Finance Questions

Posts Tagged ‘consumer’

Question: Dealership scammed me on car warranty?

I need some help asap please. I purchased a vehicle 6 days ago at the ford dealership. It was a used vehicle that was a trade in...well I opted for the warranty which was $2000 extra. After taking the brochure home I decided to research the company to find that they were not accredited with the BBB and they had a lower than A consumer rating for paying out claims. I am livid at this point, a reputable Ford dealership selling garbage warranties! I was waiting to see if they could get me a lower apr with their banks but I have a pre-approved loan @ 6.5 from my bank for the purchase price of the vehicle. Can I make them cancel their financing process, drop the bs warranty and take my check for the purchase price?

Answer: Get the loan from your bank, and ask the dealer to cancel the extended warranty. Seeing as the deal is not funded yet (they did not cash a contract with the bank) they can cancel the warranty and you can finance the car wherever you want.

If they try to tell you that you bought the warranty, refuse to take that as an answer. Ask to speak with the general manager, and / or the owner.

Ford Advantage Plan

Question: has anyone had a car financed through acc consumer finance?

THEY ARE A Finance Company FOR CARS, WITH PEOPLE WHO's CREDIT MIGHT NOT BE SO GREAT. THEIS CUSTOMER SERVICE SUCKS. THE PEOPLE TALK TO YOU LIKE YOU ARE NOTHING. IT'S CRAZY. SO, IF YOU ARE NEED TO GET A CAR DON'T GO THROUGH THEM. THEY ALSO, PUT IN A BOX IN YOUR CAR SO WHEN YOU START IT IT MAKES THREE BEEPS. IF YOU ARE LATE WITH YOUR PAYMENT THEY CAN TURN YOUR CAR OFF. THEY ARE LOCATED IN SAN DIEGO CALIFORNIA

Answer: ACC Consumer Finance clearly deals in the subprime market, and lenders in that market often tend not to be very gentle, so I don't want to sound like I am endorsing them.

But to give the Devil his due, I have checked several complaint boards dealing with auto financing, and ACC's name doesn't come up. But some other lenders, like Washington Mutual, are poster children for abusive practices.

As to the reminder box that they put on your car, that's not a totally bad idea. Those devices go by a number of different names. PassTime is the one I am familiar with. First, subprime lenders don't put these reminder boxes on everyone's car, only on those of borrowers who have a long history of missing payments.

So if you look at it as a device used to give reminders to people who need reminders, then they are not horrible things. In fact, when you consider the alternative - - repossession of the car in the middle of the night - - they might actually be a very good thing. They save the borrower from a repossession that could be nasty, very inconvenient and very expensive.

So I would suggest thinking differently about the reminder box than about the fact that the clerk was nasty. There really is no reason for the latter, even in subprime lending. But the reminder box strikes me as the better of two possible outcomes for people who need them.

Healthcare, Consumer Finance and Immigration Reform....NOT!