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"Mr. Sawyer presented to Schaumburg Lincoln in hopes of purchasing the remaining balance of his leased vehicle with Ford Motor Credit. Our staff presented Mr. Sawyer with financial services that we present every customer while he was completing his final documentation and he elected to add these services to his loan balance with BMO Harris bank. Mr. Sawyer was alone on the day he purchased the vehicle. A few days later, Mr. Sawyer presented to Schaumburg Lincoln again, this time with his wife to review the services purchased. After discussion with our Finance department, Mr. Sawyer and his wife asked that the products be canceled and the amount financed be credited the amount.The contract for his purchase of the said vehicle was already funded by BMO Harris bank and those funds were in our account. When consumers present days later to cancel products they agreed to, often times we are unable to adjust the terms of the contract and we must process the credit and that goes to adjust the total loan balance with the bank that the vehicle was financed with. In this case, the re payment term and payment amount will not change, however the principle loan balance has been reduced.Mr. Sawyer is free to refinance his new principle loan balance with another lender at any time to help with his payment amount."
This claim will remain posted until resolved.
It's a pleasure to see a detailed, clear response to a claim. It seems to me that unless the facts from either side are materially different from what has been presented, the dealership did nothing illegal.
HOWEVER - What I'm reading in between the lines is that the sales people presented the customer with some options that all sounded great and, in the exhausted and confused state that anyone who has ever bought or financed a car is very, very well familiar with, the claimant agreed. Four service agreements? For what? I once had an issue where an 83 year old woman had paid nearly $2000 for a lifetime oil change warranty (the dealership was rightly embarrassed and did cancel it). I cannot conceive of what could add $9-20,000 to the claimant's loan balance.
In the clear light of day, this claimant (and/or his wife) realized just what he had agreed to. I understand that the credits were applied to principal reduction, which will mean that the claimant will pay off the loan sooner - if he does not understand that.
Principal reduction will not help if the claimant is stretched on making those huge loan payments. It is not impossible for a financial institution to adjust the paperwork, especially for an important customer like a dealership.
Is it going to take a little (and I mean little) time and effort for the dealership and BMO Harris bank to do this? Yes. But in my view it's the right thing to do.
Would the claimant be prepared to pay a small paperwork fee in order for this to be done?
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