I had the displeasure of doing business with Regional Acceptance Corporation via a local dealership. They first tried to increase my rate 2 days after the loan docs were signed. I would not allow that and threatened to exercise my 3 day right of recision. At that point they hung up and I never heard about it again. On 2 occasions I had payments posted almost 10 days after I know they received it (attempt to increase acrued interest). These were met with strong protest and a call to the FTC on conference. Amazingly they opted to reverse all fees etc. Finally I decided that the best way to fight back was to pay the car off thus costing them the ability to collect any future interest. Easy huh? WRONG... I sent a check for the 10 day payoff amount to an office less than 100 miles away as instructed. 12 days later NO posting once again. To make matters worse!?!?! They called me this eve to tell me my payment was LATE! This is Wednesday Nov 10 and on Monday Nov 5 I called the office I sent the payoff check to. At that time the office rep told me that they were in posession of the check. Today of course they swear that never said that and state that they are not in posession of the check. The FTC will and my State Attorney General were notified and said that they were not surprised. One rep from the SAG office said it sounds like the SOP he knew well that RA operates from. Not knowing what SOP was I inquired... Standard operating procedures... Laymans terms I guess this means a license to steal. Lets take their license away (profits) RA gives elevated rates anyway. Shop for rates, if RA is suggested by a dealer then tell the dealer you will buy elsewhere if they cannot get you a reputable financer. Last but not least. It is ILLEGAL for a dealer NOT to give you a signed interest disclosure form. Be sure one is part of your loan closing package and be sure the interest stated on it is EXACTLY what you were told. Also inquire of your dealers how much they are jacking up the rates and reselling them to you. This is a legal practice disclosure is the right of the consumer. Most dealers actually make more of the financing than the car. That greed is what drives them to use higher interest companies like Regional Acceptance. Be informed, Be wise, Be safe.
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