St. Louis woman gets caught up in a yo-yo car deal - KMOV.com

St. Louis woman gets caught up in a yo-yo car deal

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By KMOV Web Producer By KMOV Web Producer

Times are tough, and if you have bad credit buying a car can be a hassle. There are plenty of dealers that guarantee financing for everyone, but is it really possible? Cherita Poindexter admits her credit is less than ideal, that's why she went to Auto Stop in Hazelwood last summer to purchase a used car. Poindexter put $6,000 down, and made her first two payments on time only to have the car repossessed.

Poindexter was financed through Credit Acceptance; she even has the paperwork to prove it. After the car was repossessed Credit Acceptance refunded Poindexter's first two payments, but Auto Stop kept her $6,000 down payment. Poindexter turned to the Legal Services of Eastern Missouri for help and her attorney says there is a name for this situation “ it's called a Yo-Yo deal., the auto dealer puts the person in the car when financing hasn't been completely decided.”
 
A lawyer for Credit Acceptance says Poindexter’s loan was approved, but the financing was reassigned back to Auto Stop at the dealer’s request, meaning Auto Stop kept her cash and her car. According to an attorney for Auto Stop, Credit Acceptance sought to change the deal when they could not verify Poindexter’s employment. 
 
Credit Acceptance tells News 4 they never sought to change the deal; that it was all up to Auto Stop.
After these developments, Credit Acceptance says they are no longer working with the dealership.
Plus after News 4 got involved, Auto Stop sent us an e-mail stating they are prepared to give Poindexter her money back. Her attorney can’t discuss the details of the settlement, but says Cherita is satisfied.
 
If you feel like you have been involved in a yo-yo car deal, call Rob Swearingen with the Legal Services of Eastern Missouri at 314-256-8726.

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