Wilmington Trust Bank and Porter Chevrolet - I have no clue whether this is the appropriate place to voice this , however, I am very discouraged with this incident and would like to know if you know of where I may start.

Wilmington Trust Bank and Porter Chevrolet - I have no clue whether this is the appropriate place to voice this , however, I am very discouraged with this incident and would like to know if you know of where I may start.

vehicle loan through wilmington trust

My name is Laura P, I have no clue whether this is the appropriate place to voice this , however, I am very discouraged with this incident and would like to know if you know of where I may start. I recently bought a vehicle from Porter Chevrolet in Newark, Deleware. (will never purchase from them again !) I bought a 2004 Oldsmobile Alero (used).

At the time I was in the market for either a SUV or a recreational sports car. I will have to admit the incident is greatly on my part , however, if you could explain to me how a bank could approve a loan for $20,000.00 (which the contract i signed stated $18,000.00) for a vehicle only worth now $8,000.00.

I did not have access to a computer at the time the dealer was telling me about this vehicle, so I was unable to look at the Blue Book Value.

I hadn't really purchased many vehicles on my own, but this one I did while my husband was at work. I admit this was an impulse buy, but I still would like to try to find out if this was a "sly" act on the dealers part and whether or not anything can or should be done. ( i don't have the alero any more , fyi ) . When I went to trade in this vehicle I knew that I would be "in the hole" but when I called to get a payoff the bank quoted my $20,000.00.

I was in total shock because the contract I had states we financed$18751.00. Where did the extra amount come from ?? My bank that I financed my new vehicle was in total amazement that Wilmington Trust would even finance $20,000.00 for a vehicle that was only worth the 8k I stated earlier. I was speaking with a gentleman that had his own little chop shop car dealership and he stated he used to work for this dealer (Porter) 20 some years ago and he stated that at one point the dealer went to Wilmington Trust Bank with several loans to be approved and when they were going to turn down a couple of them Porter threatened to take away all the loans if they didn't approve them all. So, Now 15 yrs later they will now give a loan for pretty much any vehicle and price.

We even had the GAP insurance on this vehicle, so if anything had happened to this vehicle the bank would of lost tons of money and I even wonder if they would of stood behind their contract. Luckily, I came into some money (no longer have any, since this incident) and I traded in the Alero and paid in cash the amount that was left over after only getting $8100.00 as a trade in. This was also quoted to me by several other dealers. I had to pay over $12,000.00 to get out of this car. Is this something that should be investigated...Wilmington Trust Bank and Porter Chevrolet, in how they do dealings and lie to customers. I am so upset over the Rob Stellfox who kept assuring me he was "giving me an awesome deal on this car". I'm an average citizen and got so totally screwed, I don't know much about buying a car, but one thing I do know I will NEVER, EVER go back to this dealership or finance anything with Wilmington Trust Bank. Any comments on this situation would be greatly appreciated. Thanks Laura P

November 27, 2004 Click this link to e-mail the above consumer: Email User Consumer