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I have never had an issue with this company. I have been set up on automatic debit from day one and other than that there is no reason for them to call me about anything. They have been my loan servicer for almost 3 years. No complaints here. So sorry to read all the bad experiences some customers have had.
The staff are rude and unprofessional! They will call your home at 9:00 pm. You can make a payment and before the payment clears they are calling again. You can use their online payment and they continue to call. You can tell them when you are making a payment they still call you! Please, if you can’t have another company finance your vehicle! Please do! People fall on hard times but they don’t care.
I would not recommend Regional Acceptance to my enemy. They purchase my auto loan and missed 2 payments in the transition stating that my account is behind and past due when that is not the case!!! My credit has take a big hit with multiple late payments. Not to mention they called my employer looking to talk with an HR rep, they have the call recorded and would not give "Aaron" any information or transfer him to HR. My employer support called me to notify of this call stating that Regional would not state the purpose of the call and only gave me the caller name and number (which is my current account rep at Regional).
I would not recommend Regional Acceptance Corporation to no one. If I could give them zero stars I would. They are very nasty with customers. Very unprofessional. They don't care about their customers at all. They are trying to say I'm 3 months behind on my payment. Said I had to have 808.00 by the end of the month. I told them I can come up with 404 but not 808. Not happening cause I had 2 deaths in the family and prior to that I had surgery so dealing with all that I told them I could do more next month and the manager kept putting me on hold. Then I heard her tell, "It's hot in here. Put me back on hold" then yelled, "Is patty still here. Put me back on hold" then hung up on me. I'm about to call the Better Business Bureau on them because they are nasty with everyone and don't want to work with you.
I made a payment for Aug 24 2018 for $337, my payments is for $335 and some change a month. I was always taught to go a dollar over the amount so that way you'll be ahead. So I'd received a phone call last week stating that I was late on my September payment and now I own $358!!! I was like,"What how did that happen?!" Now the Customer Service rep was getting nasty and I was trying to explain that I always Screenshot my payments for times like this. she did want to hear it and me to get in contact with my bank!
So, the next day I call my bank and explain what took place the night before and they told me that it went through and to call them back to see if it was a miss understanding. So I did, and after they did some deeper investigating, it wasn't for Sept bill it was for Aug bill!!! how did almost 2 months go by with a another payment made and y'all just now caught that. they stated that my bank must have cancel it out, I'm like how can anything be cancelled out and y'all gave me a confirmation number, nor did I stop a payment and I made the payment on their website using my DEBIT CARD. HOW SWAY HOW!!!! FRAUDS I TELL YOU.
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Warning, don't deal with New Port Richey or Wesley Chapel Hyundai as being a customer directed me to Regional Acceptance Corp. due to factors that were beyond my control. I'm extremely dissatisfied with RAC. Please avoid RAC associated with BB&T Bank. Two Thumbs Down.
I got my car in 2014. My maturity date and my contract states my payments end in 1/2019. I did the math. I'll still owe 5500 after maturity date because I am in bankruptcy so no interest was paid on note and something about 4 extensions that no one ever said would extend my payment. I got behind but I had to get current to keep them from taking the car. I asked to get states sent to me showing what interests not paid and what I'm paying and was told no. If I had questions about my account call them and keep making payments for an extra year and a half. Is there anyone I can contact about this? It doesn't sound right.
Regional financed my truck back in 2013. It's a 2006 Ford F150. It is now 2018 and they are saying I still owe 8200! 5 years ago when the truck was financed, it was maybe 18 thousand something, I cant remember the exact number. And it was a 5 year loan. I would of never realized that it was due to be paid off this year if my dad hadn't of been a co signer those 5 years ago and informed me that it was supposed to be paid off by now. So I called Regional today to get an answer to why I still owe over 8 grand. The only thing the lady kept telling me was that it is from interest and late fees. Yes over the course of the 5 years they allowed me to move the payment to the end of the note during job change, and moving. But I kept asking her, tell me how in the world I still owe over 8000 and if it was due to be paid off this year, that don't make sense because 8 grand would be 3 more years of paying on it. Again, all she kept referring to was interest and late fees.
