Proposed Consent Agreement In the Matter of Billion Auto, Inc., FTC File No. 112-3209
We were pre-approved for financing through our bank at 5.25% interest rate. A fact the Billion salesman was made aware of. It was a Saturday, and after any banking hours when we sat down to purchase the vehicle. The salesman assured us that they were allowed to "make loans through (Our Bank)" and that they could get the financing done for us that evening. After filling out the the credit information sheet, the salesman disappeared into the temporary trailer to run our credit. After we were ready to leave the property having waited so long, he emerged with "Great News!" "We had been approved for an 8% interest rate on the loan." After we told him that was unacceptable, as we had been told by our bank that our rate was much lower, he attempted to convince us that the 8% had come from the bank. He was literally upset that we weren't willing to sign the sales agreement at the 8% figure. He then tried to tell us that we were unrealistic about our 5% interest rate. He then went to go speak to his finance manager and, after 20 minutes, returned to tell us again that the 8% rate was the rate from the bank. I told him that I would wait to hear back from the bank on Monday and that we would not be signing anything and we abruptly left the dealership. I left a message for our banker and she returned my call on Monday morning with the miraculous news we knew to be true all the long, 5.25%. It was easily the most crooked attempt to mislead the public I had ever been a part of. I am also not convinced that the federal rules of the various credit protection acts weren't violated as we weren't asked to sign credit releases until after the credit was run. Please redact my home address information prior to posting this publicly. My story, however, was meant to be shared with the public and the proper authorities.