My dad purchased a 2006 Nissan Altima from Liberty Toyota dealership on December 30, 2009. To add insult to injury, there is no warranty on this car, or I should say there will be no warranty after 36,000 miles.
My father is 87 years of age and on a fixed income. His credit is over extended, but he was able to secure a car loan. I not only need to bring this situation to someone's attention, but these types of practices need to be stopped. His payments are $413 a month, which he cannot afford. The purchase price of the car was $14,100 with mileage of 26,504. After tax and fees, the cost of the car was 15,860.30. It has an annual percentage rate of 23.13% and finance charges of $13,869. After all is said and done to add the total cost of the car after 72 months will be $30,000. He traded his 2002 Maximum.
I am my dad's Power of Attorney. It was suggested that I speak with the General Manager at Liberty Toyota. My father and I were in the dealership on Saturday, February 27. I spoke with the Salesman, Anthony **. I shared my concerns with Tony and asked to speak to the General Manager. At first he told me no. I then asked again and wanted to know why. His response to me was, "let's not get this wrong, you can speak with him, but he is going to tell you the same thing." I was introduced to a Jean **(?). He said there was nothing that could be done because Toyota had already been paid. My options were:
1. Keep the car for six months and refinance for a lower interest rate.2. Get a co-signer.
3. Stop paying for the car and let it go back as a repossession.
These are not options. I will continue to pursue this situation until we can stop these kinds of iniquitous behaviors. The monthly payments are too high and the interest rate is off the charts. I feel my father has been taken advantage of. I am confident that with your help we can work out a win, win situation for everyone. If you cannot help me, maybe you can refer me to someone who can. Thank you in advance for your sense of urgency of this timely manner.Hope to hear from you soon.
