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Review 2/17/2011
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Please Beware of Walter's MB. Deal with these people at your own risk but please read my story before visiting this so-called luxury car dealership:
On October 3 2010, I purchased a 2009 Mercedes Benz C-350 Sport from Walter’s Mercedes Benz. I had a vehicle, a 2004 Honda Accord that I traded-in and was still being financed through an outside finance company. When it came time to sign all of the paperwork to finance my new vehicle, a 2009 Mercedes Benz C-class the finance cost of the 2004 Honda was, of course, added to my new vehicle, however, Walter’s Finance Manager placed the statement balance of $12,400 as the total finance amount for the 2004 Honda on the loan documents for the 2009 Mercedes Benz. Walter’s Finance Dept never bothered to call the Honda finance company to obtain the principal balance still owed on the Honda.
On or around October 26, 2010, a representative from the Honda finance company finally contacted Walter’s (as no one from Walter’s ever called and spoke to anyone from the Honda finance company) and informed that the statement balance of $12,400 that was paid by Walter’s did not satisfy the account and due to accrued interest and a late fee that had been assessed (the Honda car payment due date is the 25th of every month), there was an additional $339.20 that still needed to be paid. Walter’s sent in an additional $339.20 and this satisfied the loan agreement with the Honda finance company for a total of $12,739.20.
Fast forward to December 24, 2010, I received an undated sloppy handwritten demand for payment in the amount of $339.20 from Walter's MB. I called and spoke to the Sales Consultant, after receiving this demand for payment. The Sales Consultant and I even conducted a three-way phone call with the Honda finance company wherein a representative thoroughly explained the concept of statement balance vs. principal balance on interest accruing accounts. The representative also indicated that had someone from Walter’s called and obtained a principal balance all of this could have been avoided. At the last communication that I had with the Sales Consultant (Monday December 27, 2010), he indicated that he would talk to his managers and get them to write off the amount.
A week later, I received a collection letter from a collection company saying that I had 30 days to remit payment for $339.20 or it would be reported to the credit bureau's. I could not believe that they were actually going to pursue me for this amount especially since they aren't actually owed any money. On paper, it appears that the difference between the $12,400 listed on the new loan document and what was actually paid out by Walter’s to the Honda finance company $12,739.20 is the reason why Walter’s THINKS they are owed $339.20. But in actuality, they are owed $0 as the Honda loan amount was paid in full for $12,739.20. It is simply a matter of them writing this amount off since their finance department used a STATEMENT balance on a legal loan document instead of obtaining a correct PRINCIPAL balance, a very basic and common loan processing procedure.
Shortly after receiving the collection letter, I wrote a dispute letter and certified mailed it to the collection company, the owner of Walter's MB and the GM's of Walter's MB. I demanded that they prove that I actually owed them this amount. After not hearing any response for over two weeks, today, February 17, 2011, I spoke to the collection agency representative who informed me that Walter's MB was NOT going to write off this amount, had mailed me proof that I owed the money, and were continuing to demand payment or they were going to report me to the credit bureau's or worse!!
At this point, I am afraid that I will have to pay this money to avoid collections and to put this matter behind me. The issue is not the about the money. It is about Walter's taking responsibility for their mistake. After my October 3, 2010 purchase, I visited that dealership on at least THREE
more occasions for various reasons! On one occasion, the Finance Manager called me back in to re-sign my loan documents for a lower APR. This situation was not brought to my attention until almost three months after purchasing my vehicle. SHADY!!
I felt the need to write this review to warn other people about the incompetence and shady business practices of this establishment. I will never refer ANYONE to this place not even to buy an overpriced MB key chain! I should have just made the drive to Newport Beach and bought my MB from Fletcher J.
Live and Learn!
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