Folsom Lake Toyota

Review: I purchased my first car on August 16 of this year. I went in with a pre-approval letter from [redacted]. During the sale, a copy of the pre-approval was made by my sales associate and I was told my loan would go through [redacted]. While signing paperwork, the loan interest rate was correct, and I was assured verbally that [redacted] would be referred my car loan again. I left the dealership happy. However, on August 22, I checked my PO box and had a letter from [redacted] stating that my auto loan was referred to them. I immediately called the dealership saying they put my loan through the wrong bank. They stated that the interest rate was the same, and they didn't understand why it was a problem. I was also told I could go to [redacted] at anytime to change the loan over. I had a vacation planned, but was reassured I could wait until afterwards to handle the matter. I went to [redacted] on September 4th and my representative was shocked at the information I was given by the dealership. The only way to change my loan is through a refinance at this point, which I can't complete until after I have my registration. My representative called the dealership and asked for the finance manager to call both her and me back that day. A few hours later I get a call from the man that helped me sign paperwork when I bought my car (not the finance manager), and he told me I should just go to [redacted] to change the loan. At that point, it was clear that he had no interest in my well being, or he would have known that the reason he was calling me was because my [redacted] representative explained to someone else that I cannot just switch my loan. I was transferred to the finance manager who explained that my loan could no longer be pulled and switched by the dealership, and I will have to wait for registration paperwork to refinance, meaning I have to make payments to [redacted] until then. Also, I could have had my loan switched the first time I called if given proper information.Desired Settlement: I would like monetary compensation from the dealership for having to take hours out of my day to fix their mistake, as well as having my credit, as well as my cosigner's credit, pulled an extra amount of times. I would like $3,000 paid towards what I owe on my car, as well as 5 free car detailing services within the first year,

Business

Response:

I had [redacted] or Finance Director contact both the customer and [redacted]. We agreed to pay off the contract with [redacted] and place the loan with [redacted] at the request of our customer.

Business

Response:

I would like to make it clear that we are doing everything in our power to resolve this situation and have been in constant communication with [redacted] throughout the process. The very first time [redacted] called to express her unhappiness with the loan not being with [redacted] we recommended that the easiest solution was for her to refinance it. She was not thrilled about this but agreed that that was what she would do. Then she contacted the Revdex.com and complained that she was unsatisfied with this solution so we began the process of paying off her loan with wells fargo in order to assign the contract to [redacted]. This unfortunately is a complicated and time consuming process but we have been diligent in following through with it and with our direct communication with [redacted]. We are close to having this completed and Wells Fargo will not be adding insurance to it because we have already paid them off. We will continue to follow the steps to correct this and communicate directly with her as we complete the process however we will not offer any financial compensation.

Consumer

Response:

I have reviewed the response made by the business in reference to my concern, and find that this resolution is satisfactory to me.

Although I do believe the time frame was unfortunate, the issue is now resolved and the dealership paid my first car payment. Thank you for your help and thank you Devin Smith.