Coconut Creek Hyundai Interest Rate Ripoffs That Do Not Return Good Faith Partial Deposits in a Timely Manner Coconut Creek Florida

I already told you that statute does not apply because as per your description of the order of events, you paid the deposit after (not prior) you signed the agreement.

The signed agreement indicates that you agreed to purchase the vehicle. You then backed out of the deal. You are suffering from a case of buyer’s remorse and forfeited your deposit.

To Wit:

***501.976 Actionable, unfair, or deceptive acts or practices.—It is an unfair or deceptive act or practice, actionable under the Florida Deceptive and Unfair Trade Practices Act, for a dealer to:

(10) Require or accept a deposit from a prospective customer prior to entering into a binding contract for the purchase and sale of a vehicle unless the customer is given a written receipt that states how long the dealer will hold the vehicle from other sale and the amount of the deposit, and clearly and conspicuously states whether and upon what conditions the deposit is refundable or nonrefundable.

We never entered into a binding Agreement. I told them we had no deal yet on 11/3. Further, that they were told not to cash that check on the thirs and fourth and 5th. Which they did anyway 2 days later on the 5th.

I filed a formal complaint against these crooks with the Florida Div. of Corporations this morning. Next stop, BBB.

Since they don't return calls, none of them, in any department, I have no other choice. They want to keep it, I hope these losers don't spend it all in one place.

But I will get it back. On principle. That's what is motivating me the most here. $500? Chump change. But not to these losers at CC Hyandai.

My FICO is 615 because I have three credit cards I hardly use, I have always paid cash for my cars since the late 80s, late model Linlcoln Mark VIILASC in '90, '93 Mark VIII in '94, '89 Vette in '91 with 8k miles, etc. etc.

It is not because I do not pay people. I have one collection account in error - a hospital bill paid by Humana that I was being double-billed on I did not even know about it until I looked. Which is being fixed.

You are an insulting POS that knows not what he speaks of - have a nice day!

You wrote a lot in these briefers and diatribes on how well-versed you are with credit scores. If you would've spent a quarter of that time writing checks to people you owe money to, you would have a FICO in the low-600s.

“I have written proof sent via email with instructions that check I left was good faith to be held and not cashed until I agreed we had a deal.”

You cannot alter a contract via email. A modified contract requires signatures from all parties.

“Require or accept a deposit from a prospective customer prior to entering into a binding contract”

You wrote, “Although I initialed off the paperwork, I told Mattison you want $1000 down here is a check $500 to hold the car…” So as per your description of the order of events, you paid the deposit after (not prior) you signed the agreement.

The web site address you provided contains information provided by Demand Media. Demand Media is a social media company not a source for reliable legal advice. You searched online until you found something that supported your side of the issue.

Here is an excerpt from a much more reliable source, the Florida HSMV website flhsmv.gov/dmv/usedcar.html#15

Be Careful and Be Aware

In many cases, once a deposit is made, if the customer changes his/her mind and decides not to purchase the vehicle, the decision can result in a lost deposit. Make sure that your receipt and or contract specifies a refundable deposit. Be sure that you understand all the terms of the contract.

Go way, moron. Have a nice day!

I have written proof sent via email with instructions that check I left was good faith to be held and not cashed until I agreed we had a deal. On the third of November and the 4th of November I gave my salesman those instructions - on the 5th they cashed it anyhow.

They have no right to forfeiture. http://budgeting.thenest.com/buy-car-after-paid-deposit-32586.html

Read that link, Richard, then go away you Internet troll attempting to cover up for some gutter-dwelling used car salesmen at Coconut Creek Hyundai. If I do not have my $500.00 refund in my mailbox by the middle of next week, in addition to filing a formal complaint with the Florida Division of Corps - Professional Business Standards and Practices I will also file a complaint with the Better Business Bureau.

To Wit:

***501.976 Actionable, unfair, or deceptive acts or practices.—It is an unfair or deceptive act or practice, actionable under the Florida Deceptive and Unfair Trade Practices Act, for a dealer to:

(10) Require or accept a deposit from a prospective customer prior to entering into a binding contract for the purchase and sale of a vehicle unless the customer is given a written receipt that states how long the dealer will hold the vehicle from other sale and the amount of the deposit, and clearly and conspicuously states whether and upon what conditions the deposit is refundable or nonrefundable.

Coconut Creek Hyundai complied with no part of (10) in the Florida Statutes. 

There are multiple credit scores. You have a different score if you are appyling for a mortage, a credit card, an auto loan, or a department store credit card. Didn't know that did you?  I have no idea what your AUTO ENHANCED credit score is.  All that being said, the MAXIMUM mark up a lender will allow a dealer is 2 points. PERIOD. So at best, the dealer got a 15.99 buy rate PLUS a discount to pay. So in your own words, you have a 550 score. Oh, but you have thrown in THERE ARE TWO MISTAKES.  Great. How is it the dealers fault or the banks fault that they are there right now? Hint: it isn't.

