My question involves a consumer law issue in the State of: California
Bottom line -----We didn't expect our credit ratings to drop 30+ points after buying the car to be stuck with Nissan's 12.5% financing. I never experienced such a drop in such a short time (30 days). We are seniors on fixed incomes and can't afford this financing and now can not qualify at our credit union like we planned on doing.
Feb. 9, 2018 My brother and I went to Jim Bone Nissan in Santa Rosa, Ca. to return a new Nissan we have been renting since our Airbags were recalled in our old Nissan. We were offered a "great deal" on the rental car by sales manager, Greg White.
The cash price of the new rental car turned out to be $13,680. We thought it was high but it included a FREE Warranty worth $2000 if any of the major parts break it is covered up to 100,000 miles. Have not received detailed paperwork on what is included and what isn’t as of today March 19, 2018.
They arranged financing making hard inquiries. Initially the financing under Jim Bone was approved at the rate of 12.5%. We were given the impression that we would be able to go through our credit union for a better rate.
Feb. 15, 2018-- Received a letter from our credit union approving us for $12999 loan at 9/7%. Why $12999 Did we get credit for the $2,000 down payment we made? Shouldn’t the balance be $11,680?
March 1, 2018-- Received a letter from our Credit Union stating on 02/09/2018,” we approved a credit application for you from JIM BONE NISSAN through our credit union automated lending program. Because the entire loan process was not finalized at Community First Credit Union, we are notifying you that the following action has been taken on your request: Action Taken: We are treating your application as withdrawn.” We weren’t even aware of this.
March 7, 2018--Received Billing summary from Jim Bone Nissan for $12,367.65 at 12.43% Feb. 13, 2018. No where did the billing summary mention the $2000 we put as a down payment.
March 9, 2018--Went to Community First and spoke to Tamara Monize, loan officer. Showed to correspondance so far. Took our info for refinancing.
Mar 16, 2018--Heard back from Tamara Monize with the bad news...We could not refinance with them at the 9/7% lower rate. They were only able to finance at a rate of 12.30%. She told us because of all the Hard Inquiries Jim Bone Nissan made…. both my brother’s and my credit scores took a HUGE hit of over 30 points each!!!
We were shocked! She said it was due to Jim Bone’s hard inquiries and we should call and complain.
**JIM BONE CHOOSE THE BEST FINANCING FOR THEM NOT THE BEST FINANCING FOR US!!**
Spoke to Greg White, Sales Manager at Jim Bone Nissan. He told us that the first loan from Community first was for 60 months not 72 so the payments would be higher and he “assumed” we would want to keep payments down. During this entire period...No one had contacted us by phone or mail what was going on with the financing. He also said that they got a letter dated Feb. 23, 2018 from another loan officer Noel Hewett at Community First that we were approved for 9.7% for 60 months. Told him no one informed us of this. Why weren’t we informed? He also denied being responsible for our credit scores dropping over 30 points in the past 30 days.
Now that our credit scores have sunk down over 30 points each since making this purchase...it will be very difficult refinancing as the salesman, Manny Flores at Nissan had assured us we would be able to do. I should mention, my brother and I are low income seniors and my brother is on disability.
If this is not cleared up in a fair, honest way. We plan to contact the BBB, USAgov, filing a complaint at DMV, Licensing Board, etc.) Also warn others of the dishonest business practices of Jim Bone Auto.
The best solution for us would be: Jim Bone return our down payment of $2000...we return the car. And straighten our credit scores to what they had been before Feb. 9, 2018 when we bought this car from Jim Bone Nissan in Santa Rosa..
Bottom line -----We didn't expect our credit ratings to drop 30+ points after buying the car to be stuck with Nissan's 12.5% financing. I never experienced such a drop in such a short time (30 days). We are seniors on fixed incomes and can't afford this financing and now can not qualify at our credit union like we planned on doing. Possible solution--trading car in for a used, more affordable car and reestablishing our credit scores as they were before this purchase.
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