GARY CRIVELLO'S CARS-FORTUNA CA Crivello's Cars Dealer uses 1982 Sales Contract form, offers 1.9% without checking your credit Fortuna California

I went to Gary Crivello's Cars after shopping at his older brother's used car lot in a different town. Both have newer, low mileage, imported cars ( Toyota, Honda, Kia, etc) all with warranty remaining.

I had not purchased from any new or used dealer in 14 years, and did my online car research, knew which make and models suited my needs as a retiree with a great credit history, no current debt, a home owner,  and no credit problems, ever.  I spent a month test driving cars at Gary Crivello's planning to chose one, and buy it. I was offered a 1.9% on my first visit, my credit was never checked, and only by accident did I learn I did not qualify...right before I bought a car from him.

I am posting this becasuse I wonder how many buyers are caught in "YoYo financing, where you are told you qualify for one rate, better than the lender they work with,  but once you sign in California you OWN that car. Since Crivello used a 34 year old sales forms with NO consumer required information about "conditional acceptance" I was mislead from DAY ONE. 

I pulled all three  of my credit burea reports, and have no issues with my credit.  

I wonder if Crivello's  ACTUAL sales contract is the same ones he gave me? or if he switches to the legal one on sale day?  

"Not checking my credit"?? His responisbility is to check it BEFORE sales closing day, when my old car is GONE, and I am  told the loan rate is 4%-5.5% or more!!   I  can only believe he PLANNED to mislead me from day one.

His excuse will probaly have been "The lender decided the rate, not me"

The end of this story is Gary Crivello is using an outdated 1982 sales contract form to gain buyer trust. This sales contract is now ILLEGAL.  (as confirmed by Attorney Kevin Falk- "That form is very, very illegal. It is certainly not a binding contract in the state of California.  Auto loan contracts are governed by the Automobile Sales Finance Act (1983), which lays out the required disclosures very specifically. This form does not have the room to make the required disclosures, and therefore would be void on its face." http://www.caautofraudattorney.com/auto)

Because of Gary's weird behavior right before my purchase settlement day,  his use of  the old Sales Contract, and the 'fuzzy' information about  fees on loans of the Credit Union 'dealer loan officer" Jessica Estes gave, I walked away before buying a car.

If the DEALER and the LENDER work hand in hand  to mislead how are we protected?  

The 1983 Automobile Sales Finance Act confims dealers MUST show, in writing, on the sales  contract the "conditional" aspect of the loan rate. The LENDER  ultimately decides if you qualify, not the dealer, nor are you guaranteed a  'special" rate offer. 

Read this:

California Car Buyer’s Bill of Rights

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Limit on interest rate ‘markups’

Most auto lenders pay dealers a hidden fee to offer you a higher interest rate than you deserve based on your credit history. This extra interest is called a “markup,” extra profit that is split between the dealer and the lender.

The new law limits the “markup” amount dealers can get. Dealers may not receive more than 2.5% from lenders for arranging financing if your car loan is up to 60 months long, or 2% if it is longer.

Tip: To get the best rate on a car loan, check with banks, credit unions or online lenders before you shop for a car.

√ Dealers advertise “0% financing” but often charge consumers a higher rate.

√ A lower interest rate can save you $2,000-$10,000 or more in finance charges over the life of the loan.

NEWS: Auto Dealers are fighting to get their fat commisions from lenders, and weaken the Finance Act.

Learn more this new Bill supports giving dealers an advantage OVER buyers.

H.R. 1737: Reforming CFPB Indirect Auto Financing Guidance Act

https://www.govtrack.us/congress/bills/114/hr1737

Congressman Jared Huffman <CA02JHima@mail.house.gov> is FIGHTING AGAINST this bill.

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