She never would give me a good explanation for how I still owe over 8 grand. I feel that they are trying to screw me out of money any way that they can! And now after Googling reviews for them... boy do I wish I would of Googled them 5 years ago, I would of never ever gotten the truck!
I purchased a car with them and I've had no issues with them. Due to a divorce I had to defer my payments for a month, the company was very helpful. The one time that I was late, it was my fault, and I had chosen the wrong date to pay online. The staff has been very helpful to me. They don't harass me at all. Yes my interest is high as hell, because I am a risk due to my credit. I plan on refinancing at the end of the year, but in the meantime they've been very understanding.
I understand job loss, injury, or just bad luck. What I don't understand is people bashing this company for doing their job. You cannot expect for them to show empathy to everyone who goes through things. Otherwise they'd go out of business. At the end of the day, this is how they eat and feed their family. Same as you using the car to feed your family, go to work, etc.???
I appreciate the opportunity of having a vehicle financed based on my credit not too good but after paying my account on time for over a year I asked if they could lower the interest so more money can go towards the balance, less than half of my payment is going towards the balance and yes they are extremely rude. "We don't do that. You have to refinance through another company, have a nice day" and hung up. Well that won't be easy to do because my balance is still way too high, over half of what I'm paying is eaten up by the interest. Just saying unfortunately trying to do right and rebuild your credit with this company (Regional Acceptance Corporation) is NOT a good decision at all!!!
I battled DMV and Regional Acceptance Corporation for about 14 months. Regional kept telling me they would look into the issue and contact me back. I made 5 attempts in those 14 months. Trying to give them enough time each time to get back to me. Nothing every time. I ended up having issues driving my truck around risking to get a ticket because they wouldn’t help. DMV kept telling me when they took over my loan from another company, something must of been overlooked by them and not been signed.
Something so simple. But they wouldn’t help. Finds out it was DMV mistake. A simple call from Regional would of fixed it. Finally a manager stepped in at DMV and took matters into her hands and contact Regional. A simple phone call from Regional would have saved me so much time. I ended up taking 3 days of work off trying to get this fixed. Trust me I’m working to pay my truck off ASAP! Don’t want them to get more money than I have already given them.
I have never dealt with a company that was so incompetent, ill informed with non-professional employees. All I need is a copy of my title to get registration. They will not even get me that. I am thinking of reporting them to the Better Business Bureau. Never ever use this company as a means of financing a home or car or anything for that matter. They are very fraudulent and I am surprised they are in business.
I first encounter Regional Acceptance in 2010, when they approved a loan for a brand new Nissan Maxima with 6 miles on it. My credit wasn't very good so expected to pay a higher interest rate than normal. If your credit score isn't up in the high 700 your interest rate will be high, so I expected to have a high monthly payment and I did. There were several times I couldn't make my payment on time and I talked and made arrangements and paid it. I never had one late payment shown on my credit report not one, and I was late several times but made arrangements.
I had them for almost 7 years I mean never a issue at all. You can't expect great service with unacceptable credit scores. Be real this company did a great job with me for almost 7 years, paid my car off and had a nice relationship with them unusual. I will never say anything bad about them... Keep your credit clean then there would be NO reason to complain... This is a very good company... All companies has some issues and believe that.
Unfortunately our son financed a truck with this horrible company without consulting us. Ten months later he sold the truck, but we spent over a month after the loan was paid off trying to get the title. The majority of people employed by this company are either total liars or complete idiots, because if we called 5 times with the same question, 5 employees gave us 5 completely different answers! Finding a person who even knew the procedure for paying off a loan was next to impossible, but we did finally manage to get that accomplished. Little did we know that getting the title would be a month long process of constant phone calls and run-around.
One person would say the title was in the mail, the next would say it wouldn’t be mailed for another week. Their story changed every day, and we never did get the title! In the end, we had to pay an extra $60 to get the Lien Satisfaction letter so we could go to the DMV and get a duplicate copy. And how exactly does that work? The company that is responsible for for keeping your vehicle title can just lose it, but you have to pay to fix their problem? This company blatantly takes advantage of people! Do not do business with them if you have any choice at all!
