Latest news with #car purchase
Motor 1
11-08-2025
- Automotive
- Motor 1
Woman Signs for a Ford at the Dealership. Then They Call Her Back and Say They Miscalculated the Price and She Owes $3,800 More
After a car purchase led to the discovery of unpaid loans, missing checks, and fired finance managers, one woman's dream Bronco turned into a nightmare. TikTok user Agoodz (@agoodz), whose channel has the tagline 'Allyson | Business Owner & Mom,' shared her ordeal in a video that has garnered over 26,000 views since being posted on Thursday. Her experience reveals the outline of a known danger for consumers looking to trade in a financed car, and how an expensive car transaction isn't over 'til it's over. The Perfect Purchase Goes Wrong The story began positively enough. Agoodz says in the video that she purchased a 2025 Ford Bronco Outer Banks from her local Ford dealership, trading in a 2024 Grand Highlander with equity. 'Everything was fine. I got the DRS [Dealer Report of Sale] in the mail, started the registration process,' she explained in her video, filmed from the driver's seat of her new vehicle. But exactly one month after the purchase, her problems began. 'I got a text message last week from a finance guy at the dealership, and he says I owe them $3,800 because my car was actually upside-down,' she recounts. An upside-down car loan means you owe more than your car is currently worth. Her response was immediate: 'I said, 'No, it wasn't. Here's Kelly Blue Book on my value. Here's what you guys gave me, which is much lower.'' The Runaround Begins What followed was a Kafkaesque series of contradictory communications that would frustrate any car buyer. After arguing with the finance manager, Agoodz received what seemed like a resolution. 'The sales manager ended up calling me,' she said in the recording. 'It was like, 'No, we're going to eat that money. We're so sorry. You're right. You already got the DRS. Everything's fine. We're good,'' agoodz added. Wisely, she requested written confirmation, which she said she received. The Credit Crisis The dealership's antics were just beginning, according to Agoodz. She next received an alarming call from Toyota Financial. According to her, their message was, 'Mrs. Goodman, you missed your payment last month, and the next one's due. This is going to report to your credit.' Her confusion was understandable, and she says she shot back, 'I sold that car a month ago, and it was supposed to be paid off.' This prompted her to investigate further, leading to more disturbing discoveries. The Missing Loan Mystery When Agoodz called the bank listed as her lender, things got even worse. 'Hi, when's my first payment due on my car?' she questioned. After Agoodz provided identifying information, the worker said, 'We don't have a loan for you.' Her attempts to reach Ford proved equally fruitless. 'Call up Ford, no one answers; leave voicemails, no one calls back,' she said. The Fired Finance Manager The situation's complexity became clearer when she finally reached someone in Ford's business department. The representative revealed that 'the check they overnighted last week never showed up to Toyota.' But the most telling detail came at the end of the conversation. 'She goes, 'Well, the finance guy that you were talking to last week got fired,'' Agoodz said. Reflecting on the call, she concluded, 'Oh, I bet he did because he talked to me like [expletive].' A Known Scam Tactic Unfortunately, Agoodz's experience follows a well-documented pattern of dealership fraud. Consumer protection experts have identified the 'forgot to pay off your trade-in' scam as a common tactic used by unethical dealers. According to automotive fraud specialist Carlton Wolf, this scam typically works by dealers either deliberately failing to pay off trade-in loans or using 'clerical errors' and delays to extract additional money from customers. 'Unethical car dealers use this dealer scam to pay you less for your trade than agreed or try to steal it from you by leaving your trade-in out of the transaction altogether,' Wolf explains on his Auto Cheat Sheet website . The Georgia Attorney General's Consumer Protection Division warns that even when dealerships agree in writing to pay off existing loans, 'there is no guarantee that it will do so.' It notes that customers can end up responsible for both their old and new car payments if dealers fail to fulfill their obligations. Legal Vulnerability for Customers Legal experts emphasize that customers remain legally responsible for their original loans regardless of dealership promises. LawInfo explains that 'your car loan is a contract between you and your bank, credit union, or finance company. So, the lender will hold you – not the dealership – responsible for any payments until the loan is completely repaid.' This means that even when dealers take possession of trade-in vehicles, customers face continued liability. If payments are missed due to dealer failures, the consequences include credit score damage, potential repossession, and ongoing financial obligations. Consumer protection attorney Nareissa Smith notes for LawInfo that 'one late payment can lower your credit score by up to 100 points,' and that missed payments will be reported to credit bureaus regardless of the dealership's role in causing them. Red Flags and Prevention The situation Agoodz