Apply online with Cap One and see what they will do. Methinks it won't be much different. Right now, you have a crappy credit score and you are trying to blame the dealer for it. They should have sent you the $500 back, but that is a different issue. I am just addressing the interest rate 'complaint"

If the seller does not process a deposit then the deposit serves no purpose. Do you have documentation that supports your claim that the seller agreed to not process your deposit?

They may not be returning your calls because they are done with you.

BOTTOM LINE - THE CRUX OF THE MATTER IS I TOLD THE PEOPLE I WAS WORKING WITH BY PHONE AND EMAIL NOT TO CASH THE PARTIAL $500.00 ON THE DOWN PAYMENT REQUIRED.

I DID THIS ON THE 3RD DAY OF INITIAL APPOINMENT AND ON THE 4TH DAY AFTER. ON THE 5TH THEY DID AN ACH FOR IMMEDIATE PAYMENT - AFTER BEING TOLD NOT TO DO IT. 

THE REST OF THIS IS NO MORE THAN IRRITATING, STATIC NOISE AND LOUSY CUSTOMER SERVICE.

NOT ONE PERSON FROM THERE HAS RETURNED MY CALLS, OR ANSWERED AN EMAIL, ON MY REFUND. WE NEVER HAD A CLOSED DEAL. THEY KNEW THAT WHEN I LEFT ON 11/3. IT WAS A CONTINGENT DEAL. THEY WERE SUPPOSED TO HOLD THE CHECK AND THE CAR WHILE I CRUNCHED SOME NUMBERS AT HOME THEN DID A FINAL TEST DRIVE TO MAKE SURE THE FRONT PASSENGER WHEEL WOBBLE WAS FIXED. I WAS GOING TO WRITE A REPLACEMENT CHECK FOR THE FULL DOWN APPOINTMENT IF WE CLOSED A DEAL.

THEY KNEW THAT - INSTEAD THEY TRIED TO FLIM-FLAM ME INTO A DEAL I HAD NOT COMMITTED TO CLOSING BY FORCING MY HAND ON THE CASHED CHECK.

THESE PEOPLE ARE USED CAR ALL THE WAY. TOTALLY UNPROFESSIONAL. I WILL BE SPREADING THE WORD ON THEM.

AND FILING A FORMAL COMPLAINT WITH THE FLORIDA DIVISION OF CORPORATIONS - BUREAU OF PROFESSIONAL STANDARDS AND PRACTICES IF I DON'T HAVE MY $500 IN MY MAILBOX BY THE MIDDLE OF NEXT WEEK.

THIS IS A MATTER OF PRINCIPLE TO ME. THEY HAVE SCREWED WITH THE WRONG MAN. THEY CAN PULL THIS BUSH LEAGUE STUFF ON A KID BUT I AM A GROWN MAN OF ALMOST 58. I'LL MAKE THEM WISH THEY NEVER MESSED WITH ME ON A PROFESSIONAL LEVEL. WHICH IS LOST ON THESE TOTALLY UNPROFESSIONAL CLOWNS.

TO THE CONSUMER - BE CAREFUL DEALING WITH THESE PEOPLE. THEY GIVE USED CAR SALESPEOPLE AN EVEN WORSE NAME THAN THEY ALREADY AHVE.

Go here (date of publish 11/13/2014) and scroll down to the part where an article from the NY Times is mentioned and you will see facts attributed to Experian in the paragraph below:

interest.com/car-loans/news/car-loans

To Wit:

According to Experian, deep subprime borrowers paid an average of 12.42% interest in the second quarter of this year, up from 11.67% the year before.

Rates for subprime borrowers jumped up to an average of 9.25% from 7.47% the previous year.

The U.S. Department of Justice launched an investigation into subprime car loans in August when it subpoenaed the records of two lenders — General Motors Financial Co. and Santander Consumer USA.

*This month Capital One Financial Corp. became the latest lender to get subpoenaed, with the New York district attorney's office asking about its subprime auto finance practices. Ally Financial Inc. has also received a subpoena, making it a total of four lenders now under the microscope.

**The above rates are for new cars. I included this as balance to used car rates below per Yahoo FInance Q2 2014. And to warn consumers that Cap One is a, at best, questionable outfit.

My Experian is 615, my TransUnion is 655 and Equifax 650.

Experian Credit Score Macros

Superprime used car rate (740+ credit score) 4.9%

Prime (680 - 739) 5.09%

Nonprime (620-679) 8.18%

Subprime (550 - 619) 14.15% (see above)

Deep Subprime (550 and below) 18.33%

*I was told Cap One would be my lender.

