Consumer complaint received 2017-05-26 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Fraudulent loan
Company: World Omni Financial Corp.
State: FL

Complaint narrative:
On XX/XX/XXXX, I purchased a brand-new XXXX XXXX XXXX from XXXX XXXX, XXXX, XXXX d/b/a XXXX XXXX XXXX XXXX located at XXXX XXXX. XXXX XXXX., XXXX , FL XXXX. Id received a promotional flyer in the mail from XXXX XXXX XXXX XXXX, so I scheduled an appointment for XXXX on XX/XX/XXXX. I met with a salesperson by the name of XXXX and proceeded to provide him with the requested information for the credit application : place of employment, length of employment, monthly income ( {$2500.00} ), etc. I advised that I would like something with a third row as I have XXXX ( XXXX ) children. At the time, I had a XXXX XXXX XXXX XXXX XXXX ( $ XXXX owed ) with an estimated 19 % interest rate. XXXX insisted that I allow him to help me get out of a deal with such a high interest rate into something much newer with a lower interest rate. I was approved for the XXXX at an interest rate of 6.54 % ; however, my car payment would increase from {$510.00} to {$850.00}. The Finance Manager, XXXX XXXX, advised that I keep the car for one ( 1 ) year as this would help reverse the horrible deal Id agreed to on my XXXX and put me in a better position. He advised that in one ( 1 ) year, I would qualify for the XXXX XXXX XXXX and my add-ons would become my down-payment. In addition, this new interest rate would help me to improve my credit as Id expressed my interest in becoming a first-time homeowner. On XX/XX/XXXX, I attended a Homeowners Workshop and received a certificate to be used within one ( 1 ) year for a down-payment assistance program through HUD. I met with VP of XXXX XXXX on XX/XX/XXXX who advised that I try to refinance my car at a 4 % interest rate as my new car debt would prevent me from qualifying for a loan. I went to another dealership on XX/XX/XXXX to see if they could assist me with refinancing. They informed me that they could not help me and it will take nearly three ( 3 ) years before they could. This concerned me, so I requested my credit application from the lender XXXX XXXX XXXX an operating business of World Omni Financial Corp . The credit application submitted to XXXX XXXX XXXX   states my monthly income as {$5300.00}, which is double what I reported to XXXX XXXX XXXX XXXX. I left a voicemail message for XXXX XXXX on Monday, XX/XX/XXXX requesting to set up a meeting as I had some concerns. XXXX XXXX called me later that evening and I expressed my concerns regarding the misrepresentation of my income. I advised that I am uncomfortable having fraudulent information on a contract with my name on it. XXXX XXXX stated, XXXX XXXX, if anyone committed fraud its you because you signed the contract. On Wednesday, XX/XX/XXXX, I met with XXXX XXXX and the General Manager, XXXX XXXX. During this meeting, I again expressed my concerns and they told me that they could not fix or change anything because : 1. I signed the contract 2. The deal is done and theyve already been paid 3. They do not refinance vehicles They then suggested that I try to get refinanced through XXXX or XXXX XXXX XXXX if my goal is to qualify for a loan. After the meeting, I called XXXX XXXX XXXX  to file a complaint and was told that they would notate my account but my complaint will not be entered on their complaint log as the contract does not have any alterations that red-flagged in their system and they can only go by what the dealership submitted. XXXX XXXX XXXX XXXX changed my income on my credit application to qualify me for a {$52000.00} loan that I would have NEVER qualified for. I know that I should have read each of the numerous papers I signed carefully, but I never expected a reputable dealership to lie about or to me. I expect things like being low-balled on a trade or being upsold in finance but I would have never expected this. I was excited about purchasing my first brand new car and believed that I was making a good decision to further improve my credit worthiness.

Company response to consumer: Closed with explanation