Fifth Third Bank Consumer Loan Complaint

Fifth Third Bank Consumer loan department,

Vehicle loan Taking out the loan or lease New York

In -/-/- my mother and I purchased a -/-/- - - from this company 's mobile sales location in -, NY. We were told I did n't have enough income to finance the car myself so she would have to cosign. After much manipulation on the part of - - ( the owner ), we got a sale price of $12000.00. This was way above the $5000.00 or less we were told they had for cars. After some debating, my mother and I decided to just buy the car since I needed it for work. After an hour and a half of being insulted by - -, we just wanted to sign our papers and leave.He gave us a long I do n't deal with crooks, cheats and liars '' shpiel and told us


( which later turned into an almost 8 % interest rate ) interest rate. No big deal there. We get to discussing the monthly payment and he said it would be around $250.00 a month. This was fine and affordable for me. - minutes later he comes back and gives us this I 'll pay your tax, licensing and other fees but you have to pay me back for it. ( Weird, considering that 's just usually financed into the loan ). It 's going to cost you $450.00 a month for 6 months to pay me back for that, then your payment will drop to around $250.00 a month. '' Okay shock at the new payment, but I figured for 6 months it was doable. I specifically asked if he was sure my payment would drop after the 6 month time frame and was told I guarantee it will ''. Okay, fine. Now we finally get to sign our papers and just leave. Mom signed away and after I questioned - - on that, he said in 6 months the loan would automatically go through in my own name as long as I made the payments for 6 months out of my bank account ( also weird but I was assured this was the truth ). Those 6 months came and went and no surprise there, the payment never dropped, the loan never went into my name, and when I applied for my own loan, I was declined after being repeatedly assured I would get approved. This $12000.00 car ended being financed at $29000.00 over 5 years. I looked through all the paperwork and ca n't figure out how a $12000.00 purchase price on - set of forms jumps to $16000.00 and then $18000.00 on other sets of forms then ends up costing me $29000.00. The car has never been repaired by the dealership. Trying to talk to someone you get the runaround. On top of this, the bank who financed the ORIGINAL loan issuer ( Fifth Third Bank ) sold that loan less than two weeks later to - Consumer, and neither party notified us of their intent to do so. The only knowledge we had of this event was - sending us a letter stating that they had purchased the loan from Fifth Third Bank. The NYS Attorney General 's Office told me doing so was ILLEGAL and in violation of FTC laws.