I bought a car and financed it a year ago. My previous boss became the loan guarantor of the car. I got the car from one of his friends who is a dealer. He told me that I would get car at a cheaper price at his place than at other places. I was told it would be about $4,000 AUD cheaper than other dealers could sell it for. After I got the car and signed everything, I found a Hyundai Elantra Active whose value was $22,590, but it cost me $28,000 AUD. After the interest rate was applied, it was more than 13 percent higher. It cost me $38,000 AUD.
I went back to the dealer to return my car and they told me once I took the car, I would lose money -- about $10,000. So there was no reason to sell. I could not get a fair deal because I was still working for my employer. Last month, I left that job. One Friday night, I went to my car park and I did not find my car. After filing a police report, I found that my car had been repossessed by the bank. I called the bank but they didn't want to give me any information, saying loan was not in my name. But I was paying from my commonwealth bank account every week by auto debit account.
Now I've paid nearly $10,000 for my car already and I have neither my car nor my money. I have made a complaint to fair trade and I hope they can give me justice. But I need a car for my new job. Otherwise, I am going to lose it. I could not decide whether I should finance a new car or not because the bank already told me I have no credit. If anyone has any suggestions, it would be really great.