Agency Information Collection Activities; Proposed Collection; Comment Request; FTC File No. P154800 #00004

Submission Number:
00004
Commenter:
Katherine Sloan
State:
North Carolina
Initiative Name:
Agency Information Collection Activities; Proposed Collection; Comment Request; FTC File No. P154800
I'm commenting on behalf of my son who has Asperfers and learning disabilities. On 11/29/15 he went to Performance Ford Lincoln of Charlotte NC with a flyer he received in the mail to claim a scratch off prize he thought he had won. With his disabilities I can only describe that it became open season for predatory sales to coerce him into buying a highly defective car for much more money than actual book value. He was not given a car fax and he was led into stating his monthly income by finance manger who prepared finance contract. We only learned of this after he purchased what he was told was a great deal and brought the car over to show us. Once we saw the finance contract and checked book value we knew he had been taken full advantage of. The very evening when he left our home the car completely broke down and he was stranded on the interstate for most of the night. His father and I personally went to the dealership the following day to explain our sons difficulties and request the contract be voided and the sell terminated. From this point we were passed along to various sales persons that promised it would be taken care of. The entire rest of the week we had to initiate any contact with Performance Ford with the end result being that they would take defective car as a trade in and our son could purchase another car. However when we tried to find something as an even trade they said it was not possible and the only way was to purchase a new vehicle and 25% of original loan for defective car was calculated into the new finance contract making the entire purchase higher than previous and monthly payments higher. We know the original loan with TD Auto Finance was fraudulent because he was told what to state as income and no reputable lender would even consider the debt to income ratio as viable. He was not required to fill out a credit application. He was also led to believe that over a period of time the payments would be reduced but has nothing in writing. Over 25 days ago this was addressed by letter with the owner of Performance Ford and CEO of Ford Motor Comapny. There has been no response. Our son does not have a vehicle but has a $449.59 payment due next week. I appreciate the opportunity to provide comment. Not only to inform of deceptive sales and lending but if it will aid in gaining better protection for those at a disaadvantge this will help with an added need. We have always helped our son with any major purchases he has made. We have always encouraged his abilities over disabilities. He is a hard, reliable worker and learned to save and mange money. The drawback for him in this incident is that he takes people at face value and cannot process complicated transactions quickly. I am greatly disturbed that all that he has worked for can be jeopardized by such illicit practices. Thank you, Katherine Sloan