Incident
Car Purchased: 2003 Toyota Hylander When: September, 2005 Cost of the Vehicle at time of purchase ( cost + interest of 16%, approx. $43,000.00 Duration: 72 Months I purchased this vehicle, with no money down, just my trade in Monthly Payments: $602.00 per month Warranty on the Hylander: 2000 miles or 3 months warranty Traded in at time of purchase a 2000 Chevrolet Malibu Cost Reminding on Vehicle at time of trade in: Approx. $10,000.00 Length of time paying on this vehicle: 3 years How many late payments. 0 Reason for trade in of this vehicle, Fuel pump replacement costing over $300.00 dollars. Just one week prior to having this work done on this vehicle I had this vehicle serviced for the same problem in Orlando, FL. Cost: $300.00 paid with a credit card. The Fuel pump was under warranty but only where I had the work done at. I did not have any more money so I traded in this vehicle on the Toyota. My 2000 Malibu was a good running car and I know it was sold by Coggin Nissan at the Avenues for probably the same amount that it was traded in for. Yet I did not receive any money for this vehicle. When I called, several days later and spoke with one of the finance managers at Coggin Nissan at the Avenues on Phillips Hwy in Jacksonville, FL, and asked what happened to my old vehicle, they said they auctioned it off. I felt trapped, because I needed a car to go back and forth, I felt I should have been there while they were negotiating the price of my vehicle. My credit score at that time was average, and I had paid on the old car for three years, without missing any payments, I feel my interest rate should have been much lower than 16%.
Wells Fargo, sent me a payment book and which says my payments end in 60 months, but they're saying I have another year which will make it 72 months. The car had only 2000 miles warranty, I feel with this sort of payment I should not have to worry about fixing the car. I am a black single paren't, living from pay check to pay check, I would like an attorney to please advise me on an outcome for my situation. When I’ve tried to trade in this vehicle I’m told I owe to much on the vehicle and it can not be traded in, and if it does I would still have an extremely high car note. Please Advise, THanks
Damage Resulting
I\'m in a what they call a upside down situation, owed more on this vehicle than what it\'s worth. A car salesman told me the other day, the car is only worth $10,000 dollars right now, and I owe payoff only $25,000, and if I pay until the end of term, it\'s much more at 602.00 per month at a 16% interest rate, much to high, when I was making my payments on my old vehicle on time and had at that time a pretty good credit score.
The car that I've purchased with Coggin Nissan and is financing through Wells Fargo for 72 months, with no warranty except for 2000 miles, can not be traded in because I'm in what you call a upside down situation, amount owed on the vehicle now is more than the car is worth. Car is worth approx $10,000 and I owe if payoff now, $25,000.00 if I wait until the end of the term I'll would have paid them $43,000.00 for a 2003 Hylander that I purchased when it was 2 years old with 47 thousand miles on it.
Read Next Complaint >>
