As a 69 year old on S.S., I was tricked into trading in a 2012 Kia with manual shift (which was very difficult for me to drive on the streets of Phoenix, Arizona) & purchasing a 2011 Malibu automatic.. The dealer “Van Chevrolet of Scottsdale” presented me with a $424 a month payment, upon which I replied “NO WAY, I can’t afford that.” A WEEK LATER, after giving me the 2011 Malibu to take home, they came back with a $374 a month payment…
Due to the fact of my limited knowledge of car dealers, I drove to Scottsdale & signed the papers. When arriving home dumb founded, I realized I was paying 10.69% interest ($7, 215.68) for a total of $26, 984.16 on a car worth only $11, 000.00 in the Blue Book.
I have contacted The Finance company (TD Auto Finance) several times and ask them to reconsider the rate and total via e-mail and two letters, plus they duplicated the total charges which they reported to the three credit bureaus, for a total of over $40, 000.00. I have also e-mailed the dealer with the same request, also no response. I have received some sort of a reply (three weeks ago) from TD Auto Finance, stating that they were referring the problem to “The Credit Dispute Department”.
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