Car Approval Corp

Car Approval Corp

Car Approval Corp “Special Financing” scam Brooklyn New York!!. Visited this place in July 2018 to check out a vehicle. Came to an agreement on the total price of the car, which is only available if I enter in the “Special Financing” program that they offered. We agreed on a price of $26,500. I put a $7,000 down payment on the car, therefore the balance was $19,500. We agreed that the $19,500 would be paid out the next 3 years = $6,500 per year or $550 per month for 36 months to pay off. After this the car would be paid off and title would be mine. Here’s the logistic behind their special financing. The agreed upon price of $26,500 would only be available to me if I chose to finance. So under the “contract” I signed, if I pay the required amount every month on time ($550), and if my credit score remains the same at the end of 2 years, only then I would be able to keep that $26,500 price. BUT if I miss a payment, they are subject to void the contract and I would be stuck paying a higher amount for the vehincle (which was $34k when I first received my first bill from the bank). Isn’t that insane? I didnt know this was the case until I signed all the paperwork!! WTF!! So I thought, ok, I have really good credit and I can defintely make the monthly payments. When I first received the bill, I called Car Approval Corp and asked why the hell does the loan balance say $34k!? So they replied it’s special financing, if I pay on time for 2 years, I have to return to the dealer and they will pay off that loan balance with the bank. And I will only have to pay the “supposedly” $6,500 leftover balance. So I was sort of relieved So fast forward 2 years later, I was under the impression that since I’ve been paying $550 for 24 months on time, now I can return to the dealer and ask them to pay off the current loan that the bank has me under. Come to find out, I cannot find the dealer at all. They are out of business!?!?!?!? WTF! Instead of having a $6,500 balance I now am stuck with a $24k balance with the bank. I’m reading other reports on this company and how they scammed others the same way. I was screwed and am looking for a lawyer. Will reach out to others who were scammed by these goons (manager name was Joe) and taking legal action so we can locate these guys and get justice! By the way the $7k “down payment” went into their pocket! I am so mad at myself.

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