This story is an example of "Car Bushing". It's something that we featured a few weeks back, and the viewer response has been overwhelming.
The State Attorney General has received hundreds of complaints about "Car Bushing" over the past several years. What is it? It goes like this: When you buy a car off a dealers' lot you don't really own it yet. Bet you didn't realize that. A dealer has four business days to secure financing under the terms that you agreed to. If they can't get the financing, they can call you up and rescind the deal, or change the terms. But if they contact you after those four days, and try to change the terms, that's Car Bushing, and it's against the law.
Chad Chapman fell in love with the truck...the first time he saw it on the lot...he liked just about everything about it..except for the deal he got.
He paid 8500 bucks for the truck, with 15-hundred dollars down, and 24% apr...which seemed high, but since he didn't have good credit, and co-signed with his mom, he figured it was as good as he was going to get... so he signed the deal.
But then eight days later, he got a phone call, and learned the deal had changed.
Chad says, "I had to pay another 15-hundred bucks down to keep the truck."
Not only that, but his APR was jacked up, from 24 percent to 29.9 %.
With no other wheels, and no options, he felt he had to pay the higher amount, so he did.
State Assistant Attorney General Mary Nobel recommends for him to walk away, "Especially with 24% apr. what it tells me that he didn't do his homework before he bought the car, and what the interest rate should be."
Chad says he feels he has nowhere to turn because the dealer he says took him for a ride... is now out of business.
Now, I've told Chad that he does have a few places to turn:
First, he has 1 year to file a cvonsumer complaint with the Attorney General's office.
He can also contact the Department of Licensing. The Bonding company may be liable in a case like this, and the DOL can track down that information.
Also, he should consider hiring a private attorney who specializes in cases like this, although the return on that will likely be a nullification of the deal, and a reimbursement of out-of-pocket expenses, such as insurance and repairs.
Some resources for Car Bushing victims:
RESOURCES FOR CAR BUSHING VICTIMS