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This is a Warning to the Public in regards to the unscrupulous business practices of Dobbs Ford and I will go farther to say MANY of the New Car Dealerships, especially in Memphis. I wanted to buy a car and I was checking around. I called up to Dobbs Ford on Mt. Moriah in Memphis and spoke to one of the salespeople who told me they had pretty much what I was looking for. He asked me for my credit score and I told him and he did a quick assessment and told me it would be $1,000.00 down.

I took of work and went to Dobbs Ford. The salesman was very friendly and I mentioned to him (which I should not have done) that I had just recieved my student loan refund and I had $2,000.00 in my pocket. He said "Hold On"... And went to the back. He stayed back in the finance office with the finance manager a very long time and came back out finally and told me "Well, we found a company that would work with you but the finance company "stipulates" that you have to have "$2,000.00 down". He then stated that the $2,000.00 would go towards the price of the car and that they tried to talk the finance company out of it but could not. So I gave him all I had in my pocket.

When I went back to talk to the finance manager, he told me that my interest rate was 19%! I had just purchased a home and I knew my score was pretty good. It seemed like they found the slightest blemish on my report to jack the rate up. But I was desperate and purchased the car anyway.

About a month later I still couldn't figure out where the $2,000.00 had gone while reviewing my paperwork and I called up to National Auto Finance and they told me they had nothing to do with the downpayment. They said they didn't even know how much it was. I couldn't believe it. Both the finance company manager and the salesman had told me the finance company mandated that downpayment. The lady told me they lied.

I then asked the lady at the finance company how much was my interest rate and she refused to tell me. I wondered why. So then I kept calling and getting different people and I finally reached a representative who told me the downpayment went to the dealership and that the finance company was only charging me 8% in interest monthly and the 11% additional interest went to Dobbs Ford as a "Residual Payment".


I called up to Dobbs Ford and spoke to the finance manager who finally broke down and told me it was how they made their money. He stated people with A1 credit and who have their credit unions and banks pick up the price of the cars get the best deals and that they make no money from those sales. So they rely on people who come in seeking credit. He stated the finance company takes a certain percentage of interest and leaves a gap where the auto company can push it up to whatever they want.

I never bought another car since from a major auto dealership and this happened around 2006 and it is now 2012. They are all liars and crooks.

Years later my mom came to Memphis and went into the Acura dealership to buy a car near Mt. Moriah. Her credit union was covering the car and the salemen kept trying to get her to go through a different company who wanted to charge her more and make her put down. She refused and they almost started crying when she stated her credit union had already agreed to cover it. No downpayment or anything. Low payments.

Don't be a fool and get financing through these dealerships. Get your credit union or banks to cut the check or don't buy from them

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