Dealer, Buyer Argue About Failed Car Financing Plan
Dealer, Buyer Argue About Failed Car Financing Plan
At the Texas Truck Headquarters located in San Pedro, Rafael Diaz wanted to buy a 2004 Mazda RX8.
According to Diaz, he gave a down payment of $2,000 on the car. Then, someone told him paying for the balance of the purchase amount would be granted. With that, Diaz drove off with the car.
After a few weeks, someone told him to bring in the car for license plates.
George Alejos of the League of United Latin American Citizens was requested by Diaz to represent him, since he cannot converse well using the English language. Alejos said that a person took the keys and drove off. After 15 minutes of waiting, the same person comes back and says to Diaz that he can already leave because the car was just reposed.
According to Alejos, something went wrong with initial financing plan. The car dealer did not want to return both the car and the down payment.
Moreover, Alejos said that in order to protect the public, these kinds of dealerships must be discontinued.
Jorge Martinez, the General Manager of Texas Truck, settled to meet up with Alejos and Diaz so that they can fix the problem and added that Diaz was only telling a part of the whole story.
According to Martinez, in order to get financing, Diaz presented paycheck stubs that appeared to be printed at home, that the year to date totals was the same in all the paycheck stubs, and that Diaz disliked the condition of being charged higher interest rates because of poor credit.
Also, Martinez said Diaz thought the interest rate was too high for him because it was greater than what he actually intended.
Martinez took the car back because Diaz would not answer calls to redo the financing plan. As a defense, he decided to keep the deposit. They also attempted to let him pay for repossess fees.
Ultimately, the down payment was returned to Diaz and he learned something in car financing.
Normally, dealers allow buyers to take the vehicles if they are sure of the approval of the financing. Still, experts recommend buyers not to take the vehicles unless the financing is completed.
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