Submission Number: 00098
Received: 3/21/2012 10:28:50 AM
Commenter: Hollie Amundson
Agency: Federal Trade Commission
Initiative: Public Roundtables: Protecting Consumers in the Sale and Leasing of Motor Vehicles; Project No. P104811
Attachments: No Attachments
I am in complete agreement with the proposal to not allow auto dealers to roll negative equity into a new auto loan. I was a victim of such a transaction, however my lending institution helped save me. They would not finance my loan because it was more than the value of the new vehicle. I went to my Attorney General's office and filed a complaint and then returned the vehicle back to the dealer. They told me that if I had not wanted to roll negative equity (actually, it was the full value of my remaining loan) into a new loan, I should have told them I wanted "No negative equity". I was 24 years old at the time and they told me they would pay off my trade in. Our definitions of paying off a trade in were clearly different, but they able to deceive me because I did not use their specific language to describe what I wanted. I was reprimanded by them for this injustice and was threatened with fees if I retrieved my trade vehicle in the event it might have already been detailed. No young adult (or anybody else) should have to be a victim of deceptive wording by an auto dealer!.