AM I GETN FRAUDED OUT OF MY MONEY
Asked by 929 Oct 13, 2017 at 04:24 PM about the 2009 Mitsubishi Galant ES
Question type: Car Selling & Trading In
I GOT A 2009 MITSUBISHI GALANT FROM DRIVETIME GAINESVILLE FL. I PUT $600 DOWN AND MY MONTHLY PAYMENTS ARE $453.00. I OWE A TOTAL OF $25,000.00 ON IT AND HAS CURRENTLY MADE MY PAYMENTS FOR A YR SO FAR. IVE SEEN OTHER 2009 MITSUBISHI GALANTS FOR MUCH CHEAPER AND AT VERY LOW MONTHLY PAYMENTS ($120.00) ITS SEEMS LIKE IM BEING TAKEN ADVANTAGE OF ALOT IN THIS 6YR CONTRACT. PLEEEEEZE HELP ME OUT AND LET ME KNOW WHAT THE DEALERSHIP HAS DONE TO ME AND MY INNOCENSE. WWW.CARTERCANESHA@GMAIL.COM
9 Answers
You would have to look up the historical blue book value for the car at the time you bought it to know if you over paid or not (seems like you did). Unfortunately the only way to look up past blue book values is to pay a fee on a web site like NADA (http://www.nadaguides.com/FAQ/values-and-pricing#q54), the fee is $40 to see past years BB values. You should also refer to your buyer's agreement, and see what they are charging you for a financing fee. The higher that fee, the more they're screwing you.
jasmynspartantoyota answered 7 years ago
I don't even have any tips on this other than, you impulse bought your "dream car," over paid because you jumped the gun, and now you're stuck with the payments. Unfortunatly there isn't anything you can do but bite the bullet and learn from next time. You are getting horribly ripped off, and that's coming from someone who works for a dealership. Once you signed that piece of paper, you committed to this long term. Solution? Deal with it. Even if you sold it for KBB or Edmunds value, it wouldn't be enough to pay off your loan. I would trade it in, roll in negative equity, and think twice before impulse buying over 20k.
$25k for a 7 year old Galant? Did you shop around? You agreed to this so no fraud, just gullibility.
If this were my problem I would read the sales agreement and see if you can give the car back and get out of the loan but I suspect they will demand full payment. Have a lawyer read it but I suspect it is air tight.
Don't pay too much attention to the low payments you see as those have a lot of conditions in the fine print such as a big down payment. What interest rate are you paying?
enginecreator answered 7 years ago
Thats new car price heck even more than new car price for a car 5-6 years old when you bought it. Call your insurance company ask what the totalled payout is on it if you do total it. You will be stuck for the rest of it, believe me there is a lot left to pay off.
enginecreator answered 7 years ago
Agreed its not fraud since you signed but you may can get a lawyer to help get you crazy papers that sure would help get the car monkey off your back.
enginecreator answered 7 years ago
Just take it back to car lot and walk away. Never speak to them again. Wish it were that easy, talk to a lawyer it may be.