Paid off my vehicle. Then they stated about $6.57 left. Then call them for pay off letter. They stated still 1 cents on the loan on the backend that didn't display to my account. They told me that they sent it to pay off to be written off by manager. They told me to call in three days, called in 3 days. They told me it still wasn't done.
I am really tired of people bashing this company! Regional Acceptance is great for people who can not get their cars financed through the major companies. I have been with them ever since I purchased my very first car on 2014. I am never leaving them either. They have worked with me anytime I got in a situation. I've always made good on the payment arrangements. It is like this, if your credit is not great this company will do its best to finance your vehicle. Sure the interest rate is sky high, but it is what it is. That is the penalty paid for not having great credit.
The customer service representatives are all awesome. They are never rude, mean, or unpleasant. Every representative I've dealt with have been courteous and always on point. So many people want to put Regional Acceptance down, but I am not with that negativity. Sometimes people only tell their "side of the story", to make them look good. I do not work for this company at all and am just a customer. Some people are not telling the whole truth and are leaving important details out of their negative experience. They are leaving out what they did to contribute to it. Thank you Regional Acceptance Corp for being there for me when I've needed y'all the most. An honest, pleased customer.
OMG. Never get an auto loan from these guys, we got a loan back in 2014 and they charge you interest on the amount of the loan every day!!! And very little if any of your payment goes toward your principal balance. My soon to be ex husband had been paying on this truck or so I thought. But I guess he took out several actions that I wasnt aware of. Then in October he decided he couldn’t afford it anymore even though he told our son that he would continue to pay for it.
Now he has two incomes. His and his fiancé and me. I’m now a single mom who can’t afford it and when I explained what happened to Regional they were like, "Sorry we can’t help you or give you an extension. You’ve used them all." I said, "No my ex did. Not me. But no." So I finally have had enough and when they called while I was down with the flu. I answered and told them I’m doing a thing cause I’m stuck in bed with the flu and I’ll call when I get better. Did they stop calling. No. They kept calling. So yesterday they called with a different phone number that I answered and while on the phone they called me from the regular number that calls me, well I stated, "That’s funny. You guys are calling me on the other line. From another number too".
But I told her when my son comes home in about two weeks we will be turning in the truck. So she said she’s note it in the account, well wouldn’t you know they call last night and this morning again to try and get a payment and when I told them I had spoken to them already and was going to turn the truck in they said, "Oh let me get you over to a supervisor to see if we can work with you." What. Are you serious. No thank you. So yeah let’s see how many more times they call me before I turn the truck in.
I was in an extremely bad accident on December 25th and as a result had to buy a new car. I had a great experience with the car buying process but that bliss ended when I spoke to Regional Acceptance. A "Monica" called me to go over details of the loan that had been approved and when the subject of auto insurance came up, I had questions. Monica indicated Regional Acceptance would only accept a 500 deductible on my policy. I, on pain killers and muscle relaxers as well as being in a very bad emotional state, questioned this requirement because I had a higher deductible than 500.00. I asked what would happen if someone had a higher deductible and she went on to say they would only accept 500. I asked what could be done because I could not afford the premium the insurance company was charging on a deductible that low.
After going back and forth I asked to speak to a manager and that's when Daphne ** got on the line. I told her I could not get a straight answer to the insurance question and reiterated my concern. Daphne's demeanor was offensive to me just as I was probably not very nice back. I expressed my concern about the insurance again, to only have Daphne become combative. I kept repeating my question as to what would happen if I could not afford the insurance premium on a 500 deductible and at this point she continued to be argumentative. She then stated she was going to send my file back to the dealership if I didn't stop being rude. I explained my concern again and said to please not threaten me with sending my file back. She began to taunt me saying "I am not threatening you. I am telling you I am sending your file back".
She also stated that they only wanted to deal with people they feel they won't have problems with and they only want to deal with people who are going to make their payments. I am not sure why she drew the conclusion that I would not pay my car payment. She also stated that she felt that I was going to change my insurance back to a higher deductible and therefore they didn't want to deal with me. Keep in mind my loan was already approved. Becoming very emotional and angry at this point I asked to speak to HER manager. I don't know who it was I spoke to because they did not identify themselves but the girl that got on the phone has the same offensive attitude with me. I pleaded with her to not send my file back that I was just in a bad accident (I almost lost my husband and my life) and that this all stemmed from a concern about my insurance.
