I am an auto mechanic and have loved cars for my entire life. I grew up on Fords so i love the Mustang. I passed Peruzzi often on my way home from work. I noticed a bright yellow Mustang with black racing stripes, a true dream to me. I was driving a 2006 Chevy Cobalt i had purchased from my previous employer brand new. I went in and asked to test drive it. They asked for my keys so they could "inspect" my brand new car with 14,000 miles on it in case i was serious about a trade in. i drove the car and figured the price of $27,000 wasnt bad for a 2006 Mustang GT Premiun package with 7,500 miles on it.
i figured since my car cost $18,000 new that it was worth $15,000 and i owed that on the car so it would come out even. I was paying $220 a month with 0% financing due to i was employed by Chevrolet at that time. I figured i had good enough credit and a good enough trade in to keep my payments below $500 per month. i talked it over with them and they said that that was easily possible. Six years at $500 a month comes to $36,000 so i knew that i was paying interest.
Then i came to pick the car up. Suddenly my payments were $670 a month and they would only give me $10,000 for my new car. I was already in love and had new insurance. I was 19 years old and had a car loan for $34,000 and 13.9% interest. i had the car for maybe seven months and couldn't keep up with the payments. i went back to Peruzzi and they offered me a grand $17,000 for the car i payed $27,000 for 7 months and 7,000 miles earlier. I felt helpless as if i was drowning with a Mustang attached to my legs.
I had the car voluntarily repossesed and they auctioned the car for $20,000. I recieve calls every day for the remaining balance of my debt. They should never have processed the loan, I was too young and had too low of credit. I was paying almost what i was making for a car. The only loan company who accepted my loan was Toyota Financial, that says a lot. They fudged something somewhere to get me in that car. Now I get to hear about it every day, and my family too. It's no wonder the economy is so bad. Greed at the top is choking the middle man and Peruzzi Toyota is prime example.