There is something wrong in America, this is but one.
This is an American, economic snapshot if you will. A story about John and Jane Jones and their Dodge truck.
About three years ago Mr. and Mrs. Jones went shopping for a truck. They choose the closest dealer Miller Chrysler Dodge in Wolfeboro, New Hampshire. They set out to buy a Dodge RAM 2500 but were convinced by the salesman that a thirty-six month lease would be better because their monthly payment would be $120 less and when the lease terminated they could just return the truck and lease a bright, shiny, new 2009 Dodge RAM 2500. John and Jane liked that idea, especially getting a new truck every three years.
It is now December 2008 and John and Jane are back at the Chrysler store(now named Trites Chrysler), this time to buy their daughter her first car. While in the sales managers office they rave about their ’06 Dodge RAM and tell the manager that they like the truck so much that they may just buy it in March when the lease ends. The manager tells them, ’’ You might want a new rig, Chrysler is offering all kinds of incentives to buy new, plus the government gave them $1.5 billion for consumer loans‘’. John and Jane looked at each other and said that sounded good too.
March 7, 2009 it’s time to go back to the Trites dealership to buy a new truck or keep their current one. They decide on a new RAM tough 2500 V8 Hemi, just like the one they have now. The salesman comes back and says, ‘’I’m sorry John and Jane, credit has tightened as you probably know. You don’t qualify for that amount. We has some leftover 2008 1500’s for a few thousand less.’’ The unhappy couple tell the salesman that they will stick with their original plan and buy the truck that they’ve enjoyed for three years. They point out that in a letter they received from Chrysler it stated, ‘’…you maybe able to purchase your current vehicle for less than the Purchase Option amount listed on your lease agreement.’’ (John had looked-up the value of the truck that morning and its retail value according to Edmunds was $18,000 with a trade in value of $15,000.)
Let me just stop here to say that this is where this nice middle American story goes sour, goes south, all the way to Cuba, so to speak.
John tells the salesman, ‘’We would like to purchase our truck for $17,500.’’ ‘’We can’t do that,’’ the salesman replied, ‘’Chrysler isn’t discounting the 2500 RAMS, you will have to buy it for $19,200.‘’ ‘’What about the letter?, said Jane. ‘’It’s Chrysler’s call‘’, said the salesman.
The now, very unhappy couple talk it over, they will buy the truck $19,600, $1,600 over the full retail price.
‘’Good‘’, says the salesman, I’ll be right back‘’.
The dapper salesman is back, ‘’I’m sorry we can’t get your loan financed, credit’s tight you know.’’
Stopping to interject. The loan wouldn’t go through because banks won’t loan over the full retail value of vehicle and this deal was already $1600 upside down.
The now very unhappy and disillusioned couple went home to talk it over. Jane went online to search for other Chrysler dealers in the area. By chance she came upon a news story on the WMUR Ch. 9 website about Trites Chrysler in Wolfeboro, New Hampshire, the dealership they had just left. The story stated that Citizens Bank had just pulled the dealership’s new car financing but that Trites would continue to sell used cars. Interesting. John and Jane decided to try another dealer.
John and Jane ended up turning in their Dodge RAM. They had better luck at the Ford Store.