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Just noticed extra dealer fees. What can I do?

Discussion in 'General Automotive' started by bbp, Dec 12, 2019.

  1. Dec 12, 2019 at 7:19 PM
    #1
    bbp

    bbp [OP] Member

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    I purchased a new vehicle from a dealer 2 weeks ago. I was re-examining the paperwork tonight and noticed extra charges on finance total labelled "finance charges". The charges total thousands of dollars. After googling it, these appear to be bullshit padding fees dealers add in to make up the difference on the "great deal" they gave you. When talking financing, these fees was never mentioned verbally. It's listed on the signed paperwork so I know they will tell me I agreed to the contract. It's definitely my fault for not looking more closely at what I was signing. I let my guard down as we were talking financing and I'm pissed at myself for not noticing.

    I'm going to call the dealer tomorrow to talk about it. The dealer is obviously being incredibly unethical but I've signed a legal document. Is there anything I can do?
     
    VanGo3 and bigmw like this.
  2. Dec 12, 2019 at 7:23 PM
    #2
    TacoBuffet

    TacoBuffet Well-Known Member

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    You're kind of SOL, you signed the papers and it's clearly stated on them, did you not notice the payment amount or total, basically just signed away? Look at it this way, you learned a valuable lesson moving forward.
     
  3. Dec 12, 2019 at 7:42 PM
    #3
    bbp

    bbp [OP] Member

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    I just let my guard down. I have never heard of the "finance charge" scam before. I didn't know they could add that on at that phase of the transaction. I told her that I was pre-approved for financing through my credit union but if they could beat the rate I would finance with them. We talked about rates and she was able to beat my credit union (barely) but never spoke about the additional "charges" it would cost me. I know, still my fault for not looking closely.
     
  4. Dec 12, 2019 at 7:56 PM
    #4
    TacoBuffet

    TacoBuffet Well-Known Member

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    Sucks man, world would be a better place if people treated each other different but unfortunately not the world we live in. You could always write Toyota (I've done this before and got a crazy response from the dealer after Toyota reached out to them).
     
    PacNW_Taco likes this.
  5. Dec 12, 2019 at 7:59 PM
    #5
    Hobbs

    Hobbs Anti-Lander from way back…

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    Yep…
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    Finance charges?? It costs money to borrow/finance a vehicle.
     
    melikeymy beer likes this.
  6. Dec 12, 2019 at 8:00 PM
    #6
    bigmw

    bigmw Not-So-Well-Known Member

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    Did you actually take possession of the vehicle?

    Edit: BBB might be able to help
     
    Last edited: Dec 12, 2019
  7. Dec 12, 2019 at 8:13 PM
    #7
    bbp

    bbp [OP] Member

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    This is a great idea, thank you. If talking to the dealer doesn't go well, and i'm sure it won't, I'll do this. What was the dealer's response in your case?

    Yes, I've had the vehicle for 2 weeks.

    I know, right? It's such a transparent scam. I feel like an idiot for not paying better attention. I'm usually very paranoid and diligent about these types of situations which is what kills me. I know better.
     
    Biscuits and Hobbs[QUOTED] like this.
  8. Dec 12, 2019 at 8:17 PM
    #8
    melikeymy beer

    melikeymy beer Hold my beer and watch this

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    Wondering if this is serious lol. So, it costs money to borrow money?
     
    Hobbs[QUOTED] likes this.
  9. Dec 12, 2019 at 8:22 PM
    #9
    Hobbs

    Hobbs Anti-Lander from way back…

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    Yep…
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    Believe it or not... :notsure:
     
  10. Dec 12, 2019 at 8:22 PM
    #10
    bbp

    bbp [OP] Member

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    "Finance Charges" are bullshit because loans have an interest rate already which is how lenders get their beak wet. They're going to tell me "that's what it cost to secure you the interest rate" but that's bullshit. She knew I was pre-approved for a loan through my bank without any "finance charges". She knew if she pointed out the extra charges that I would just use my bank instead.
     
    Biscuits and cruxofthebisquit like this.
  11. Dec 12, 2019 at 8:23 PM
    #11
    TacoBuffet

    TacoBuffet Well-Known Member

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    I purchased on a Friday, was unhappy with the deal, went in Saturday to see about unwinding it, sales manager made up bunch of excuses in regards to their 7 day exchange policy, wrote Toyota that night, Tuesday get a call from dealer's Customer Service Manager who I guess can trump the Sales Managers upset that I made them look bad to Toyota and how can they fix it, problem solved. Its really gonna be if the dealer cares or not. For that scenario the dealer was a high volume I'm talking like 100 Tacomas in stock at anytime dealer and numerous yearly Presidents Awards from Toyota, so it mattered, some smaller dealers may not do sh*t.
     
    OneWheelPeel likes this.
  12. Dec 12, 2019 at 8:25 PM
    #12
    bbp

    bbp [OP] Member

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    This is very encouraging. Thanks again.
     
  13. Dec 12, 2019 at 8:26 PM
    #13
    TacoBuffet

    TacoBuffet Well-Known Member

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    No prob, good luck!
     
  14. Dec 12, 2019 at 8:30 PM
    #14
    Nevin

    Nevin Well-Known Member

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    Just out of curiosity. How's your credit?
    Only reason I ask is I had a similar creative fiance charges when purchasing my 03 when in my early 20s. My credit was sub par, but the excitement of being approved for a new vehicle caught me off guard.
    The dealer actually called me and said they had a better rate then originally signed on, and all I needed to do was come in and sign new loan forms. Turns out this is a common practice.
     
    cruxofthebisquit likes this.
  15. Dec 12, 2019 at 8:31 PM
    #15
    melikeymy beer

    melikeymy beer Hold my beer and watch this

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    Finance charges are typically the interest cost of your loan.

    Finance charges applied to a car loan are the actual charges for the cost of borrowing the money needed to purchase your car. The finance charge that is associated with your car loan is directly contingent upon three variables: loan amount, interest rate, and loan term.
     
    bbartol and black_angus1 like this.
  16. Dec 12, 2019 at 8:35 PM
    #16
    TacoBuffet

    TacoBuffet Well-Known Member

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    Some high volume dealers will do it, mine was 7 days / 300 miles, but had to be towards another new vehicle. Hell, Carvana does it.
     
    whatstcp[QUOTED] likes this.
  17. Dec 12, 2019 at 8:50 PM
    #17
    bbp

    bbp [OP] Member

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    My credit score is high 700s
    Are you suggesting that I paid the interest over the life of the loan up front? The "finance charges" are close to 10% of the total sale amount.
     
  18. Dec 12, 2019 at 8:54 PM
    #18
    melikeymy beer

    melikeymy beer Hold my beer and watch this

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    Good luck OP. Hope you get this resolved.
     
  19. Dec 12, 2019 at 8:59 PM
    #19
    cruxofthebisquit

    cruxofthebisquit Well-Known Member

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    Bastards. They got me first time and I didn't figure it all out 'til a year later.
    I agree with the other poster that unless you need great credit, call them on it. Just park it outside and tell them to " whatever you're comfortable saying". Worst case. You have to go back and get it.
     
    Biscuits likes this.
  20. Dec 12, 2019 at 9:05 PM
    #20
    bbp

    bbp [OP] Member

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    Yeah, it's on there as well as other places.

    % rate: 3.49
    finance charge: ~4600
    amount financed: ~39k
    total payments: ~45k

    EDIT: This does make it seem like they charged me the total interest over the life of the loan. Maybe this is normal I've just never seen it done this way in my experience.
     

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