ED Magedson – Founder
Planet Toyota5540 Auto Ct. Matteson, Illinois USA
Planet Toyota Deceptive Financing Practice Matteson Illinois
In January of 2009, I bought a 2009 Scion XD from Planet Toyota in Matteson, IL. During negotiations I said I wanted to be around $300 for a "60 month loan". After some talk, my salesman and his sales manager came back and said that based on my excellent credit they could get me a monthly payment of $300.69 for 60 months, which I accepted. We went to the finance office and I declined the extended warranty, paint protection, alarm and any other add-ons to the loan. I was shown my monthly payment of $300.69 and I signed off.
Recently, I was talking to my wife about how many payments we had left thinking I would pay off the loan in February or March. When I checked my statement I noticed it had a Maturity Date of May 8, 2014 which is more than 60 months. I called Toyota Financial Services and was informed I signed a 63 month contract.
I didn't even know you could sign anything other than a 60 month or maybe a 72 month contract. We then realized we had been taken by signing a contract that was longer than 60 months. The dealer's sales department and financial department "never disclosed that my $300.69 payment would actually be for 63 months”.
I called my salesman and left him a message regarding my position. He called back and left a message saying he was only involved up to what we agreed on the negotiating table and that whatever changes were made after happened in the finance office. Mentioned that maybe I added another service and the finance manager extended the payment term. I still have this recorded message saved. The fact is that I never added anything and the actual term of 63 months was never brought up to our attention. They knew I wanted to be around $300 and hid the longer or extended payment term period from us.
The dealership has never done anything to try to work things out with me but simply ignore me. Unfortunately for me, I checked my contract and it does say 62 months (with a line across it which makes it hard to read) and one final payment in May totaling 63 payments. I have bought cars before and never thought I would be taken advantage of or tricked like this. So, I'll be paying $902.07 more than what I anticipated because of this deceiving practice, but this dealer will never again have me as a customer.
Be careful when you sign a car loan. Not only check the monthly payment you agreed on but also check the amount of payments you’re signing for. You may end paying for a few more months then you thought.
This report was posted on Ripoff Report on 11/30/2013 10:39 AM and is a permanent record located here: http://www.ripoffreport.com/reports/planet-toyota/matteson-illinois-60443/planet-toyota-deceptive-financing-practice-matteson-illinois-1103212. 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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