Tips on Buying Cars: Sick of being ripped off, jeep grand cherokee, 2004 grand cherokee

Question
Hello Bud,

I bought a new Jeep Grand Cherokee on 4/16/01 I put $10,000.00 cash down the last payment was on 2/27/04. At that time the salesman told me that I was better off leasing so I am now leasing a 2004 Grand Cherokee what I want to know is where did my $10,000 go I never received any money back and one more thing if I were to have sold the Jeep on my own at that time how much would I have gotten for it, it had approximately 35,000 miles on it. I think it is safe to assume that I was ripped off by the salesman at a time in which I was fragile. What can I do about this? Colleen

Answer
Hi Colleen, sorry I hit the wrong button.  Thanks for the question.  I am not sure about ripped off, but you were definitely not doing your homework.  Ten Grand was just what you said, a down payment, and supposedly reduced your payments by an appreciable amount.  If it had been a security deposit you would have gotten it back but not a down payment.  As to your current lease I assume they gave your an equity(reduced the amount the lease was calculated on)reduction on your payments.  Without further information I can not say much more but will be glad to answser any specific questions you might have.  Best of luck, Bud