ComplaintsforFord Square of Mount Vernon Illinois

• Initial Complaint

  10/04/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Discovered the trade in value of my used 2020 Qx60 Infinity was almost $20,000 over priced. I tried to trade the vehicle in this past June but I had to come up with $20,000 to pay the difference with what I still owed. I contacted the President and Owner of **** Square via email 0n 06/06/2023 about the extremely high cost for this used vehicle. He never responded to my complaint. Today, I tried to trade the vehicle but could not find any finance company unless I paid off the difference. We own $42000 now and 2 dealerships have only offered $26,000 for the vehicle. We have a credit score of 720, we should not have an issue trading in this vehicle or getting credit. We even put around $5400 down. WE used 2 credit cards which **** Square charged us an additional $200 each ($400.00) total to use our credit cards for the down payment which I am not sure is even legal.This is why the complaint is over 14 months old.

  Business response

  10/04/2023

  Hello BBB,

  IN RESPONSE TO THE ****** COMPLAINT.  DUE TO THE MARKET CHANGES IN THE ***** OF 2020, 2021, 2022, AND BEGGINGS OF 2023, WITH COVID AND THE **** SUPPLY SHORTAGES THEIR WAS HARDLY ANY NEW VEHCILES BUILT. THAT IN TURN DRASTICLY DROVE THE NEW & PRE-OWNED MARKET TO ALL **** HIGH'S. ALL DEALERSHIPS AT THAT **** ALSO HAD TO PURCHASE PRE-OWNED VEHICLE AT EXTREMELY HIGH MARKET VALUES.  ALSO, AT THE **** OF THEIR PURCHASE, THEY OWNED $3,300 MORE THAN WHAT THEIR VEHCILE WAS WORTH. AND AT THE SAME ****, THEY ELECTED TO GO WITH AN EXTENDED TERM OF 84 MONTH FININACNING OPTION TO KEEP A LOW PAYMENT FOR THEM.   NOW WITH THE MARKET VALUES DECREASEING OF PRE-OWNED VEHICLE OVER THE LAST YEAR WE ALSO HAVE FELT GREAT LOSS'S IN OUR USED CAR MARKET.  WE ALSO HAVE HAD TO ABSORB LOSS'S UP TO $10,000 OR MORE ON PRE-OWNED VEHCILE DUE TO THE DECREASE VALUE OF PRE-OWNED VEHICLES. CUSTOMER HAD AGREED TO PRICING AND SIGNED ALL CONTRACTS AND INVOICE'S THAT WE'RE AGREED AT THE **** OF DELIVERLY. BEING THAT THE CUSTOMER OWED MORE THAN THEIR CAR WAS WORTH AND ELECTED TO GO WITH 84 MONTH FININACING, NATURALLY IT WOULD BE HARD TO TRADE THE VEHCILE SO SOON DUE TO THE DECREASEING PRE-OWNED MARKET VALUES NOW.  IM SURE THE CUSTOMER HAD COMPAIRED OUR VEHCILE TO OTHER PRICING IN THE MARKET AREA.  

  THANKS ***************** (GENERAL MANAGER) *********************** (SERVICE DIRECTOR)

  Customer response

  10/13/2023

  I been dealing with health issues at *********************************; and *********** that is why my response to the business is one day late with my response. I can provide medical evidence on request.

   

  My rejected response to **** Square. I would like a response from the Owner of **** Square, not one of his employees.

  " DUE TO THE MARKET CHANGES IN THE ***** OF 2020, 2021, 2022, AND BEGGINGS OF 2023, WITH COVID AND THE **** SUPPLY SHORTAGES THEIR WAS HARDLY ANY NEW VEHCILES BUILT.THAT IN TURN DRASTICLY DROVE THE NEW & PRE-OWNED MARKET TO ALL **** HIGH'S.ALL DEALERSHIPS AT THAT **** ALSO HAD TO PURCHASE PRE-OWNED VEHICLE AT EXTREMELY HIGH MARKET VALUES. ALSO, AT THE **** OF THEIR PURCHASE, THEY OWNED $3,300 MORE THAN WHAT THEIR VEHCILE WAS WORTH. "
  
  My response to **** Square General Manager *****************:
  When were dealing with the sales person and finance manager, we asked how has business been since Covid.  They both bragged that they had no problems with acquiring used vehicles and it was slow getting new vehicles. We cant keep used vehicles on the lot and we sell all over, especially online sales. 
  We purchased a used vehicle that was priced $20,000 over the Blue book value.  That is why we had to pay $5427.00 as a down payment because the finance company would not finance the Infinity because it was valued less than what **** Square asking price.  If what the ** states is true and they had to purchase used vehicles at extremely high prices, what was the price they purchased this vehicle from a local customer (golfing ***** of the finance manage,  I am sure it was no where close to what we paid for this used vehicle. According to ******************, the average price for a used vehicle during covid was  11% more than the vehicle worth). It looks like they had no problem buying used vehicles well below the market price and then taking advantage of the covid market by hiking the price of trade-ins way over the ***** blue book value. We traded in our 2020 ******* MKX for $23,898 and we owed $27,198.Todays market price for the same vehicle and mileage is selling for $32,000 a year after we purchased the Infinity.  We did not get extremely high market values for our trade. We received well below the market value.
  When we purchased the Infinity, this was at the tail end of the Covid Pandemic so new vehicles were being manufactured and sold on lots again.
  Another example of the Extremely HIGH market values of used vehicles. We purchased a 2022 **** Lariant Ranger from **** square around the same time. We traded in our 2015 *** convertible. We did not get any where close to the actual trade in value or extremely high market price from **** Square.
  In my opinion, **** Square was not suffering from the  lack of  sold vehickes used or new on their lot,they were making a EXTREME Profit from a very difficult time from consumers and personally from a 100% disabled Veteran. 
  My other question is what did **** Square do to help the community during these ********** My answer is nothing. They profited from the sale of used vehicles . Again, what did they sell our Used *** Convertible  and ******* for? No where near the price we traded these vehicles for because we did not get EXTREMELY HIGH MQRKEY VQULES for our two trade ins. Fprd Square did not absorb losses of up to $10,000 on our two trade ins, in fact they made extremely high profits.
  I do not want a response from the General Manager, I would like a RESPONSE  from the Onwer of **** Square, **************, to make sure  he is awrewhat his employees are doing to repeat customers and 100% disabled Veterans.
  ******* *********************

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