ComplaintsforTerry Thompson Chevrolet, Inc.

• Initial Complaint

  07/22/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  On 2/14/24, I purchased a 2024 Tahoe Z71. The deal was worked out & was supposed to cost $76,470.00 plus taxes of $563.97, consumer service fee of $799.80, title fee of *****, There was a trade in allowance of $39,865.28 due to trading in a 2021 z71 & a 2018 Tahoe plus there was supposed to be a trade tax credit $2,720.00. The total amount that I had agreed to financing was $37,985.02 & I naturally assumed that it would be financed through GM as was my last vehicle. I contacted GM after I brought the vehicle home and they were not even contacted about financing my new vehicle. I am 81 yrs old & have good credit but was recently told by Terry Thompson that the best deal that they could get me was through ********* at a *****% interest rate. Like I said before I am 81 yrs old & cannot hear very well so whenever I signed the documents I thought that the deal was like they had told me that it was prior to me going into the dealership. Whenever, my daughter looked this over & saw what I was being charged in interest plus there was no trade tax credit listed on the new deal she couldn't believe it. I would never have agreed to purchase this car had I fully understood how much it was going to cost me. I have contacted Terry Thompson several times regarding these issues but tge only thing that they say is that this was the best finance rate they could give me & will not even address the trade tax credit, or the purchace price going up $3,000.00 so I really do not know what to do. Thank you, *************************

  

  Business response

  08/16/2024

  She did receive her tax credit.  Its shown as a line item on the worksheets just to show how much it is, but on real docs just the final tax amount is disclosed. The original sheet has the credit spelled out so customers can see the added benefit to their trade-ins.
  
  Pricing was consistent the whole way the deal was unchanged going into the finance office.  She was initially quoted payments of 782 800.  Once in the F&I office, we did the standard full presentation and menu, and its in the deal for review.  During the presentation of available products, we even went so far as to discuss gap insurance and explained what it was and why gap insurance would be inappropriate given the structure of her purchase in case she was later pressured to get it from her insurance company and why it was not on the menu available for selection.  
  
  The F&I products she did select do come at a cost, and that cost is why the payments went up. Thats also why the initial taxes went up - theres some components of the package that are taxable, and those components are added to the sales price of the vehicle the same way an added bedliner or assist steps included in a deal as accessories would be. 
  
  Everything is disclosed, there are several items that show all the terms.  The contract shows the full cost of the finance charge if she pays only the base payments and pays to maturity.  She was also informed that everything is simple interest and there is no pre-payment penalty, which includes refinancing.  If she feels that she can get a better interest rate, shes free to refinance at any time without penalty.
  
  Although she states that shes 81 years old and doesnt hear very well, she negotiated a better deal for herself while inside the F&I office, getting a Platinum package, which would normally have carried a monthly payment of $848/mo and settled on a payment of $829/mo.  She initialed the menu accepting this discounted payment for the package. She was actively participating in negotiations, so to state that she did not understand what was going on is incorrect.  

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