I am so mad with myself, but being unfamiliar with the process and having filed a Chapter 7 two years ago, well....I guess I will have to live with what has happen to me. For the last two years, I have been able to pay my car note on time with no problems to GM. I was leasing a car and had A-1 credit in 05 when I got it, however my children being diagnosed with autism caused our family major financial problems and I had to file.
Since that time, I have been saving, watching my pennies, not being late on any bill and since I had nothing to pay except rent, car note, car insurance, light, gas and phone, I paid these on time and really thought I was doing good at rebuilding my credit and my credit score. Last year when I heard that the car companies were going under, I was under the impression that researching and checking to see if this problem would be of a benefit to me as an American person, imagine my surprise when my lease was up and I had to return my vehicle to Cadillac and was told that nobody was leasing a lot anymore because the car companies had lost loads of money on leases. Of course I believed this because this was GM and the Cadillac dealer. Why would they try and use me since I had never missed my car note.
But of course them about to go under(GM) and helping people do not go hand in hand. I should have known better. Well, let me tell you guys what happen to me and maybe I am in the toilet and maybe I can do something to help myself as this issue is only 2 weeks old. I returned my Cadillac leased vehicle to Cadillac in Chicago two weeks ago. While in the dealership, I came across the nicest or what appeared to be salesman and he insisted that they were working on trying to keep me from being without a car since leasing was not in the cards as they said. I did the paperwork to return the lease and waited until they "crunched some numbers" as the salesman said.
After being in the dealership all day(8)hrs and many phone calls and cups of coffee later, I was sold a 2006 Cadillac with 8772 miles on it. The car cost 25,000 dollars. At first since my car turned in was a 2005 with 38,000 miles on it, I thought I was getting a pretty fair deal. But the interest on the car was unbelievable. Not only that, but the salesman told me that GM would not finance me again for another lease, but if I was able to buy a used car, how come they could not finance me for that?
Also, my old interest rate was 10 percent and of course I did not expect that again, but I never thought I would end up with 20 percent interest rate. Is this what bankruptcy filers should expect from car dealerships. This Cadillac dealership has a good rating with BBB. Nothing but rave reviews. However I still feel I was ripped off unless you guys can convince me that there was no other way. Also, by the time the finance guy at Cadillac came back in to talk to me, he also told me that Capital One was the only people who would take the deal and since I know that I was in to them for 8,000 dollars, somehow I just know that they tacked that amount on to my car deal. I can not prove it, but I know it deep down in my gut. So two things will happen here since the final amount I pay back over 72 months in interest is more than the car is worth, I am either going to the local investigative television stations and have them check my story for the legalities involved, or I will listen to you guys if you say that in these 2 weeks and I.m not satisified with this deal, there is absoultely nothing I can do. Somebody please talk to me. I am stressed out. They would not even make the car certified used, just pre-owned used and the difference between those two is the warranty. That was the most inportant thing I needed.
Since that time, I have been saving, watching my pennies, not being late on any bill and since I had nothing to pay except rent, car note, car insurance, light, gas and phone, I paid these on time and really thought I was doing good at rebuilding my credit and my credit score. Last year when I heard that the car companies were going under, I was under the impression that researching and checking to see if this problem would be of a benefit to me as an American person, imagine my surprise when my lease was up and I had to return my vehicle to Cadillac and was told that nobody was leasing a lot anymore because the car companies had lost loads of money on leases. Of course I believed this because this was GM and the Cadillac dealer. Why would they try and use me since I had never missed my car note.
But of course them about to go under(GM) and helping people do not go hand in hand. I should have known better. Well, let me tell you guys what happen to me and maybe I am in the toilet and maybe I can do something to help myself as this issue is only 2 weeks old. I returned my Cadillac leased vehicle to Cadillac in Chicago two weeks ago. While in the dealership, I came across the nicest or what appeared to be salesman and he insisted that they were working on trying to keep me from being without a car since leasing was not in the cards as they said. I did the paperwork to return the lease and waited until they "crunched some numbers" as the salesman said.
After being in the dealership all day(8)hrs and many phone calls and cups of coffee later, I was sold a 2006 Cadillac with 8772 miles on it. The car cost 25,000 dollars. At first since my car turned in was a 2005 with 38,000 miles on it, I thought I was getting a pretty fair deal. But the interest on the car was unbelievable. Not only that, but the salesman told me that GM would not finance me again for another lease, but if I was able to buy a used car, how come they could not finance me for that?
Also, my old interest rate was 10 percent and of course I did not expect that again, but I never thought I would end up with 20 percent interest rate. Is this what bankruptcy filers should expect from car dealerships. This Cadillac dealership has a good rating with BBB. Nothing but rave reviews. However I still feel I was ripped off unless you guys can convince me that there was no other way. Also, by the time the finance guy at Cadillac came back in to talk to me, he also told me that Capital One was the only people who would take the deal and since I know that I was in to them for 8,000 dollars, somehow I just know that they tacked that amount on to my car deal. I can not prove it, but I know it deep down in my gut. So two things will happen here since the final amount I pay back over 72 months in interest is more than the car is worth, I am either going to the local investigative television stations and have them check my story for the legalities involved, or I will listen to you guys if you say that in these 2 weeks and I.m not satisified with this deal, there is absoultely nothing I can do. Somebody please talk to me. I am stressed out. They would not even make the car certified used, just pre-owned used and the difference between those two is the warranty. That was the most inportant thing I needed.
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