After being patronized by Daphne and this woman I said that if I was in a situation where I had to protect my household budget, my insurance would be one of the things I could change in order to afford it! This woman and Daphne both decided my file was being sent back. I practically begged but this woman, just like Daphne, in a very sarcastic voice said it was too late, I could go find another lender.
I contacted the dealership via my sales person who said not to worry, they had connections at Regional and they would get it fixed. At this point I am thinking of how and why a company would "play god" with my life and why was I even having this conversation with the dealership! I wasn't aware of any other approval with the terms I had requested to of course my emotions and stress skyrocketed. I almost died and now I am having to deal with this. The sales person called me a few days later and ask me to please call Daphne back and that everything was fixed. The file was not rejected any longer. I called Daphne on January 5th at 4:07 pm. She took it upon herself to remind me of our conversation the day before, again her demeanor was very unprofessional. She stated that she was the one that approved my loan and that I still needed to speak to another department and that she was transferring me to a girl named Angie.
Angie did not answer so I left a detailed message with my phone number to call me back. I never got a call. I followed up again a few days later and again never got a call back. I waited about a week and contacted Daphne's office again leaving a message in what sounded like the general mailbox and Daphne never called me back. I contacted my salesperson at the dealership via text and he said that the file was no longer rejected and everything was fine. I have a temporary tag on the car which was very near expiration as well as my first payment becoming due in two weeks so I called Regional Acceptance customer service only to find out I was not in their system. They transferred me to the Tampa office where Daphne works but she would not get on the phone. She told the person who answered (I believe it was Monica again) that I should speak to the branch manager.
Ken ** gets on the phone and he states that I was nasty to them so they sent my file back. All this time I think everything is fine after I spoke to Daphne on January 5th, yet nothing was fine. I was lied to. I tried explaining to Mr. ** that I spoke to Daphne a second time and that I was under the impression everything was fine, and with the same offensive demeanor, he said I could find another lender. I sent a text to my salesperson who happened to be off work and said he didn't know now and that he would check when he returned to work. I feel like this lender took an escalated conversation from the beginning and used that to taunt me and they did it proudly.
I am in mortgage lending and if a loan originator or manager treated a borrower the way I was treated, their lending license would be up for disciplinary action through the Consumer Financial Protection Bureau. These people at Regional Acceptance Corp not only conducted themselves in a very ill way, Daphne made reference to them not wanting to deal with people who were not going to pay their bills. She and her manager took pride in what they did. I don't know who regulates them but I will find out. I never received proper disclosure of a reject, loan turn down, nothing. Daphne ** treated me like the scum of the earth and based on her words to me, she was proud of it.
After investigating who I was dealing with I find that she was recently arrested for a felony in November as well as doesn't pay her bills as evidenced by a recent lawsuit from her lien holder on her vehicle's repossession. I don't know why and how a company would employ a felon and her charge is evidence of the type of person that probably should not have access to the public's personal information. I am contacting the Consumer Financial Protection Bureau to see if they regulate the auto lending industry. I am writing this complaint because of the emotional stress this has caused me as well as my concern for my private information now being in the hands of these people. I am also contacting BB&T Bank whom Regional Acceptance is a subsidiary of and will be making another formal complaint with them.
Updated on 02/08/2018: If you read my review I wrote previously then this will be the icing on the cake. The dealership was provided with my updated insurance showing a 500 dollar deductible which was sent to Daphne as per the dealership sales/management. They had the nerve to misrepresent themselves on my "adverse action" letter I receive in the mail dated January 23, 2018. It stated that the reason for my credit denial/termination of change was that they had not received the requested information (my insurance). This was after Daphne stated they had made the exception upon approving my loan to allow a 1000 dollar deductible. So why is it that Daphne and her superstar branch manager Ken feel it acceptable to lie on a formal document?
