell them I want my deposit back and this horrible man starts cursing at me and my children. I yell back at him and tell him not to speak that way to my sons and he starts yelling at me that I should only talk to my husband that way because he doesn;t have to put up with it. I don't know if he was a misogynist or just didn't want to do business with someone he couldn't defraud but whatever explanation works for you is fine with me.
In summation, I would stay away from these criminals.