I purchased an Acura TL on 7-31-06 from this establishment. During the briefing of the contract, I was told by the sales mgr at that time(currently the finance mgr)the amount of what my monthly payments(497.92) would be if I had agreed to the contract. I immediately declined since I would have not been able to afford the payments, but I was reassured by the sales mgr that after the 2 months were paid I can return to refinance and my payments will drop to half, so I signed. He had even went far enough to write down the new payment amount on a piece of paper, which I failed to collect for my own records. After the 2 payments were made,I returned to the dealership in hopes of refinancing and having my monthly payment reduced. As I was waiting to speak to the same sales mgr, who seemed much to busy to speak to me, I approached the general mgr (at that time) and explained to him my reason for returning. He explained that at least six consecutive payments had to be made in order to refinance, and the sales reps, and managers will say and do anything to make a sale. I then addressed him with the situation of what steps I needed to take to retrieve my code for the radio for it to function since it had been reseted. He explained that I would have to go to an authorized Acura dealership to retrieve it, and the dealership will charge a fee. He then promised to reimburse me for same fee as soon as he recieves the receipt. The receipt was faxed and delivered by me to him personally.
Its been close to a year and I'M STILL WAITING for the reimbursement! Any way I returned to the dealership after I made my 7th month payment to refinance. I sat and spoke with the sales consultant, who also was there during my initial purchase, the possibility of refinancing. Initially he said it was possible, but after returning from speaking with his financial advisers(some where in the back), refinancing would be obsolete. The reason stated that the amount owed on the vehicle(25000)compared to the worth of the vehicle, the bank would not refinance. All of this was said without any attempt to process the paper work. I came to find out later on that the bank I financed the vehicle from, DOES NOT EVEN REFINANCE ON AUTOMOBILE LOANS!!!. So hear I am stuck with monthly payments that initially declined!! Finally after all of this,I sadly get into an automobile accident. Since I was fully insured, and the vehicle was deemed a total loss, the insurance company made payment to the lien holder(the bank. It was the amount the car was worth at the time of the accident, which was 8 months after I purchased it.
Even though payment was made, I still was left with a remaining balance of approx 9,000 dollars for the fact that I did not have GAP insurance. Gap insurance covers the difference of how much your car is worth, compared to the amount you owe the bank. This insurance is supposed to be offered from the dealership, but in my case, it was not!! After doing some research, Ive learned that its a mandatory law that authorized dealerships offer their customers Gap Insurance. Now I'm stuck with payments for a vehicle I don't have anymore.
I've even spoke to the bank's collection mgr to try to work something out. It was unsuccessful. I'M SEEKING SOME SUGGESTIONS ON HOW TO RESOLVE THESE SITUATIONS.
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