I've been passing by this dealer many times over the last few months. I make a high income, but for lack of ""debt experience"" have FICO score which can only go so high without taking out a car or home loan to add to my credit history.\r
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BAIT:\r
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Auto Palace ALWAYS has a car or three in beautiful condition out front with prices that are far below book value.\r
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HOOK:\r
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I test drove and decided to buy a 2005 Toyota Camry in beautiful condition which was tagged for $6995. While putting down paperwork, the manager, without prompting, said he would give it to me for $6,000 even.\r
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I sent in my pay stubs, phone bill, utility bill, and five references the next day. I also asked for the Car Fax to be sent to me, which they did. \r
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The car couldn't be sweeter. Toyota Camry, 2005, only one owner, 83k on the odometer, and an agreed to price that was at least $3,000 below the book value. Wow. I was going to nickname it ""Beginners Luck.""\r
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I was told later that day that the financing was approved and they were prepping the car--oil change, brake pads, et cetera. Yeah!\r
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Next day I was told there was a problem, that my pay stubs said I only make about $1200 a month--so how was my financing approved the day before I wondered. After giving them a reading lesson, they realized I make five times that amount, and was later advised once again that the financing was approved.\r
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So now I'm just looking to confirm the rate and what my monthly payments are going to be so I can bind the insurance and pick up the car.\r
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I'm calling several times a day, being told that only the Finance Manager can tell me my payments, but doesn't have a spare second. I keep calling, every hour, just trying to pick up my car.\r
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SWITCH:\r
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On day four, after calling every hour, I'm first told the interest will be 20%. I tell them I'm fine with that because the difference in monthly payments between, say, 6% and 20% is only about $50 on a $6,000 loan over 60 to 72 months--so really, that's perfect, I'll take it.\r
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Then I'm told they can't sell me that car because the bank wont finance it due it having over 80,000 miles on the odometer. They're basically saying the bank thinks it's overpriced, when it's actually about $4,000 underpriced.\r
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Listen folks, I work in the financial sector. What they've just told me is not even probable. It's a straight out lie. In fact, both the car and buyer are extremely low risk to finance.\r
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So they say they can't sell me THAT car but that they have several other cars they can sell me. Again, there's simply no way that's not fraud. They're saying they can sell me another car at the same price and terms--therefore they can sell me the Camry.\r
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ACTION: If for no other reason than to soothe your frustration, please call 311 and report your bait and switch experience at this dealer. The Department of Corrections is currently investigating my complaint, and is expected to respond within four days.\r
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I will also be filing complaints with the Better Business Bureau and Consumer Protection Agency. As well as look to contact someone in the news media who might help me get this car at the agreed terms and highlight this issue for other consumers.
Pros: None. They seemed friendly and low pressure.
Cons: Bait and Switch operation
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