describes contains several warning signs that consumer advocates from the Georgia Attorney-General's Office and MoneyNing point to: Dealers requesting additional money after contracts are signed Claims that trade-in values were 'miscalculated' Delayed or missing payoff checks to previous lenders Finance managers being terminated amid customer complaints Loan documentation that doesn't exist with the supposed lenders Experts recommend several protective measures: Getting all trade-in payoff promises in writing Following up directly with previous lenders within 30 days Verifying loan documentation with new lenders immediately after purchase The Frustrating Conclusion Despite loving her Bronco, Agoodz's experience has soured her on Ford dealerships entirely. Her video caption pleading with Ford Motor Company—'@Ford Motor Company someone help explain wtf is happening'—highlights the frustration customers feel when dealership problems escalate beyond local resolution. Her experience also serves as a cautionary tale. Even if her situation arose from poor communication or mismanagement, it matches the pattern of known scams that others might fall prey to. Some consumer advocates recommend avoiding trade-ins and maximizing your return with private sales, or at a minimum, to pay off the car completely before you trade it. For customers already caught in similar situations, some government agencies recommend consulting an attorney able to navigate consumer law. Motor1 direct-messaged Agoodz for comment. We'll update this article if we hear back. Now Trending 'Worst Feature Ever:' Houston Woman Buys F-150. Then She Tries to Return it 30 Minutes Later After Discovering Annoying Feature 'I'm Shaking Right Now!:' Tucson Man Calls Midas Auto to See if They Have a Battery. Then He's Told He Has to Pay the Driver Get the best news, reviews, columns, and more delivered straight to your inbox, daily. back Sign up For more information, read our Privacy Policy and Terms of Use . Share this Story Facebook X LinkedIn Flipboard Reddit WhatsApp E-Mail Got a tip for us? Email: tips@ Join the conversation ( )
Yahoo
12-07-2025
- Automotive
- Yahoo
The Best Way To Take Out a Personal Loan on a 2025 Car
Purchasing a car is typically the second-largest purchase Americans will make. Buying a new car, however, exacerbates the situation, as they're typically more expensive. Therefore, an auto loan seems like the reasonable solution for those not in a position to pay cash for a car. I Bought a Hybrid Car: Learn More: However, an auto loan isn't the only solution for people seeking ways to finance the purchase of a car. Here are the best ways to use a personal loan to buy a 2025 car. Whenever you're taking out a loan, it's advisable to shop around for the best rates and terms. Not every lender is going to offer the same rate, allowing you to reduce the overall indebtedness and monthly payments. Searching for a personal loan to buy a new car is no different. Speak with local credit unions and banks to learn what kind of rate they can offer. The former may offer a lower rate, but if you're a customer at a traditional bank, you may qualify for a competitive rate. Don't overlook online lenders like SoFi or LightStream to see if they can compete, either. Just make sure to keep inquiries within a 14-day window, as that will only reflect as one inquiry on your credit. The average cost of a new car was $48,799 in May 2025, according to Kelley Blue Book, so finding a lower rate pays. Consider This: It may be tempting for Americans to take a personal loan to finance everything. After all, it allows buyers to walk into the dealership with a check in hand to pay for the entirety of the purchase. The reason is multifaceted. Primarily, it results in buyers paying interest on non-essentials like fees and taxes. That can add hundreds, if not thousands, more over the life of the loan. Worse yet, it increases the risk of being upside down on the loan. Instead, try to put cash down to reduce the overall amount you need to borrow. Any time before you take out a loan, it's imperative to check your credit. Identify any problems with your credit, and if there are any, resolve them as soon as possible. Dispute any errors on your credit report and pay down any outstanding debts to boost your score. This may not qualify you to get an auto loan from a dealership, as dealers are tightening loan terms, according to The New York Times, but it may help you earn a better rate on a personal loan to buy a car. As with any loan, it's essential to know the terms of a personal loan when using it to purchase a car. Only select a fixed-rate loan so your monthly payments won't increase. Variable-rate loans may be attractive, but they can be unpredictable. Moreover, steer clear of loans with exorbitant origination fees or prepayment penalties. Combining this with reducing the overall loan amount, you can keep loan payments in check. Using a personal loan to buy a 2025 car may seem unconventional. However, in the right situation, it may help you purchase the car you need with few headaches. With tightening loan standards at many dealerships, a personal loan could be a good alternative. More From GOBankingRates Warren Buffett: 10 Things Poor People Waste Money On This article originally appeared on The Best Way To Take Out a Personal Loan on a 2025 Car Sign in to access your portfolio
