Consumer complaint received 2022-11-20
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with fees charged
Company: BANCO POPULAR DE PUERTO RICO (PR)

Brief summary of this complaint was sent through Mi Banco XXXX by my Son XXXX XXXX, and the confirmation email was received at my XXXX email at XXXX XXXX XXXX, today, XXXX XXXX XXXX. Today, Sunday XX/XX/2022, at around XXXX XXXX., I arrived with my XXXX  XXXX  to the XXXX dealer called XXXX XXXX located at this address : XXXX XXXX XXXX XXXX,, XXXX XXXX, XXXX, because they advertised an offer for a new XXXX XXXXXXXX XXXX with the 6 speed manual transmission at the rare Manufacturer Suggested Retail Price of XXXX dollars, an offer my XXXX XXXX XXXX XXXX was able to verify with the car salesman from this same dealer, named XXXX XXXX XXXX, as shown in the included screen shot image received from this car salesman. My XXXX  spoke with this salesman, and was clearly told the offer included a super bonus ( or bonazo in XXXX ), where the dealer was crediting or reducing the price by {$6000.00}, which clearly compares to the insane mark up marketing adjustments, which is nothing else than trying to sell vehicles overpriced by too much money, due to low supply, which is probably false because car sales are lower due to higher prices and current employment hard conditions for the majority : The offer never included, something anyone would reject, a {$2100.00} additional warranty purchase, and this is the fraud : No matter the car was advertised at {$21000.00}, with a bonus or discount of {$6000.00} that actually reduces the car price to the M.S.R.P. mentioned, meaning, instead of trying to sell it at {$27000.00}, which is the insanely overpriced robbery, it was offered at the fair price of the car, and the offer was more credible because my XXXX XXXX was informed it was the only new 2022 XXXX XXXX left at this dealer XXXX XXXX with the 6 speed manual transmission. We decided to drive more than 35 minutes on the highway and arrived, believing we were told the truth, and I authorized a credit inquiry to apply for the loan for this new XXXX  XXXX XXXX. My other XXXX was showing that something was wrong, because he was trying to figure out the interest rate approved, without any down payment required, if the price was the one offered, {$21000.00}, but no matter he increased to make the test in his calculator the interest rate, added the interest to the price, there was no way to end with the {$470.00} payment the car salesman XXXX XXXX was talking about. We asked to remove the insurance from the loan offered, and still the payment was {$410.00}, after eliminating the {$880.00} or {$880.00} dollars of the first year insurance. Before going to the dealer, my XXXX  informed we wanted a lower monthly payment, but because I was offered an 8.87 % interest rate at Banco Popular, my other XXXX  XXXX XXXX XXXX, who is translating this complaint to XXXX because I only speak XXXX, asked salesman if there was an additional charge we were not seeing and informed, because something was not right : XXXX XXXX answered that there was a " required ''? {$2100.00} warranty added to the car price that was not part of the offer, was never mention to my XXXX XXXX XXXX before visiting this dealer, and was not mentioned at all before the form required to pull the credit report was filled. This fraudulent charge for a warranty I or anyone would simply reject, was also presented by XXXX XXXX as informed and required by the local XXXX XXXX XXXX Department called XXXX. here in XXXX XXXX, and that is also false : XXXX does not require any purchase of any additional or extended warranty to any new vehicle, but this was all informed after the credit report was pulled, and was hidden to me and my XXXX  Sons before we arrived to the dealer, and at the dealer when we arrived before filling the form authorizing the credit inquiry.