Credit and Contract Clause
On June 19th, I and 2 friends of mine, ****** and ******* arrived on site to look for a car. Being that I am deaf, my friends were helping me read lips. We were approached by ****** I drove a **** ********** ******* with a sticker price of $7,999.00. I instructed ****** to get on their computer to obtain the ****** **** **** value of the car while I drove it. ****** negotiated a price with ****** My income (SSI $733) and child support $269 was reported on applications for loan. I requested payments at no more than 120.00 per mo. for no more than 12 months. ***** quoted me $123.00 per mo. for 48 mo. I was encouraged it was a good deal. The percentage was not discussed. Upon signing the paperwork for the vehicle, there was a clause/box indicating that if Rocky's Auto could not secure a loan for me at $125 and some change with 21% interest for 48 months (which I balked at), the contract could be canceled with fees for mileage or $50 per day. I was under the assumption that a loan was not secured yet for the car and I would return the car if Rocky's Auto could not get me one. The loan officer requested proof of income, my SSI award letter and child support verification after I signed the contract. ***** followed my friends and I home and I gave him my award letter for my SSI, the child support verification could not be obtained at this time and I was told to fax it that evening or the next day. When I called the child support enforcement office to obtain verification for Rocky's Auto, I was informed by my case manager that my child support would stop in 5 months. I thought I would be getting child support until my children were 21 years old (3 more years). I was incorrectly informed about this in a previous call years ago. Upon realizing that part of my income, $269.00, would be non-existent in 5 months, it was too late in the day to inform Rocky's auto. I decided to return the next day, June 20th without child support verification, return the car, apologize, and tell ***** or loan officer to cancel any and all requests for a loan. Upon arriving at Rocky's auto around 11am on June 20th, 2015 with my friend ******* I spoke with the Vice President of Rocky's Auto, asked him if a loan had already been secured and he said the applications were still in the process because it had only been 18 hours. I then told him to stop ALL the loan applications. I proceeded to explain that I did not have child support verification because it would be non-existent in 5 months. I was under the impression I would not be approved for a loan anyway due to such a small income of $733. I then respectfully asked him if I could buy a car from them that I could afford with my $5,000 cash to stay in their good graces, OR if I could not find a car I could afford, I would pay the mileage and restocking fee for the car as I knew this was standard practice. The Vice President informed me that this was not possible as I had signed a contract. When I asked about the paragraph in the paperwork that stated that the contract could be canceled if a loan could not be secured, he proceeded to tell me that when a loan can not be secured, that THEY could cancel the contract but I couldn't. When I again asked them if a loan was secured, he proceeded to tell me that what I signed was a loan through their in-house financing and that it would automatically kick in if I was turned down for a loan elsewhere. When I asked him if a loan was secured through Rocky's Auto, he said the paperwork was processing. He stated the contract was a loan in itself. I again asked him to stop the 'process' because I could not give him verification of soon to be non-existent income and consequently, I would not be able to make the payments. He stated that it would be grounds to repossess the vehicle. He then told me to make my son get a job and laughed after I told him they were autistic. The paragraph in their paperwork/contract is misleading and he refused to work with me.
Cancel loan applications, return **** ********* ******** get full refund of $5,000 minus a reasonable restocking fee and mileage accrued from June 19th up to the return of the vehicle.