R K Toyota Complaint - Disappointment, and Humiliation
HAMPTON, VIRGINIA -- As a consumer from your state, I felt it was my responsibility to bring to your attention the following incident.
I can't understand how a dealer ship would allow a consumer to have possession of a vehicle for one whole month; then, once the 30 day tags expire, tell the consumer that the financing fell through and unless he/she can come up with an additional $3,000 they would have to take the automobile back. This is what happened to me when I tried to purchase a 2001 Toyota Sequoia from RK Toyota which is located in Hampton, Virginia.
On my initial visit to the dealership, I was open and honest with the salesman and I told him that I had some past credit problems and that I didn't have very much money to put down on a vehicle. I went on to tell him that I was there looking around because I had seen an article in the newspaper which aroused my curiousity. The salesman and I walked around the lot until we saw the vehicle that was advertised in the newspaper. When I told the salesman that I wanted to see if my credit union would finance the car, he (Adrias Davis) went on to tell me about the several means of financing his company had along with the special programs designed for people with credit problems. Later on in the conversation, he went on to tell me that he found out that they (RK TOYOTA) could give me a better rate than my credit union. So I filled out an application and left the dealership. Two days later, I received a call from the dealership. I was told to bring in $3,000 for a down payment and that I could take the vehicle home that day. When I told Adrias that I didn't have that kind of money right then, he told me that I could give them a check postdated for the following Monday for $2,000 and they would give me 30 days to come up with the last $1,000. This is what I did. While I was in with the financial manager, I asked him if there were anything else that he needed from me. I went on to explain to him that my job carries me away quite frequently and if they were anything else that were needed once I leave here, it would be difficult for me to get back. So on December 13th, I walked out of RK Toyota a very happy lady. I had just purchased my dream truck. So I thought!! Somewhere around the 7th or 8th of January, I received an e-mail from Malissa Smith. She was requesting a copy of the court order for my child support. She went on to tell me that my application package had been sent to Household finance and they were requesting this information be in thier office by January 13th. I responded to e-mail and let her know that I had no way of getting this information in due to the fact that I was out and sea and would not return until the 15th of the month. Once I returned on the 15th, I carried them the need information. I spoke with Melisa in person. She then apologized for the inconveniece and told me that was all they needed of me. When I inquired about my tags for my vehicle she told me that I could pick them up the next day. When I went in the next day, this is when I was told Household finance had sent the package back to the dealership. The loan had been denied. I had a hard time believing the loan company would deny a loan behind one piece of paper. This is when I was told by the Director of the finacial Division ( Jay Cunningham) that he had found another bank willing to finance me,BUT! I would have to put another $3000 down. If not, I could give the car back. At that time, I told them that I would give them back the car because I didn't have another $3,000.
Just out of curiosity, I called Household finance for my self. I was told that the loan was sent back because the package was incomplete. Once I turned in the needed information that the loan would have been approved. Instead of Jay trying to get Household the needed information he lied to me and told me that once the loan had been denied, he could not resubmitt the package until 30 days later.
As a resolution, I would like the following:
I would like my truck back. I would like to have it financed at a lower rate and I would like a formal apology from Mr. Cunningham who spoke to me in a condescending manner. Especially when I told him that I had spoken with someone at Household who explained to me how the procedure usually works. The representative from Household told me that it is not normal procedure for them to approve a loan and then disapprove it.
Please contact me if you need more details regarding this incident.