I co-signed for my son so he could get a better interest rate because he is a first time car buyer.
We agreed on a price for brand new 2019 Honda Civic Sport Hatchback and since it wasn't a new 2020 we wouldn't get the factory offered 1.9% interest rate.
Matthew Stark left a voicemail message with my son that Wells Fargo was offering 9.9% but that his rep. could get us 5.9% if we purchased a $2500 extended warranty to cover the car for the 72 month loan.
First off the loan was approved for 4.7% and my son was going to put down just about half of the cost of the car as a downpayment. He also stated that he wanted 48 months with a max. of 60. I told my son that this wasn't right so I called Wells Fargo and spoke with a new car loan rep. and they told me that Wells Fargo would never ask that a person getting a car loan to have warranty coverage for the life of the loan to get a lower interest rate.
I left Matthew a voicemail message asking to have in writing the request to have an extended warranty for the life of the loan to get a lower interest rate.
Matthew called back and stated 2 times that the rep. at Wells Fargo would give my son a lower 5.9% interest rate if he purchased the 72 month extended warranty at a cost of $2500 so that the vendor would be covered if the car had any issues.. I told Matthew that I just spoke with Wells Fargo and what he was doing was illegal and that we would take our business elseware.
The new car sales manager Steve Owusu called me shortly after and I had a heated conversation on how Matthew was wrong and he agreed but he changed his tone after I said I would use social media to tell everyone about Matthews illegal sales tactics. Steve went on to say that this was the nature of the car business and he was offering my son different options and I said telling a car buyer that the Lender would give them a lower interest rate if they agreed to a $2500 extended warranty to cover the lenders exposure during the duration of the loan is illegal.
Steve offered to complete the deal without the warrantty but I said what about the other people buying cars and getting ripped off. Steve said I shouldn't worry about other people and only worry about myself. I ended the conversation after that comment.
I sent a letter to the VP of Joyce Honda Tom Stark and copies to Honda Complaints, Better Business Bureau and the New Jersey Consumer Affairs.
Joyce Honda Reviews
I co-signed for my son so he could get a better interest rate because he is a first time car buyer.
We agreed on a price for brand new 2019 Honda Civic Sport Hatchback and since it wasn't a new 2020 we wouldn't get the factory offered 1.9% interest rate.
Matthew Stark left a voicemail message with my son that Wells Fargo was offering 9.9% but that his rep. could get us 5.9% if we purchased a $2500 extended warranty to cover the car for the 72 month loan.
First off the loan was approved for 4.7% and my son was going to put down just about half of the cost of the car as a downpayment. He also stated that he wanted 48 months with a max. of 60. I told my son that this wasn't right so I called Wells Fargo and spoke with a new car loan rep. and they told me that Wells Fargo would never ask that a person getting a car loan to have warranty coverage for the life of the loan to get a lower interest rate.
I left Matthew a voicemail message asking to have in writing the request to have an extended warranty for the life of the loan to get a lower interest rate.
Matthew called back and stated 2 times that the rep. at Wells Fargo would give my son a lower 5.9% interest rate if he purchased the 72 month extended warranty at a cost of $2500 so that the vendor would be covered if the car had any issues.. I told Matthew that I just spoke with Wells Fargo and what he was doing was illegal and that we would take our business elseware.
The new car sales manager Steve Owusu called me shortly after and I had a heated conversation on how Matthew was wrong and he agreed but he changed his tone after I said I would use social media to tell everyone about Matthews illegal sales tactics. Steve went on to say that this was the nature of the car business and he was offering my son different options and I said telling a car buyer that the Lender would give them a lower interest rate if they agreed to a $2500 extended warranty to cover the lenders exposure during the duration of the loan is illegal.
Steve offered to complete the deal without the warrantty but I said what about the other people buying cars and getting ripped off. Steve said I shouldn't worry about other people and only worry about myself. I ended the conversation after that comment.
I sent a letter to the VP of Joyce Honda Tom Stark and copies to Honda Complaints, Better Business Bureau and the New Jersey Consumer Affairs.