RUN FROM THIS DEALER/LENDER. I recently attempted to buy a car from MOTORPOINT Roswell. I was told by the saleswoman that the car was a good deal because it was a dealer buyback.
I asked, "what does that mean?" She told me, "For whatever reason the buyer didn't like the car". I asked if it was damaged, she said, no it has a clean car fax report".
That night my wife and I were having dinner at a restaurant; I get a call after business hours from the saleswoman telling me I have to put a deposit down immediately as there is another interested party. I asked can I do it tomorrow when I get to my office, she responded "you need to do it now or you will lose the car" so I sent the deposit, over $2000.
I went to my bank the next morning to compare the rates with MOTOROINT's lender who told me 7.9% was the best they could do. I was surprised at the high-rate MOTORPOINT gave me given my credit score was 810. My bank quoted me 5.25% and also told me, "it's a dealer buyback, they and most other banks won't lend on a dealer buyback", I told him what she told me. The honest lender at my bank told me "he wouldn't touch this car with at 10 foot pole based on the dealer buyback tag", not too mention the lender lied about the going rates for used cars.
So, I politely called them and told them why I decided against their car and could they please send me my deposit back.
The lender whose name was Steve told me, "We keep deposits, I told him that when I spoke to the saleswoman and told her I couldn't buy the car, she said "no big deal, I already sold it". The car was literally under deposit through the night, my money was literally there for 12 hours, and the saleswoman had already found another sucker.
The lender told me I should've read the fine print. I told him, I explained to the saleswoman that I was sitting at a restaurant, and she essentially bullied me into putting down the deposit and never once mentioned it was nonrefundable.
He told me sorry, that's our policy, next time read the fine print. I told him I would have an attorney contact them and that this is basically stealing, and I would be vocal on social media to warn other potential victims of their tactics and business ethics. I have hired an attorney and a social media person to legally warn consumers of their business practice. My attorney told me "this is open shut" and I won't charge you a retainer because they will pay my fees 100% plus whatever time you have invested. read more