Per Yahoo Finance Average Used Car Loan Interest Q2 2014

finance.yahoo.com/news/credit-score-buy-car-120043623.html

• Prime: 5.09%
• Nonprime: 8.18%
• Subprime: 14.15%
• Deep Subprime: 18.33%

Now, I understand I am a few points below the 620 threshold with Experian. Won't be when three errors I found on it that I am currently disputing get corrected. Nonetheless, I was of a mind since my TranUnion and Equifax were both to the higher side nonprime someone could get me that nonprime rate. Maybe not. BUT 17.99% vs. the national average of 14.15% is still a huge difference! Subprime new is 9.25% right now. Let's use the 14.15 rate - I pay $1,200.00 more using the bogus 17.99% deep subprime rate given to me by Sean Mattison at Coconut Creek Hyundai. He said "I am doing 17.99% on a favor should be 22%" - sure thing, Sean. Go get them!

My sources referenced are reliable and not a blog run by Klem Kididdlehopper. Facts are stubborn things and your comment is not fact, my dear Richard.

Please provide a link as to where you found this 'national average for subprime loans'

i would love to read it

Average subprime loan at 8.99%  are you kidding? using your logic, that means that if 8.99 is average, then some subprime loans are at 4.99 and some are at 12.99. I have zero idea what you credit score is, but if under 650, subprime loans go off a LOT higher than 8.99!

The dealer has probably added a point to the 'buy rate" nothing improper about that. No one should work for free. but i think you are suffering from what insiders call the 'Diamond Jim Brady Syndrome" Once approved folks with this malady all of a sudden they think that they have an 800 beacon score. Again, failing to have your credit score avaialable or better yet your credit report to view, I think your anger is misplaced.

Why would a dealer sell you a loan at 17.99% if he could get it done at 8.99%  Dealers have a maximum mark up on interest rate of 2%. Its not like they bought the money at 8.99 and are selling to you at 17.99. Doesn't work that way.

Again, why would they sell you the money at 17.99 if they could get it lower. PLUS little known fact, when dealing with subprime customers, the dealer sends in a application asking for $15000. Subprime will approve it, but the dealer proceeds will only be $14000. yes you read that correctly. It is called a discount. That is the amount the dealer PAYS the bank to get you approved. So, you don't pay pay your bills on time, or at all, a dealer gets you approved despite of that, and you start whining about it.

here is a alternative.

buy a cheaper car on credit. Even though the APR will be high, it will be a much smaller amout so the total amount of interest won't be that bad.  pay AS AGREED for a year. Your credit score will climb, and unless you are a low 500 score, you should be able to buy a 2010 model with a much more reasonable rate.

i have been in auto finance for 20+ years. It was this way 20 years ago, and it still this way today.

1. The national used car average rate for a nonprime loan, which per my Experian credit score I qualified for, is 8.5%. What banks will lend and what CC Hyundai's finance man told me, which is that I qualified for (though he did not say it) with my credit score (below 550 which it was not it was a few points below the Primerate threshold of 620-679) a subprime rate of 17.99% (which, it so happens, is the national used car average subprime rate), is not a case of him giving me the only rate he could. It was a case of padding the interest rate for more profit to the dealership. Plain and simple. I'm not a fool.

2. My sales rep was told twice by phone and twice by email not to cash the check prior to it being cashed - we had no deal as yet. When I left the dealership on the 3rd November I said we had no deal until I took it for another test drive to make sure the wheel wobble was gone in the passenger front tire that I noticed in the initial test drive. On the third and fourth by email and phone I told the sales rep, Robert Perez, to make sure that $500 check was not cashed. We had no deal as yet. On the 5th - an ACH payment was initiated for payment and Coconut Hyandai took the dough! 

3. Based upon item 2, they have no rights to my $500 nor did they follow my instructions. It was clear we had no deal as yet and that they were to hold the check - because I wanted to do my own research on loan rates based upon my Experian score and do another test drive before a comitted 100%..

4. Fact - no one from Coconut Creek Hyundai has returned my calls nor answered my emails. Is that great customer service? I am ticked off! And that does not erase the facts in this matter. I have every right to be based upon principle of which they obviously do not possess.

5. Next stop if I do not have my $500 in the mail by the middle of next week? I will file a formal complaint to the Florida Division of Corporations, Bureau of Professional Standards and Practices.

And, yes, at worst these people are CROOKS and dishonest, typical, used car salespeople. At best, terrible in their customer service responsibilities. I believe in truth they fall somewhere in between the two. All down the line from what I have experienced.  

“here is a check $500 to hold the car”

They took the car off the market at your request. Then you backed out of the deal. You should not expect a refund of your deposit.

“I do not do business with liars”

Yes, their interest rate is high but that does not make them liars. A lender has the right to offer a loan based on their standards. They are not required to follow the national average. Your claim that they are crooks is unfounded.