Toyota Of Escondido ripoff - No offer but long term/high interest made to customer Escondido California

The deal we were offered by the dealership was:

1)$10,750 for our current car, giving us $165 towards the Matrix after our current loan was paid off. (Current car is worth over $14,000 per Kelly Blue Book fair Trade-in Value)

2)Raised the price of the Matrix from $15,383 to $16,000

3)$2000 down.

4)A 72 month deal at $290.48 a month.

On the deal we were offered by the dealership there was no interest rate disclosed, but after we got home and did the math, we discovered that the interest was at 15%. Our credit score is in the high 700's and our current car loan is at 5.5% with no lates.

When we asked why an additional money was added to the sticker price of the Matrix, making it $16,000 and not $15,383, the finance manager gave no answer.

We were told that the above offer was the only offer he could give us, and that Math is math when we questioned his numbers.

Talked to an un-named manager the next day. Per their manager, they do not use Kelly Blue Book to determine the value of a trade-in, instead they go off what their used car buyer dictates, and they do not know how he determines this value.

They base their deals off the payment you are curerntly paying and make no effort to review your credit.

They constantly change the price they are willing to give you for the car. Upon talks the next day, I was first offered an amount of $14,468. Then, 10 minutes later was told they did not offer that price and that the dealer invoice price of a 2005 Matrix 2wd manual 4 door is $14,976. Swears never quoted me the first amount even though I asked him to confirm it seconds after he had given it to me.

Actual dealer invoice for this car after looking it up is $13,652.

They claim customer service is #1 priority, but their actions say that getting as much money out of a buyer is their #1 priority.

Victoria
San Diego, California
U.S.A.