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AutoFest Leasing & Sales Reviews (1)

Review: I am filing a complaint against Autofest Leasing because they have provided false information to me in connection with a Grand Cherokee that I have leased from them. They treated the lease as a purchase and financing and put the total purchase price of the car rather than the total payments due for the lease term on my credit report. I have attempted to resolve the problem by contacting Autofest leasing however have not gotten any results from them.Desired Settlement: I would like Autofest leasing to correct the information they have submitted to my credit report to reflect the accurate value of the car that I have leased from them. This transaction should be treated as a normal lease not as a purchase financing.

Business

Response:

[redacted]

Dear [redacted]:

My apologies for not responding sooner. I received this notice just before the Passover holidays, and as a religious and observant Jew, did not work during the Passover holidays. I returned back to work this past Wednesday, and am trying to catch up with the work that had to be pushed off until I return.

In response to the complaint filed against Autofest Leasing by [redacted], we provide the following information:

1. [redacted] did in fact enter into a lease agreement with Fusion Auto Finance (from here on, referred to as “Fusion AF”), who effectively is the title holder, and Teachers Federal Credit Union (from here on, referred to as “TFCU”), who is the lease contract holder. A copy of the lease agreement that was entered into is attached for you to review.

2. We delivered the vehicle to [redacted] at the agreed upon terms as set forth in the lease agreement. The transaction is in fact a lease and is not a purchase of the vehicle, as you can see in the attached contract.

3. As we are sure [redacted] is aware, the underlying financing for this lease was obtained from Fusion AF/TFCU, because that is where their monthly lease statements are being sent from.

4. We cannot comment upon the internal accounting procedures employed by Fusion AF/TFCU, as alleged by [redacted]. We have, however, been informed by other customers of Autofest Leasing who acquired vehicles that were leased by financial institutions such as People’s Alliance FCU, TFCU, Bethpage FCU, Island FCU and Nassau Educators FCU, which are all credit unions affiliated banks of "Groove Car", the parent company of these Credit Unions. Those institutions provide monthly

statements which show the entire amount borrowed as being the amount owed to the banks, not just the remaining lease payments. Technically, this is correct since the financial institution provides the funds necessary to acquire the vehicle from the dealership. The lease payments that are made reduce the amount due to the financial institution. However, some other leasing banks report to the bureaus as the total monthly payments over the course of the lease being the amount borrowed for their leases as well, which would show a lower amount on the bureau. This is not something that Autofest sets forth, this is at the discretion of the lease bank, how they apply their lease financing, and how they report to the credit bureaus. At the end of the lease, assuming the vehicle is returned, the residual value of the vehicle (as set forth in the lease) is applied to “payoff” the loan. Autofest Leasing acts merely as an intermediary that assists the customer in securing a lease on a vehicle. All payments by a customer are made to the financial institution that provided the lease financing. We have used Fusion AF/TFCU in the past for other customers and have not received any complaints or had any issues in those other dealings.

5. We have made an effort to help [redacted] by contacting Fusion AF/TFCU in an effort to have them change their records and question why they have reported in the manner alleged, however they have refused to provide us with any additional information or to change the manner in which they report.

6. We are willing to do anything within our power that we can to assist [redacted]. However, she is asking us to do is not something that I have any control over. I was informed by [redacted] that the reason why this surfaced was because they were having difficulty getting home mortgage financing because of the manner in which Fusion AF/TFCU reports to the credit unions and showing the total funds necessary to acquire the vehicle lease. My best advice that I offered to [redacted] was to show the mortgage institution they were trying to get home financing with, a copy of the lease, which clearly shows that they entered a lease, and not a finance to own this vehicle, but apparently this was not enough to appease them, they didn't even try to do this, rather they went forward and filed a complaint for something that has nothing to do with me. It is up to them to accept my advice and clarify with the home mortgage financing institution by showing them the lease agreement and

explaining to them that this is the manner in which this credit union reports to the credit bureau as a leased vehicle.

Please let me know if you have any other questions, and I will do my best to help.

Very yours truly,

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

Not one single item on [redacted]'s response is true. I was not aware that I would enter into any agreement with Fusion Auto Finance or Teachers Credit Union or East Hills Chrysler Jeep Dodge. As I have leased other cars in the past I though I am leasing a car from Chrysler and I would be responsible for the total of monthly payments for the duration of the lease. [redacted] made the decision without my knowledge to involve three other parties mentioned above whom I had no knowledge of. After receiving the first statement from Teachers Federal Credit Union showing that I am responsible for the total purchase price of he care, above $36,000, not the total lease payments which is $14,400, I contacted [redacted] and he very rudely stated that it is not his responsibility and he just pushed papers. As your are aware when you lease a property, real or personal, you are responsible for the total lease payments not the total value of the property you leased. For example if I lease a building for $10,000 a month for one year and the value of the building is $1,000,000, I am not responsible for $1,000,000 my liability is $120,000 which is 12 monthly payments of $10,000. What [redacted] did, and he mention that in our conversation, to be competitive with other leasing companies and to save a few dollars he made the decision to get all of these unrelated parties involved without my knowledge and as a result I now have a $36,000 liability on my credit report which will affect any financial decision I make within the next three years such as refinancing my mortgage or getting a new mortgage or even leasing a new car. Please see the statement I received from Teachers Federal Credit Union showing the $36,000 and also breaking down my monthly payments between principal and interest which is wrong. I am paying for a rental every month I have not purchased or financed the car that the payments should be treated as so. Also, I have attached two statements from other cars I have leased through Audi and Volkswagen showing the balance of outstanding leases not the value of the car which is the correct way a lease should be treated.

?

In order for the Revdex.com to appropriately process your response, you MUST answer the question above.

Sincerely,

Consumer

Response:

Enclosed please find the lease agreement and this is the only papers I have, which was delivered with the car and I signed it.

Thank you,

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