Consumer complaint received 2020-11-14
Company: General Motors Financial Company, Inc.
State: TX
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
On XX/XX/XXXX, I took my daughter to purchase a care at XXXX XXXX XXXX XXXX XXXX  XXXX XXXX XXXX  XXXX, XXXX, IL XXXX. As a consumer, I was apprehensive as most because of the stigma that is associated with car dealers. However, I had already done a preapproval with a loan provider that I trusted. the loan provider advertised the car at XXXX XXXX for XXXX $ XXXX. Given that my father works for GM we are entitled to a employee discount, before going to the dealership we called them and informed them of the discount and inquired if the discount would be applied to the advertised price and we were told that it would. After being told that piece of information we went to the location and went through the standard price haggling. When we presented the advertised price, the salesperson proceeded to say that dealerships have to advertise the car with all of the possible discounts to be competitive with the area dealerships. I thought that was deceptive marketing. What is the likelihood that you will qualify for all of the compounded discounts..student, soldier, first responder, GM owner, etc ... Nonetheless, my daughter was eager to get a new car. So we continued the conversation about the price. It was then we were told that the GM discount can not be used in conjunction with the sales price. Again, we were given false information. Though, I should have walked out, we still moved forward. I was told that in order to get an additional $ XXXX off we had to use GM financing. As I previously mentioned. I had already been approved from another lender. So when I was told that we had to use GM financing, I hesitated, but agreed to under the terms that they would ONLY submit my loan authorization to 2 institutions. I stated this NO LESS than 4 times and the sales person agreed that they would ONLY send my loan to 2 lenders. When they returned they informed us that my credit rate was 7.5 %, then the finance person came with a different number. When we signed the paper work. I was told that the rate was lower, they were able to get my loan approved for 5.75 %. A few days later, I got a notification that my credit score went down by almost 30 points!!! When I reviewed the inquiries is saw that XXXX XXXX XXXX had submitted a credit approval to 5-7 different banks, none of which I had approved. They separately submitted my daughter to another creditor. After seeing this, I sent a message to XXXX XXXX XXXX on line and no one ever replied. 

This is devastating to me. I am in the process of preparing to purchase a new home in the next few months. I have worked extremely hard to get my credit to a place in which my interest rate for a new home is reasonable. The $ XXXX that I was supposed to save by using their financing is going to cost me THOUSANDS because of the impact to my credit. 

XXXX XXXX XXXX business practices are completely deceptive. From the advertised pricing to scam to the financing practices. These tactics are why people do not trust auto sales.

Company response to consumer: Closed with explanation