Consumer complaint received 2015-07-06
Company: FIFTH THIRD FINANCIAL CORPORATION
State: NY
Product: Consumer Loan
Sub-product: Vehicle loan
Issue: Taking out the loan or lease

Complaint:
In XX/XX/XXXX my mother and I purchased a XX/XX/XXXX XXXX XXXX from this company 's mobile sales location in XXXX, NY. We were told I did n't have enough income to finance the car myself so she would have to cosign. After much manipulation on the part of XXXX XXXX ( the owner ), we got a sale price of {$12000.00}. This was way above the {$5000.00} or less we were told they had for cars. After some debating, my mother and I decided to just buy the car since I needed it for work. After an hour and a half of being insulted by XXXX XXXX, we just wanted to sign our papers and leave.He gave us a long " I do n't deal with crooks, cheats and liars '' shpiel and told us " he would n't sell us a car if we were dishonest criminals ''. After I informed him we did n't deal with that kind of people, either, he finally got down to business. 
Mom and I were told we could finance the car for 5 years at a 5 % ( which later turned into an almost 8 % interest rate ) interest rate. No big deal there. We get to discussing the monthly payment and he said it would be around {$250.00} a month. This was fine and affordable for me. XXXX minutes later he comes back and gives us this " I 'll pay your tax, licensing and other fees but you have to pay me back for it. ( Weird, considering that 's just usually financed into the loan ). It 's going to cost you {$450.00} a month for 6 months to pay me back for that, then your payment will drop to around {$250.00} a month. '' Okay shock at the new payment, but I figured for 6 months it was doable. I specifically asked if he was sure my payment would drop after the 6 month time frame and was told " I guarantee it will ''. Okay, fine. 
Now we finally get to sign our papers and just leave. Mom signed away and after I questioned XXXX XXXX on that, he said in 6 months the loan would automatically go through in my own name as long as I made the payments for 6 months out of my bank account ( also weird but I was assured this was the truth ). Those 6 months came and went and no surprise there, the payment never dropped, the loan never went into my name, and when I applied for my own loan, I was declined after being repeatedly assured I would get approved. This {$12000.00} car ended being financed at {$29000.00} over 5 years. I looked through all the paperwork and ca n't figure out how a {$12000.00} purchase price on XXXX set of forms jumps to {$16000.00} and then {$18000.00} on other sets of forms then ends up costing me {$29000.00}. The car has never been repaired by the dealership. Trying to talk to someone you get the runaround. 
On top of this, the bank who financed the ORIGINAL loan issuer ( Fifth Third Bank ) sold that loan less than two weeks later to XXXX Consumer, and neither party notified us of their intent to do so. The only knowledge we had of this event was XXXX sending us a letter stating that they had purchased the loan from Fifth Third Bank. The NYS Attorney General 's Office told me doing so was ILLEGAL and in violation of FTC laws.

Company response to consumer: Closed with explanation