• Report: #1168730

Complaint Review: Security Auto Loans

  • Submitted: Sat, August 09, 2014
  • Updated: Sat, August 09, 2014

  • Reported By: Jan — Apple Valley Minnesota
Security Auto Loans
4900 HWY 169 N. SUITE 205 New Hope, Minnesota USA

Security Auto Loans Reginald Thomas Loan balance rip-off New Hope Minnesota

*Consumer Comment: Jan, you are really confused about the car financing process

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This is the worst company to go through. We got a loan from this company and the car ran for a week and then the starter quit so we said we wanted a different car since Lincoln Mercury in Bloomington, MN SAID this was just to build up our credit for six months and then we can trade this back in and get the car we wanted. After that happened with the car we knew whatever happened would be a nightmare so theye said they would sell the car and use that money to pay off the balance of the loan. Can you believe all they got was $230.00 for the car and we paid over $5,000.00 for the car.So tell me who is scamming who when I asked for proof of a receipt all they sent me was a typed letter with the amount. Believe all the interviewers because anytime a business doesn't want to get BBB behind them they have to many things to hide

 


This report was posted on Ripoff Report on 08/09/2014 09:43 PM and is a permanent record located here: http://www.ripoffreport.com/r/Security-Auto-Loans/New-Hope-Minnesota-554287/Security-Auto-Loans-Reginald-Thomas-Loan-balance-rip-off-New-Hope-Minnesota-1168730. 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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#1 Consumer Comment

Jan, you are really confused about the car financing process

AUTHOR: FloridaNative - ()

First of all, I don't work for this dealership or any other car dealership; but I know the process.

Financing your vehicle is totally different than the vehicle purchase.

If you don't have cash to buy the vehicle outright, then if you still want to purchase it you can finance it. Financing through the dealer is a bad idea. It gives the dealership the upper hand.  You can protect yourself more by obtaining an approval through a credit union before you ever start shopping at any dealership. That way you know exactly what you can spend and the actual cost before you ever sign any purchase agreement.

There will be restrictions on the age and milage of the vehicle when you finance with a bank or credit union. That is to keep you from purchasing a beater and trying to finance it.

Once you buy a vehicle - it is up to you to maintain it and pay for repairs. If you can't do that, then you really shouldn't be looking at any vehicle to buy or lease. It is your responsibilty to maintain at your expense from the moment you purchase it until you sell it. The exception would be if you have a warranty. And you have to be very careful with warranty's. They are only good for the items specifically covered in the contract and only as good as the company that stands behind the warranty. In my experience, most warranty's are worthless unless they are the original manufacturer warranty. Save your money.

Reading your post, it sounds like you had the vehicle repossessed (voluntary repossession). That is a severe hit to your credit. Read up on voluntary repos' and you will see they are just as bad as involuntary repos. Selling the vehicle in a repo for little to no money is common. You are responsible to repay the balance of the debt that remains after the sale proceeds are applied. If you read the original note you will see what your remedies are for your debt repayment. It doesn't go away just because you gave the car back. Financing is totally separate from the purchase. Once you borrow the money to buy the vehicle you have to repay it -even if you give the car back to the dealership. Right now you will have to figure out the best way to fix this mess you created before you attempt to buy another one.

Take some time to research all about vehicle financing, credit, and how to purchase a vehicle before you venture out to look for something to buy.

Remember, car dealerships sell cars and will do whatever they have to do to get you to sign your name on a contract even if it is not in your best interest. In fact, no dealership looks out for you or me as consumers. They only look out for themselves. That is why you need to know what to do before you shop. Good luck in getting this straightened out.

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