Public Roundtables: Protecting Consumers in the Sale and Leasing of Motor Vehicles, Project No. P104811 #00015 

Submission Number:
00015 
Commenter:
Daniel Norman
State:
Washington
Initiative Name:
Public Roundtables: Protecting Consumers in the Sale and Leasing of Motor Vehicles, Project No. P104811

Friday, 15 April, 2011 The car dealers have figured out how to receive their commission from the banks when someone walks on the lot with a Blank Check from Capital One Auto Financing. They have you sign the check and apply for a bank loan on your behalf without telling you. When you find out they say "there was no check" and "you needed financing when you walked on the lot". I had a check for $17,600.00 and paid for the car and ended up with a $20,300.00 loan with Wachovia @ 9% that I know nothing about. The bank seemed to have enough information to approve a loan without talking to me. How do they do this? And what is applying for a loan " ON YOUR BEHALF". If it wasn't for the Lien they had on the car they sold me I wouldn't have found out about this bogus bank loan until a late notice appears in my mail box.There has been enough paper generated on this case I should open a pulp mill. I know there are many question and I would love to answer them all but this forum won't permit. Maybe later. Dan Norman. [redacted]