These people have unethical business practices. Stay clear of these people and make sure the dealership you visit for a car purchase knows to NOT submit your loan to these people. I wanted a zero money down loan and I got it from an actual bank (my score was 650 at the time of application). You do not have to deal with the scum of the earth to get a high loan to value loan on your car. I am in the process of communicating with the State Attorney's office here in Florida as well as the CFPB. I know karma will prevail and I'm happy to help it along.
This is kind of a 2-in-1 for both Regional and Keffer. I stopped in at Keffer Chrysler/Jeep/Dodge/Ram one March afternoon in 2014 just to look at what was on the lot. I had just put $70 worth of gas in my '05 Cherokee Laredo. Some young kid name Xavier comes out and starts smooth talking me. At this point, I was nearly up on my lease and was already approved to move to another apartment complex closer to work in Charlotte, NC, and I should have just gone home. However, I used to have 2000 Cavalier Z24 5 Speed manual and thought about getting a Dart. So I talked to Xavier, test drove one, liked it, and I had a decent credit score (low to mid 600's) and no money down, and they held my keys hostage (like all dealerships do). I was literally there for 8 hours.
They gave me hardly anything for my Jeep and I rolled in several thousand of negative equity. Again, I should have said no, but high-pressure sales got to me. They gave me financing through Regional Acceptance, but not even on the car I wanted. They pulled an Avenger around that had all the bells and whistles. Again, I should have just walked. I took the deal. 636 a month. That was more than my rent. I ended up cancelling moving to the new apartment (which was much nicer and a lot closer) because I couldn't afford the rent and the car payment.
Fast forward and I've taken a few extensions out here and there (I've had 2 job losses and changed cities twice, but back in the Charlotte area now). In December, I still owed for my November payment, so I called in to request an extension. They automatically did a 2 month (not sure why), and I sent in the paperwork. In order to "better my chances", I went ahead and set up two auto payments in January splitting the payment up.
Now, I did request a cease and desist because they had harassed me so much in the past, so when they denied it, they never told me. I called in early January to ask if those two payments could be applied to principal only as I was planning on paying about 8k or so down as a principal reduction payment so I could refinance the car. By this time, I had paid nearly 28,000 and still owed nearly 21,000. I hate Regional with a passion, and I'm ready to be rid of them. I had been working the past 2 years to get my credit back up in the upper 600's.
So I'm calling in about the two payments previously mentioned, just to find out my extension was denied. Their reasoning? "We only give out 8, and if we had approved you, we'd only have 1 left". So what? Who cares? So I had it out with a manager asking them to re-do the extension because I'm going to attempt to refinance it and she refused. I called in a few days later and re-applied and got it approved.
Well, I first was going to go through my credit union. When they ran my credit, they said my Experian score was below 500. I yelled "what in the hell?!" Just two months prior it was around 630ish. Regional reported it as a 60 day late, and while I did have a medical collections hit my account, it plummeted my scores over 100 points and 2 years worth of working on my credit went down the drain. Now, nobody will refinance my car due to my credit score being tanked. I'm hoping once they report at the end of this month, they'll report it correctly. I requested two disputes through Experian, and both times they didn't change it. So while I did pay down the loan to about 12,800 or so, which is definitely a plus, I'm still stuck with 636/month and Regional.
I seriously hope all of their employees burn for working for such a predatory company. I lost nearly 1k of credit on my AmEx card because my score dropped, nearly making my card maxed out. I don't try to live with regrets, but I nearly regret the day I decided to "take a look at what's on the lot" that day. Never take a deal with these people.
Worst company ever, lost my husband and contacted them as he was a co-signer. Explained to them I could not afford the car and please come get it. The car still sits waiting to be picked up and in the meantime they are racking up all kinds of fees and interest. They threatened to garnish my wages if I do not pay them. Never, ever use this company no matter how desperate you are, you will be in debt for the rest of your life. Please tell me how this is legal and yes my debt is way over the cost of the car I paid on for a year.
I admit that they have deferred payments. 11 in fact as we ran into some medical issues and custody issues. However, they act like they are doing you this huge favor. When in reality the only reason I ever agreed was so they don't repo since it is my only transportation to work. I've made payments but like everyone else the balance doesn't budge. Explain to me someone please how your payoff balance is more than your principal. Paid sticker price of $12,900 on a Kia Sportage and now owe 17,897.85 to pay it off. Every payment that you make goes straight to interest... How the heck do you ever pay off a loan that is straight interest when they charge you $9.48 a day in interest. YOU DON'T. Stay away from this company no matter what. It is a scam and if there is a class action suit against them please tell me who to contact.
