Visited this place in July 2014 to check out a vehicle. Came to an agreement on the total price of the car, which is only available if I enter in the "Special Financing" program that they offered. We agreed on a price of $26,500. I put a $7,000 down payment on the car, therefore the balance was $19,500. We agreed that the $19,500 would be paid out the next 3 years = $6,500 per year or $550 per month for 36 months to pay off. After this the car would be paid off and title would be mine.
Here's the logistic behind their special financing. The agreed upon price of $26,500 would only be available to me if I chose to finance. So under the "contract" I signed, if I pay the required amount every month on time ($550), and if my credit score remains the same at the end of 2 years, only then I would be able to keep that $26,500 price. BUT if I miss a payment, they are subject to void the contract and I would be stuck paying a higher amount for the vehincle (which was $34k when I first received my first bill from the bank). Isn't that insane? I didnt know this was the case until I signed all the paperwork!! WTF!! So I thought, ok, I have really good credit and I can defintely make the monthly payments. When I first received the bill, I called Car Approval Corp and asked why the hell does the loan balance say $34k!? So they replied it's special financing, if I pay on time for 2 years, I have to return to the dealer and they will pay off that loan balance with the bank. And I will only have to pay the "supposedly" $6,500 leftover balance. So I was sort of relieved
So fast forward 2 years later, I was under the impression that since I've been paying $550 for 24 months on time, now I can return to the dealer and ask them to pay off the current loan that the bank has me under. Come to find out, I cannot find the dealer at all. They are out of business!?!?!?!? WTF! Instead of having a $6,500 balance I now am stuck with a $24k balance with the bank. I'm reading other reports on this company and how they scammed others the same way. I was screwed and am looking for a lawyer. Will reach out to others who were scammed by these goons (manager name was Joe) and taking legal action so we can locate these guys and get justice! By the way the $7k "down payment" went into their pocket! I am so mad at myself.
I purchased a car in February 2013. I was told by the dealer (car approval corp) that it was a special financing. The first year of payment $400 and the second year would go down to $300 when the car was refinanced. They assured me that this will happen beacuse they did this all the time and the bank (credit acceptance corp) knew this is how they work. When February 2014 came, i satrted contacting the dealer and going to the dealership. I must have called them like 1000 times and they are always saying they are busy with other customers and cannot help me. Finally, i get a hold of them, I told them that I wanted the payoff amount so i can just pay it in full and get this over with. They gave me a payoff amount of $1,700 (dealership). I also got a payoff amount from the bank ($8,000)!! beacuse i was trying to refinance my car loan through a different bank (which they approved but this is not the real amount I owed). I have the dealer a check of $1700, after weeks of waiting and calling , last wek the dealer told me the refinance was not approved(they only showed me the computer screen saying i was not approved, they never gave me any paperwork from the bank saying this. Now is April 2014 and I'm still paying the same amount of $400. The dealership has put zero effort in trying to help me.
I don't know how I am supposedly not approved to refinance when I am paying the full amount that is due according to the dealer. How is this possible?
I have 709 credit and can get a $10,000 loan right now if i wanted to, so im not sure what is going in on.
Both of this companies are a total nighmare, bad customer service. Unwillingness to help solve the issue. i am so frustrated, i am going to end up paying way more than the price that was given to me at the purchase time.
Car Approval Corp Reviews
Visited this place in July 2014 to check out a vehicle. Came to an agreement on the total price of the car, which is only available if I enter in the "Special Financing" program that they offered. We agreed on a price of $26,500. I put a $7,000 down payment on the car, therefore the balance was $19,500. We agreed that the $19,500 would be paid out the next 3 years = $6,500 per year or $550 per month for 36 months to pay off. After this the car would be paid off and title would be mine.
Here's the logistic behind their special financing. The agreed upon price of $26,500 would only be available to me if I chose to finance. So under the "contract" I signed, if I pay the required amount every month on time ($550), and if my credit score remains the same at the end of 2 years, only then I would be able to keep that $26,500 price. BUT if I miss a payment, they are subject to void the contract and I would be stuck paying a higher amount for the vehincle (which was $34k when I first received my first bill from the bank). Isn't that insane? I didnt know this was the case until I signed all the paperwork!! WTF!! So I thought, ok, I have really good credit and I can defintely make the monthly payments. When I first received the bill, I called Car Approval Corp and asked why the hell does the loan balance say $34k!? So they replied it's special financing, if I pay on time for 2 years, I have to return to the dealer and they will pay off that loan balance with the bank. And I will only have to pay the "supposedly" $6,500 leftover balance. So I was sort of relieved
So fast forward 2 years later, I was under the impression that since I've been paying $550 for 24 months on time, now I can return to the dealer and ask them to pay off the current loan that the bank has me under. Come to find out, I cannot find the dealer at all. They are out of business!?!?!?!? WTF! Instead of having a $6,500 balance I now am stuck with a $24k balance with the bank. I'm reading other reports on this company and how they scammed others the same way. I was screwed and am looking for a lawyer. Will reach out to others who were scammed by these goons (manager name was Joe) and taking legal action so we can locate these guys and get justice! By the way the $7k "down payment" went into their pocket! I am so mad at myself.
I purchased a car in February 2013. I was told by the dealer (car approval corp) that it was a special financing. The first year of payment $400 and the second year would go down to $300 when the car was refinanced. They assured me that this will happen beacuse they did this all the time and the bank (credit acceptance corp) knew this is how they work. When February 2014 came, i satrted contacting the dealer and going to the dealership. I must have called them like 1000 times and they are always saying they are busy with other customers and cannot help me. Finally, i get a hold of them, I told them that I wanted the payoff amount so i can just pay it in full and get this over with. They gave me a payoff amount of $1,700 (dealership). I also got a payoff amount from the bank ($8,000)!! beacuse i was trying to refinance my car loan through a different bank (which they approved but this is not the real amount I owed). I have the dealer a check of $1700, after weeks of waiting and calling , last wek the dealer told me the refinance was not approved(they only showed me the computer screen saying i was not approved, they never gave me any paperwork from the bank saying this. Now is April 2014 and I'm still paying the same amount of $400. The dealership has put zero effort in trying to help me.
I don't know how I am supposedly not approved to refinance when I am paying the full amount that is due according to the dealer. How is this possible?
I have 709 credit and can get a $10,000 loan right now if i wanted to, so im not sure what is going in on.
Both of this companies are a total nighmare, bad customer service. Unwillingness to help solve the issue. i am so frustrated, i am going to end up paying way more than the price that was given to me at the purchase time.