I bought my vehicle in Jan. 2005 and will have my vehicle paid off in november so I'm like halfway through my contract. Last August I had the money to pay off what I owed on my vehicle and with other purchases I've made on credit if I had the means to pay it off early they were glad to accept payment and refund any interest which would not have ultimately been paid due to early pay off.
Not only were they not going to refund me any of the interest but I was going to have to pay a 500 dollars penalty for paying it off early. I understand the whole early pay off penalty but all my contract states is that I would have to pay 100 for anything over 1000 financed not 100 for every 1000 financed. And according to them I had a "simple interest loan" meaning I paid off all the interest before I ever even started paying on the principle of the loan so I was not entitled to have the interest refunded because it had already been paid in full.
Mind you my interest rate is 24.9% meaning that I'm paying like 2000 in interest on a 5000 loan. I know I have bad credit but damn come on now. And the whole time I was trying to get to the bottom of why they were trying to rip me off they would never give me to a manager or even a supervisor and until I learned to speak Spanglish I couldn't understand them that well to begin with. The csr s are absolute idiots. None of them knows what is going on and none of them can keep they're story straight every single person will tell you something different and swear up and down that they are right. I don't recommend anyone do business with this company no matter how bad your credit is go to your bank and work something out or walk to work cause it just isn't worth it!
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