I wanted to shed some light on what feels like a bait and... - Steve Tran
I wanted to shed some light on what feels like a bait and switch scheme that some of these sub-prime auto lenders engage with. Most recently I contacted this dealership and spoke to a Kevin and a Louie Montero. I contacted them to attempt to purchase a car and finance my auto through Credit Acceptance Corp which they are signed on to work with.
A couple background facts before I dive in:
1. Credit Acceptance Corp normally charges state max APR and they DO NOT REQUIRE PERIOD any amount of down payment. The down payment is 100% set by the dealership and for the most part, the down payment any CAC customer puts down, is profit for the dealership.
CAC will only fund a contract for the value of the vehicle, not for the dealership markup. So this dealership told me I needed over $2500 down and that it was "required by CAC" when if fact the truth is, CAC did not say that nor is it ACTUALLY REQUIRED in order for the deal to work.
The TRUTH is that this dealership will refuse to work with customers if it means they cannot extort the customer out of a large UNREQUIRED down payment.
Essentially, this dealership states that they will accept those with collections, charge-offs, bankruptcy, repo etc because Credit Acceptance Corp allows all of those customers to use them for finance, however dealers tend to use that against customers by pricing up vehicles, they will also price up the APR, require a large down payment, pocket that money as a dealership profit, then they will help.
This should be investigated by the FBI and the state of Nevada. They are clearly falsely advertising what they can/will do in order to bait and switch customers for further profit.
They CAN get me into a vehicle and not lose any money, but choose not to because I will not fall for their down payment scam.
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