Chrysler Financial / they have lost another customer
I would like to start by saying that I have had two vehicles financed by Chrysler Financial. My first, a '05 PT Cruiser I bought brand new with 60 miles on it at a 4% interest rate. Drove it, loved it, never a problem, and always paid more than what my set payment was. So, why not continue business with a relatively problem free company right? It was my thought when I decided I wanted to trade my car in and get a new one.
In August of 2007, I traded my PT in on a '05 Chrysler Crossfire with 9000 miles certified by Chrysler. When I signed my contract there was a 10% interest rate. I asked why so high, seeing as my income was considerably higher than when I purchased my first car and my credit had not changed. I was told interest is always higher on a pre-owned vehicle. I signed and drove home my new car. Three weeks later, I get a call from Chrysler Financial demanding payment on my PT. I explained I had traded that car in and no longer had possession of it. Something you think they would know since I was again financed with them. I contacted the dealer and asked why my car had not been paid off and they told me there were some minor changes in my contract and I needed to come in and sign a "revised" version of my contract before they would pay off my car. Mind you, they never once contacted me before my call and during this I had to make a payment on a car I had not had in three weeks along with my new payment after being threatened that late payments were going to be posted on my credit report for my PT. My "new" contract had a 20% interest rate!!! I refused and demanded my car back. I spoke to Chrysler who offered no reason for the hike in the rate to a loyal customer but did ask when I was going to make the next payment for my PT which had another payment due. My insurance had already been cancelled on my PT and there were many more miles on it from when I had traded it in, the navigation cd was missing and I was basically bullied into signing the new contract to prevent my credit from being tarnished. After the second temp tag, I still had not received paperwork to register my vehicle and my PT still had not been paid off. Chrysler refused to issue any more temp tags and Chrysler Financial finally sent my paper work two months later.
Which brings us to now...I have made over the set payments ON TIME since August. Recently, my family increased in number. My crossfire is no longer practical for my family. I have two children. So, the logical step is to trade it in. I began looking for a family friendly car in March of 2008. I have owned this car for 9 months now. It is in perfect condition and has less than 18K miles on it. Toyota- trade-in appraisal=$10, 000., Honda- trade-in appraisal=$8, 000., Car-Max- trade-in appraisal=$10, 000. You see a trend here? Chrysler- trade-in appraisal= you ready? $7, 000. You have got to be kidding. I understand depreciation of a vehicle but as of now I am $14, 000. Upside-down in this vehicle. That’s a whole other car!!! Next option, refinance.
I contact both my banks as well as my credit union. All three tell me they are only able to refinance 90% of the cars worth which are $14, 000. I call Chrysler and tell them the situation and ask for them to refinance so I am able to trade the car or keep it and obtain another one. I was told by a wonderful woman at Chrysler that I signed a contract and its too bad but they don’t refinance contracts but that Chrysler is in the business of helping people and if there is anything else they can do let them know. Huh? LOL.
Am I pissed, ABSOLUTELY!! I paid $21, 000. For this car 9 months ago and as of this date the car is worth a mere $7, 000? Way to back a product. Chrysler has basically stuck me in a vehicle that sits in my garage and I am unable to drive with two children. They, themselves, refuse to help in this situation and have turned their backs on a loyal customer. I contact them once a week in response to the 17 calls I get a day beginning at 7am harassing me. The last rep I spoke to told me to get a helmet and matches. Nice way to support the customers that support the company. Obviously, he wasn't recording that call.
I have exhausted every avenue to deal with this as a responsible adult that DOES pay bills on time. I have on several occasions requested a transfer of equity form from Chrysler in order to have someone take over payments and try to save my credit, they refuse. I have of last week told them, in PLAIN English, to pick up their prized possession, they also refuse. Instead, they would rather call and treat me like a deadbeat making threats that are ridiculous and full of malice.
As a result of this, I decided to look around at the Chrysler dealerships. On the new showroom, $40, 000. Cars, on the "pre-owned" the same cars with the same options and less than 20k miles for less than $20, 000. Way to go Chrysler.
I wait the day this company no longer exists and the people Chrysler has harmed in the process get peace of mind.
I will never again do business with a company that has no regard for its customers and even less regard for the product it provides.
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