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Myra of Antioch, CA, writes::
I leased a Toyota Corolla from Antioch Toyota on March 4, 2001. I was told that the finance rate is 5.9%, asked them three times specially since the finance rate is not normally in the lease contract. On March 5, 2001, I found out that the finance rate was 14%. I called up and spoke with David, and was given an explanation that in leases it is money factor and that is 5.9% multiplied to 2400 and the resulting finance rate is 14%. But on March 4, 2001, I asked them for the finance rate and was not given the right answer. They know that I will not pay the used car they were selling me because the rate was 10% finance charge. Please help me, I was misled. Jeff, the finance officer called us up on March 6, 2001, and told us the he could bring down the money factor to 4.9%, the equivalent of 11.7%. And he said that WE misunderstood. That's totally not true; I asked for the finance charge, at least they could given us the right information. That 5.9% is the money factor - let us know the equivalent in finance charge. This interest rate is way too high for lease. I asked if I can just purchase this and he said that he is not a non profit organization. What can I do now?
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August 21 2008
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