ED Magedson – Founder
Driveway Cars830 N. Anderson Road Rock Hill, South Carolina USA
Driveway Cars drivewaycars.com Misrepresents fees in loans for cars Rock Hill South Carolina
I purchased a 2009 GMC Acadia from Driveway cars on March 8, 2014. During the process of buying the vehicle it was listed at $11,900. When they gave me the contract it was for $13,900 but then also Phil told me there were bank fees (loan fees) that were split between them and the Bank. These fees inflated my loan to $17,000. I had given them $2000 down on the vehicle which left the financed amount at $15,544. The credit application said I was going to finance $12,245 after my down payment. Taken from $17,000 that leaves the so called bank fees at $4,755. I asked Go Financial (the finance company) about the fees and they stated they knew nothing about them. When I came to the dealership and spoke again with Phil he admitted that he said they had to charge those fees in order to get me financed and that the bank and they split that fee. These fees are considered business to business fees and are not supposed to be passed to the consumer. When confronted Phil said "I may have told you that but unfortunately on paper now this doesn't exist". He then said he was going to speak to the boss and sent Keith in who stated "you signed the papers so this is what you have to pay. I have this conversation on tape. I told him I would pursue a remedy through the BBB, Dept. of Consumer affairs and NADA. He said since I was going to make this a legal matter then he would not talk to me anymore. Again, I have every bit of these conversations recorded. I asked him for the paper stating the bank fees and he refused to give them to me. He continued to just say that I signed the papers and that was it.
In the papers it states the cash price of $13,900 with amount of financing to be $12,245 after my down payment until they added these fees in. How do you inflate my loan to $17,000 on a car that costs $13,900 (especially when the advertised price was $11,900)? This is thievery and bad practice when you are running a business with the claim you are helping consumers. I would like to invite you to read the article at gvo3.com/Archive2008/07_11_Sub_Prime_Acquisition_Fees_Being_Attached.pdf
Let's also mention the fact that the transmission is pretty much shot in this vehicle and is not worth $17,000. No bank in its right mind will re-finance this vehicle for me knowing it is not worth the loan amount.
I want my money that they knowingly took from me in what I consider to be a scam! This business is dishonest and unethical and should be shut down. I will pursue every avenue I can to get my money returned and make this right.
Driveway cars has already been caught doing this to a previous consumer based on a complaint filed 5/13/2013 with the Better Business Bureau
This report was posted on Ripoff Report on 03/22/2014 09:46 AM and is a permanent record located here: http://www.ripoffreport.com/reports/driveway-cars/rock-hill-south-carolina-29730/driveway-cars-drivewaycarscom-misrepresents-fees-in-loans-for-cars-rock-hill-south-carol-1132697. 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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