Cash Money Hoes
05-22-2010, 05:31 PM
As mentioned in my other Thread about Deerfoot SOuth Suzuki, Here is the background on the, what i believe is a fradulent loan application Deerfoot South Suzuki made on my behalf without my knowledge or permission. I found this out after they ripped off for my $500 deposit.
So here is the coles notes
I agree to purchase a 2007 335i for $35,000. They then took down a bunch of my information and after several days of requesting more information then followed by several days of not returning phone calls to let me know where we were at, I find out that I have been approved for loan financing by 2 of the 3 lending institutions they applied to.
I decided to go with first calgary of the 2 lenders because of the favourable lending terms and the fact that they sounded like they would be able to turn around the deal quickest.
So the Finance manager Greg calls me and gives me all of the details of my loan,
The Term 60 months
the interest rate - around 7.5% compounded (i think)
Payment frequency (monthly)
the principle - 35,000 plus GST (have to pay gst when buying from used car dealerships)
the payment
They indicated that there were no additional fees from the lender.
So out of curiosity i wanted to verify that the payment was correct using these terms provided for me. So i open up excel and use the =PMT() function and find that the payment they quoted me is 10 dollars per month high, I try different compounding frequencies to see how this discrepancy may have come about but am unable to do so.
So i call greg the finance manager at deerfoot south suzuki and ask him about the discrepancy he tells me that this does not make sense and that these are all of the terms that bank has given him and that it is out of his hands.
I come go in the dealership with the excel spread sheet printed off to show him that given the terms he has quoted, there is not way they could have come up with the payments as stated unless there were hidden fees (it turns out there were none).
So he sits down with his sales manager and figures out where the discrepancy came from.
They submitted a fradulent application to the banks on the basis that the vehicle was being purchased for $39,000 plus gst and said I was putting down a down payment of $4,000. The additional GST amounted to $200 and was included in the princle in addition to the 35,000 + GST. As a result my payment was $10 per month higher.
The fact that the payment was $10 a month higher is not of conern to me. the issue is that Greg the fianncing manager at Deerfoot south suzuki lied to the banking institutions to make it seem like i might be a better candidate for the loan as i was going to put down a large down payment when purchasing the vehicle as opposed to buying it outright. They would have not done this if it would not skew the underwriting standards to better my chances of being approved.
I believe this a clear cut case of fraud and it akin to the massive fraud the mortgage loan originators in the US perpetrated that lead to our most recent economic downturn.
I have to beleive that if they would use these type of loan application tactics accross the board they are getting under qualified lends financing and pulling the wool over the eyes of lenders on a continual basis leading to more substantial issues to all borrowers down the road in the form of unjustified larger risk spreads.
I feel Deerfoot South Suzuki and their minions should be criminally prosecuted for this and I have brough this to the attention of the banks that approved my loan and they have launched an internal investigation into Deerfoot South Suzuki (although they are not allowed to share the results with me for some reason).
Anyways, this is yet another reason for me to beleive that these guys are unethincal and not trustworthy and more plainly criminals.
I will stay as far away from Deerfoot South Suzuki as possible and from my experience I beleive they will rip you off.
Thanks for takin this time to read this.
So here is the coles notes
I agree to purchase a 2007 335i for $35,000. They then took down a bunch of my information and after several days of requesting more information then followed by several days of not returning phone calls to let me know where we were at, I find out that I have been approved for loan financing by 2 of the 3 lending institutions they applied to.
I decided to go with first calgary of the 2 lenders because of the favourable lending terms and the fact that they sounded like they would be able to turn around the deal quickest.
So the Finance manager Greg calls me and gives me all of the details of my loan,
The Term 60 months
the interest rate - around 7.5% compounded (i think)
Payment frequency (monthly)
the principle - 35,000 plus GST (have to pay gst when buying from used car dealerships)
the payment
They indicated that there were no additional fees from the lender.
So out of curiosity i wanted to verify that the payment was correct using these terms provided for me. So i open up excel and use the =PMT() function and find that the payment they quoted me is 10 dollars per month high, I try different compounding frequencies to see how this discrepancy may have come about but am unable to do so.
So i call greg the finance manager at deerfoot south suzuki and ask him about the discrepancy he tells me that this does not make sense and that these are all of the terms that bank has given him and that it is out of his hands.
I come go in the dealership with the excel spread sheet printed off to show him that given the terms he has quoted, there is not way they could have come up with the payments as stated unless there were hidden fees (it turns out there were none).
So he sits down with his sales manager and figures out where the discrepancy came from.
They submitted a fradulent application to the banks on the basis that the vehicle was being purchased for $39,000 plus gst and said I was putting down a down payment of $4,000. The additional GST amounted to $200 and was included in the princle in addition to the 35,000 + GST. As a result my payment was $10 per month higher.
The fact that the payment was $10 a month higher is not of conern to me. the issue is that Greg the fianncing manager at Deerfoot south suzuki lied to the banking institutions to make it seem like i might be a better candidate for the loan as i was going to put down a large down payment when purchasing the vehicle as opposed to buying it outright. They would have not done this if it would not skew the underwriting standards to better my chances of being approved.
I believe this a clear cut case of fraud and it akin to the massive fraud the mortgage loan originators in the US perpetrated that lead to our most recent economic downturn.
I have to beleive that if they would use these type of loan application tactics accross the board they are getting under qualified lends financing and pulling the wool over the eyes of lenders on a continual basis leading to more substantial issues to all borrowers down the road in the form of unjustified larger risk spreads.
I feel Deerfoot South Suzuki and their minions should be criminally prosecuted for this and I have brough this to the attention of the banks that approved my loan and they have launched an internal investigation into Deerfoot South Suzuki (although they are not allowed to share the results with me for some reason).
Anyways, this is yet another reason for me to beleive that these guys are unethincal and not trustworthy and more plainly criminals.
I will stay as far away from Deerfoot South Suzuki as possible and from my experience I beleive they will rip you off.
Thanks for takin this time to read this.