I bought a Toyota with a MSRP of $17,500. I put a $3000 down payment on said vehicle.
At that time, my credit rating was above 800. I was told by the dealership that my financing was approved for $19.000 over 72 months. I was not particularly interested in financing over 72 months for an amount exceeding the value of the asset. According to my calculations I needed to finance less than $15,000 and I wanted a 60 month loan.
I contacted Suntrust about the discrepancy that was being quoted by the dealer and I received a counteroffer from Suntrust regarding a $16,500 loan over 72 months which was more reasonable. I was told to contact the Dealer to accept this offer. When I contacted the Dealer, I was told that Suntrust had already paid them the $19,157 and proceeded to hang up the phone on me. I again contacted Suntrust and was informed that my loan was for 19,157.84 over 60 months at 6.65%.
I received a coupon payment book for the 60 month loan via registered mail. Now they are saying I owe an additional $4,000.