They caked me 10-15 times in one day. They were rude to me. Talking down to me where I started to cry. The principal is outrageous 16164.60 as of today. November 17th 2017. Please tell me how I can join this civil suit.
I am being generous with 1 star. They deserve a big Fat 0. They incorrectly "returned" a payment a month after we made it and the day that they made the attempt they came and repossessed my car. The money was NEVER added into the account because they did it incorrectly so they got the payment AND my car. ** SCUMBAGS. DO NOT USE THEM UNLESS YOU WANT TO LOSE ALL YOUR MONEY AND YOUR CAR!!!
I went to a dealership to get my car. They said the loan was with Regional Acceptance. I said okay and went through with it. They’re very rude, doesn’t take what you tell them into consideration, and overall care about just getting the money rather than working with you and helping you. I was told multiple times that what I was being told by previous people was a lie. They kept stumbling on their words and mixing them up. They’re not good at all to work with. I would not recommend them to anyone.
Purchased a vehicle in 2012 after my second deployment. Now in 2017 I still owe 12,000 from a 23,000 loan. Sadly, I owed that same amount over a year ago. These people will harass you nonstop if you owe them money, call everyone they can to get to you, and have been some of the rudest folks I have ever dealt with on the phone. Sadly I can't get away from them and honestly feel that this is their game. We never had our pay off amount stop going down until we attempted to get a new car last summer. The only thing that stopped us was being too far upside down and being barely shy of having what was needed to push the loan through. Since then, my payoff hasn't dropped. Any calls between myself and RA has went from professional to absolutely rude. Stay away from these scam artist folks. They are nothing but careless thugs.
I had a low credit score, really low. I got approved at a crazy high APR. Paid on time every month, never had a problem with them. No mean calls, no threatening calls, no calls at all. If you have ** credit and you can make the payments you agree to make on time, great company. One reason not 5 stars... Rebuilt my credit and tried to refinance, they said no because my vehicle wasn't worth what I owed. No **, you were charging me 21% interest for 3 years, lol. If you need help, they will as long as you can pay what you agree.
Had below average credit with below $2000/monthly income at the time when I tried to buy a used Ford Explorer from a Ford dealership a couple years ago for $8900. Regional Acceptance offered to finance at 15% interest, payment of $280 monthly. $2000 down. I accepted. The. Biggest. Mistake. Of. My. Life. What follow were 3.5 years of terrible customer service experience and horrible reporting to credit bureaus. If I were ever late with my payment by a day or two, I'd get 5-10 robocalls per day, even if a payment was scheduled in advanced. When I would answer a call, a really mean customer service rep would answer and bash me for being late with the payment. Thanks for understanding... and then they would still call the next day etc and report it immediately to the credit bureaus. I was late on payment by 30 days and a rep on the phone threatened to repo the car... awesome.
When I was on time with payments, 90% of the time, they never reported on time payments... After 3 years of paying, I still had $7000 of balance left.. from a $10k total loan. Yeah that makes sense... not. I sold my house earlier this year and this bill was the first I went to pay off. I went to a "regional office" of theirs in my city and took 30 minutes for me to find their office suite in a massive building because it wasn't listed on the office listings. When I got there, it was an unmarked room on the interior and the staff person there literally said "who are you" and "how did you find this office? I said "well, this is regional acceptance right?" And the lady said "who are you and why are you asking?" Are you kidding me!!?? I pay you monthly for my car and you ask why I came to visit you in person to pay off my loan?
"Our regional offices are not for customer service, only loan approval. You shouldn't have found this office because we can't do anything for customers here." They only have customer service branches in the Carolinas, but that's because they don't finance cars in the Carolinas. They don't have any physical branch offices in any of the states they do business in. So this regional office turned me away and asked that I pay off my car over the phone. $7k, that a chance. It took them a week to send a pay off on paper, and then 4 weeks for them to send me a written receipt confirmation (but taking my $7k was Instant) that the lien was removed, and another week to notify Texas DMV to issue a clean title. And another month before they reported to credit bureaus that I paid off the car. Total BS treatment.
