Consumer complaint received 2019-10-08
Company: PRESTIGE FINANCIAL SERVICES INC
State: UT
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Changes in terms mid-deal or after closing

Complaint:
I traded in my car about a year ago. I test drove a few vehicles and the salesman asked if I can get you into that with a payment around {$300.00}, do we have a deal. I said yes, thats a big if. 
The dealership was unable to come even close to the monthly payment I was comfortable with. I requested to leave and stated I just wanted keep my car several times. The salesman and the finance manager double teamed me for an extremely high pressure sale. Over the course of about 3-4 hours, I finally agreed to a finance plan suggested by the finance manager. It was almost double what I wanted to pay monthly, but he proposed that instead of putting a down payment, that I put that money in a savings account instead. He explained each month, I could take {$XXXX} out of savings to put towards my monthly payment, that way I didnt feel like I was over extending my budget. He promised in one year, I could come back when my credit score was higher and they would get me refinanced. I didnt want any add on policies to the loan, but the finance manager wouldnt stop pushing the auto warranty. He kept doing calculations and asking what if it only increased your monthly payment by $ x? 
I finally agreed to one that was an increase of around $ XXXX/month ( I dont remember the exact amount ). I signed all the paperwork. The vehicle was delivered to me with an empty gas tank and low pressure in all four tires. It was very late and I had spent the entire day at the dealership within food, so I didnt notice until I left the lot. A couple days later, I went to add the vehicle to my auto insurance and was surprised that I couldnt find the name of a lender. In the mean time, I kept getting notifications of hard credit pulls from my credit monitoring account. I called to ask about the lender and was told they hadnt secured financing yet, which was very strange. A few days later, I was asked to come back to sign loan paperwork. At that time, I told them I dont want the extended auto warranty. 
When I arrived to sign papers, I asked if he received my message about deleting the extended warranty. 
He stated that actually a lot had changed and in order to get the financing, the lender was requiring gap insurance and an extended warranty. I was told that the interest rate was XXXX  % higher and in order to make the deal work, they had to lower the sell price of the vehicle. I asked if I could have my car back and was told they didnt have it. 
I felt trapped, as now my only options were to sign the loan papers for this car or walk away with no car. 
I signed the documentation and I have been paying on the vehicle faithfully for a year. I have maintained it, including spending $ XXXX+ on recommenced maintenance when required. All maintenance has been done at the dealership. 
My credit score increased by XXXX points. Ive tried to refinance the vehicle and Im not able to because the loan amount exceeds the value of vehicle by too much. I cant trade in the vehicle either. I dont want the high payments any more and I dont want the vehicle. I never wanted it. I was pressured into buying it and I was pressured to agree to loan terms that I didnt originally agree to. 
I recently learned that its not legal to require a buyer to purchase additional insurance and warranties. I inquired about the legalities if this on a phone call with the lender. The rep stated its their right to protect their investment by requiring certain coverages. I asked him if they knew it was it was illegal to require it and he didnt have much to say. 
I reviewed my purchase contract and it explicitly states no additional coverages are required for the purchase. I wish I had known this at the time. Ive recently requested the dealership cancel both policies. The finance manager emailed me a cancellation form, which I completed and faxed to the number on the form. I emailed to ask for confirmation the fax had been received and processed. No answer, so I emailed again. The reply was that the fax went to a different office and that if I had turned in all the required documentation with the fax, the request would be processed. I immediately reviewed the previous emails and the cancellation form for instructions on additional documentation and there was none. I emailed again to ask what the required documentation was and I received no reply. Ive also made attempts to speak to the general manager about this issue and someone left me a voicemail on behalf of the XXXX. I returned his call a couple times and none of my voicemails have been returned.

Company response to consumer: Closed with explanation