Consumer complaint received 2019-05-29
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Problem with signing the paperwork
Company: COOLEY ENTERPRISES INC (TX)

On XX/XX/2019, I initiated a search on Clay Cooley of XXXX XXXX website. I immediately got an email and phone calls started right away. I talked to one person and explained my financial situation and also described my trade in. I was assured that they would be able to get me taken care of. She explained they have fresh start programs and that they are giving maximum trade in values. She specifically told me they give more than what the car is worth through the month of XX/XX/XXXX. I told her my payoff balance was around {$11000.00}. I had it written down on a piece of paper when I got there. There was really bad weather that day and there were hardly any customers there besides me. I met with the sales person I was told to ask for. She got some information and I told her that my tradein was in my son 's name as he got the car in his name since I was going through a divorce and my credit was not good. I told them I wanted to try to get a vehicle on my own to build my credit. Later she came back with another salesman. They advised me that it would be best if I buy a brand new vehicle versus the used vehicle I looked at online. 

After some talking, they came back with payments of around {$1000.00} a month. I had already explained that I was divorced and only had 1 income and a little bit of spousal support that would end in XX/XX/XXXX. I had already told them my budget was in the {$400.00} - 500 range. My current payment was only {$360.00} and although I knew I would be challenged by my credit, I was willing to try to get a good deal. Unfortunately, they both told me it would be better if I had my son on the loan as a cosigner because of his credit and income. I called and asked my son and he said ok as long as I could refinance within a year like the salesman told me and then I could be on the loan by myself after I've had months to build my credit. 

After more time, they came back with a payment of {$580.00} a month and explained that if I pay half of the payment before the due date and the other half on the due date that I would save in interest, etc ... ..I was still uncomfortable with a payment that high because again, I only have one income and I felt like that would be really stretching my budget. That would be a {$220.00} difference. After they spent more time convincing me that I could do that, I thought maybe I can do this if I cut out any extra expenses but as it was, I was just getting by with what I was bringing home. My rent was going up to {$880.00} for a 1 bedroom and I was a bit worried about being able to pay all my bills. While this is going on, there was bad weather outside as well. At this point, I feel like I should have asked for my car keys back and left. But I also wanted to have the payments I had been making to benefit me too since I was paying on time every month on a vehicle that was in my son 's name. I wanted a fresh start to build my credit up and to be my own person now that I was divorced after 29 years. 

Finally after being there from XXXX XXXX, it was already XXXX XXXX  when another gentleman called me in his office to sign the paperwork. Again, very few people in the dealership and at this point I was so ready to go home ... .the person pointed to where I needed to sign. He said " I have good news for you '' ... .we got your payment down from {$580.00} to {$540.00} because we added gap insurance and a full 5 year warranty. He never pointed out how much I was getting for my trade in. The XXXX only had a little over XXXX miles on it ... .I can't remember the exact mileage but it was not over XXXX so it was considered a low mileage trade in. He never pointed out the price I was paying for the new vehicle. He did tell me the the APR would be 10.60 %. Because it was so late, I felt rushed and then they wanted my son to drive 30 minutes from XXXX to XXXX ( in bad weather ) to sign his part. Then they said they could have someone drive out to his home to get the documents signed so they did that. They arrived at his residence around XXXX XXXX  and I had to tell the guy to let me know when he arrived and not to ring the doorbell because they're baby was asleep already. 

After that, I never received any copies of the paperwork. I had no chance to look over what we signed for. I called several times ... .I emailed the girl who had been emailing me daily to get paystubs for my son ... .all of the sudden, she was not responding when I needed something. I kept asking when can I pick up my copy of the paperwork. Another week passed and I decided I needed to stop by the dealership to get paperwork. By this time, it was already XX/XX/XXXX and we signed on XX/XX/XXXX. It took about 30 minutes for them to locate the information and basically they printed off of a computer. The paperwork I have in my possession has not signatures on it. I thought this was weird because we always got copies of the signed documents for all the other vehicles we've purchased in the past. Today is XX/XX/XXXX and I still don't have the full copies. 

Now, in looking at their website ... .the same vehicle I purchased is showing on their website as " the price you pay '' anywhere from {$16000.00} to {$17000.00}. The sale price that shows on my paperwork appears to be the MSRP price of {$21000.00} and that is supposedly after {$3700.00} rebate was deducted. The contract shows the amount financed is {$28000.00}. I have been researching and I'm definitely paying way too much for this vehicle. All I wanted was a fair deal. The math is all over the place. 

Sales price : {$24000.00} Amount Financed : {$28000.00} After {$3700.00} rebate = cash price {$24000.00} Trade in value : {$9000.00} - tradein payoff : {$11000.00} - difference of {$2400.00} Taxable amount : {$12000.00} and sales tax : {$750.00} Am I correct that this doesn't make sense? For that much money, I should be driving an XXXX XXXX or XXXX ... I purchased a 2019 XXXX XXXX ... the base model. Not an XXXX  or anything fancy. 

To add to the bad deal I got, it took them almost 4 weeks to pay off my trade in. I had to call several times about that as well. 

They promised me a good trade-in value and said to go in and ask about their specials. Their website is showing the 2019 XXXX XXXX XXXX for under {$20000.00}. I am wondering why I'm paying way more even by having my son on the loan with his good credit. 

Please help me figure this out. This is the first time I've had a very bad experience. I was there over 4 hours and I wished I would have questioned them more or had them explain the contract better because I might have just kept my own car and kept shopping for a better deal. 

They sugar-coated and over promised stuff and did not deliver. I did not get even close to what they were telling me I could get for my trade in and put full price on the contract. I hope this dealership changes some of it's ways.