GREENSBORO, N.C. — When Emma Poole slides into her Toyota Yaris, a wide smile comes over her face. The car is more than a comfortable way to get around town — it’s a symbol of what she had to overcome to get it.
“That’s it; she’s a beauty. I can’t ask for anything better,” Poole said.
The car is the fourth one she’s owned in a matter of months. An ownership journey that hasn’t been much fun until now.
“One of the cars (old one) blew a motor, so we had to buy a car,” Poole said.
In a bit of a time crunch, Poole did some fast shopping online and at dealerships before settling on a used Ford Fiesta. The car was serviceable, but it wasn’t what she really wanted.
Poole continued to look around for a car she liked better and eventually found a Hyundai Veloster. The car was located at a dealership in Tennessee, so Poole set aside some time one weekend and drove to look at it.
The car was exactly what Poole wanted and the dealership was able to trade in the Fiesta and set up a loan for the Hyundai. Poole was aware the monthly payments were much higher, but the dealership told her she could refinance it through her bank when she got back to North Carolina.
Poole bought the car and drove it home that weekend. The next week she went to her bank to refinance it and was told they couldn’t do it. The bank said they couldn’t finance a car for $16,000 that was only valued at around $7,500.
“I was shocked,” Poole said.
She called the dealership back and asked what could be done. She told the manager she really couldn’t afford the high monthly payment and reminded him that he told her she could refinance it.
“He was like, 'You signed the loan document. There is nothing I can do',” Poole said.
Poole immediately felt like she’d been lied to and ripped off. The dealership basically sold her a car for double what it was worth and then wouldn’t help her once she learned her bank wouldn’t refinance the car.
“I called the corporate office and did not get anyone to respond back,” Poole said.
Poole said she started to call attorneys, loan companies, and other banks to see if anyone could help. No one was able to assist her so at that point, Poole was basically stuck.
About a week later, Poole decided to see if WFMY News 2 could help. So, she emailed us about the situation.
We immediately spoke with Poole and then reached out to the dealership. We spoke with someone in the corporate office who agreed to investigate the issue and get back to us.
It took a few days, but the dealership eventually agreed to buy back the car and zero the balance on the loan.
“It feels amazing. It feels like a 100-pound weight lifted off my shoulders. I was stressed about it,” Poole said.
Once the car was returned and the deal was basically unwound, Poole went looking for another car and found the Toyota Yaris.
If you ever find yourself in this situation, see if you can contact your bank before buying the car to make sure they can refinance. It’s also a good idea to check multiple websites to ensure the car you’re buying is for a fair price.