3 years ago
Alot of people feel as if they have been ripped of...
Alot of people feel as if they have been ripped off by financing or leasing a bad credit car. Most if not all of the bad credit cars sold by here and or the 3 other locations have problems.
Most of the bad credit cars are purchased from a car auction in conninecut and they claim to invest around $1,100 to repair each car that they've purchase from an auction. (Source Providence Journal 2016)
Overall that shows they're buying vehicle's with problems.
They don't tell you if the vehcile was a rental, rentals are typically beat down cars. During the close of the contract they have you sign a paper saying that they don't know if it was a rental. Previous vehicles that were rental vehicles are cheaper to purchase and generally have problems. Overall you're probably getting a vehicle that has either had repairs recently or has had no repairs done to it before you sign a contract for a bad credit used car.
You're going to pay three times the worth (kelly blue book vaule) of the vehicle over the course of a contact. Often times more than 3 times the vehicle worth.
A car worth $5,000 will be available to you for $1,000 down (Bad Credit). Then you'll pay at least $350 per month for at least 4 years. By the end of the contract you'd pay (Huge interest) over $19,000! Overall The $19,000 car you've paid for over the course of 4 years was purchased from an auction for under $2,000! Once the contract is done your vehicle that was worth $5,000 (kelly blue book) would be worth around $2,000-$3k.
When you need a repair done to your vehicle they will not provide you with a vehicle rental option.
Half of there bad credit vehicles they sell end in repossession!
They continue to sell bad credit vehicles even though half of there customer's vehicles end in repossession.
A vehicle repossession will hurt your credit, maybe draw you towards bankruptcy. If you financed or leased that vehcile that ended in repossession then this can happen.
The vehicle that is worth $5,000 says that you'll pay $19,000 in total over the course of your contact. Therefore, they say you owe $19,000 for the vehicle!
So if you've paid $2,000 in total on your vehicle (Down payment and bi weekly payments made) and then your vehicle ended in repossession, you'll be charged with a debt of $17,000! You'd minus your total payments $2,000 minus the total vaule of the contact $19,000 and 2000-19000 is 17,000. The vehicle that ended in repossession will either be sold again as a bad credit car again or sold at an auction. If it's sold at an auction and it sells for $2,000 then the $2,000 will get subtracted from the total debt that's owed. $17,000 minus $2,000. Overall you can be on the hook for $15,000!
In the providence journal article it says that they want the vehicle they sell to last the entire length of the loan. Overall they don't tell you if your warranty ends (Sometimes one month, sometimes two years) You have to pay for all the repairs after the warranty ends.
The statement of them saying that they want to have the car last the entire length of the contract is true,
because they have a service department that can fix vehicle problem(s). However, you'll have to pay the entire repair cost if your warranty ends and your loan term is longer than the warranty.
In customer service relations
They will tell you sorry for the inconvenience, but it is a used car and we can't predict the future of the vehicle.
When you have a question in regards to problem(s) that you're having?
They will refer you to an individual that doesn't answer there phone at first.
lf you leave a voicemail, you'll never receieve a call back within the same day.
If you get ahold of the individual with your problem question?
They will "Try to help you out the best they can" But will refer you to another individual within the company.
All the employees know eachother and communicate amongst themselves about your problem, but don't communicate with you. Sounds like a good deal???