I tell y'all, the way this company treated me made me realize that they really want you to fail on your payments. They want to repo your car so they can auction it off. They'll get their money either way. It's a crime they are still in business. I would rather walk for miles and miles to work than take another car loan from these people. Seriously, avoid this company at all costs. Terrible experience.
Regional Acceptance Corp (owned by BB&T) is by far the worst company I have ever dealt with. I purchased a 2013 Chevy Impala from a local dealership a couple of years ago and this is the company they said had the best rates and options for me. I, like a fool, agreed though the payments were a little higher than I wanted as was the interest rate -- I went ahead with it after I was assured that I could refinance after a year of on time payments to receive a better rate and term. This was a lie -- I paid on the car for 18 months then was downsized from my job and was making less per week at my new one so I thought it would be the right time to do the refi. I contacted RAC and was told point blank, "We don't do refinance." OK so Doug Henry Chevrolet lied (no surprise there) but the rep I spoke to initially with RAC did as well.
I asked for my payoff amount figuring that I would go to my credit union and do a refinance and be done with it -- imagine my surprise when I found out the car I paid 22K for had a payoff of 22K! I questioned this and was told that, "For the first 24 months your entire payment goes towards interest." This should be illegal. There was no way to refinance as the maximum KBB value at this point was 13K. If I sold privately and trade-in value was 9K. I had been paying 498 per month for 18 months which is $9000 and it was for naught. I attempted to work with them as liked the car and didn't want to hurt my credit -- I asked about changing the due date from the 1st of the month to the 14th and was told nope, wasn't their problem that most of my bills were due on the first; asked to defer a payment as I was starting to struggle and was granted one but charged for it.
After this I was getting phone calls at work, home and on the cell the day before my payment was due each month. I was working to pay bills only by now and praying that nothing would happen. When I had a death in the family and went out of state for a week my payment was missed and paid late but I was berated, spoken to like a deadbeat and harassed. Enough. I finally told them to pick up the car. After a ration of you know what and being spoken to like a piece of doggie doo the car was picked up. Mind you, this was another 7 months after I had inquired about the refinancing option and yet I still owe 22K.
They sold the car at auction 6 months later for $3200 then had a collection agency call me to state that I owed them $19,000. Well guess what? Now I am filing bankruptcy because of this situation and they will get nothing. Had they actually been willing to WORK with a customer who asked for help and not charge them up the hooha they would have gotten their money. I guess in sharing this story I would recommend to ANYONE who is presented this company to think twice. There ARE better options that won't gouge you quite so much and try and treat you as though you are a slug.
How are they still in business? I'm in the same boat as everyone else. I didn't have bad credit, just not enough to get a higher rate in a pinch. I've been paying for almost 4 years on a 14K loan, (almost 20K paid so far) and I still owe over 10K? I'm so desperate to get rid of this car that I've borrowed from my retirement to pay this off. I was a week late on my recent payment due to waiting for the full loan amount to hit my account. I make the final full payment on Friday, and they're calling me multiple times over the weekend claiming I need to make a payment?
But you can't get ahold of a human over the weekend despite their weekend hours. so I call Monday to find I owe an additional 300 dollars on the loan. This may have been my mistake as this is my first time paying off a loan and doing it early at that, but I recall when I called several weeks ago in an attempt to prepare what I need to pay it off, I was told she "couldn't tell me how much I would owe" AKA she was too lazy to do the calculation. So my recommendation as is everyone else's, STAY FAR FAR AWAY. If you're already in contract with them, use the automated system as much as possible, give them as little information as possible and get out of the loan as fast as possible.
I have had a loan with this company for 3 years, never missed one payment. They do not have their own auto pay so I was forced to use AutoPayPlus. I paid biweekly for 3 years. When my car was totaled due to the other driver's fault this company was unable to stop payment unless you call 7 days in advance. Well in times of hurricanes they are unable to stop payment even though they got notice more than 7 days in advance. This company and its affiliates suck! Steer clear good people!!!
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