PONDELLA AUTO MALL THOMAS J FENDICK NO COPIES OF DOCUMENTS, RIPOFF GAP INSURANCE, RIPOFF INTEREST RATE, CAR BROKE DOWN ON THE CAR LOT. NORTH FORT MYERS, Florida

I would ask that you please look up the state laws prior to making false claims.  For a vehicle purchased new the max interest that can be charged is 15%.  As for a used vehicle, the law mandates that 29% is the legal max.  Not the 17% as you stated.  If you do not believe me, please feel free to look it up.  The Florida State Statute is 520.08.  Let us consider a 5 year old used car that is being financed by a 3-year loan with 36 monthly payments.  According to Florida Statutes 520.08(d), a 5 year old car is a “Class 4″ used motor vehicle, and the maximum finance charge allowed is “$17 per $100 per year.”  So, the average used car buyer might think the highest rate allowed under Florida law for a used car loan like this is 17% APR, but the wording of the statute is misleading, and the actual APR allowed is much higher.  In fact, the maximum APR allowed in this example is whopping 29.07% APR.  (This rate varies slightly depending on the term or length of the loan, but for the most older model used car loans the maximum rate is between approximately 27% and 30%).

As for GAP insurance, it is in the best interest for anyone purchasing a used vehicle to have GAP being that vehicles lose their value every day.  If you are unfamiliar with what GAP insurance is please feel free to call and we will be happy to explain it to you.  To sum it up the difference between what you owe and the price of the vehicle may vary.  The GAP covers the difference between both so that you are not paying for a car you may not own anymore.  A customer has the right to refuse, but should not complain or write a negative review if they have to pay after the vehicle has been totaled out or not working correctly.