Public Roundtables: Protecting Consumers in the Sale and Leasing of Motor Vehicles, Project No. P104811
2006, I purchased a 2003 BMW. I looked at the car fax and it mentioned the vehicle being filed as "Salvaged". I sort of fault myself because I should have done my home work before I purchased the vehicle. I was told by the sales person that "Salvaged" doesnt mean anything and that it will not have any bearings on the worth of the car nor the trade in. I tried to refinace the car to get a better rate and was told by Wells Fargo that they couldnt do it because the car is listed as being salvaged. At that time, I researched what salvaged actually meant and at that point, I realized that they sold this car to me, knowing it was listed as salvaged for $26,000. Grant it, I never had one problem with the car. The original engine was overhauled by BMW do to the original owener experiencing problems with it and the car had very low milage. But to know now that they overcharged me for this car,which put me way upside down the day I signed the papers. And while going over the paperwork with the finance person, he sold me gap insurance for $1600.00. Again, I had no idea that the average gap ins. runs no higher than $800.00 in this area. He actually tried selling it to me for over $2000.00 but he decided to come down on the price when I said no. I traded the car about 6 months ago, it was in very good condition, however due to it being listed as salvaged, I lost $5000.00 off the car for a trade in. There are a lot of vulderable people out there, but does that give dealers the right to take advantage of it My responsibility was to do my homework before purchasing, but I didnt know that I should have looked up gap insurance as well as a car being salvaged. How do people like that sleep at night Im a strong believer in God and I know what goes around will surely come back around. Something needs to be put in place to stop dealers from doing things like this because it not only hurt the consumer, what if this car was giving me trouble I would have parked it right back on their lot and suffer the losses. It doesnt have to be that way.. Sheri Wanless and thank you all so much for giving us consumers a chance to at least get our stories out there and let someone be aware of what these businesses are doing.