I refinanced my loan on June 7. Total amount financed was $2,640.00 to be paid back in 24 months. Then about 2 weeks later I recieve a letter in the mail stating I did not have to keep the 3 different insurances on my loan.
So I cancelled the insurance and recieved a refund check for $202.75 which in turn would be deducted from my loan. Needless to say it wasn't, it was added instead. The only amount deducted was my payment for $110.00 on July 7.
Here is how my statement looks:
ACCOUNT SUMMARY... Date... Amount... CHARGES or BALANCE
...inTEREST
Previous Balance... 2,640.00
Account Adjustment Jun 23 81.84 81.84 2,640.00
Check Refund Jun 23 81.84 2,721.84
Account Adjustment Jun 23 22.44 22.44 2,721.84
Check Refund Jun 23 22.44 2,744.28
Account Adjustment Jun 23 98.47 98.47 2,744.28
Check Refund Jun 23 98.47 2,842.75
Payment Jul 07 110.00 110.00 2,732.75
Account Adjustment Jul 23 202.75 202.75 2,530.00
Now if you look at this statement you will clearly see the money was not deducted at all. Because if my previous balance was $2,640.00 and you deduct $110.00 you get the total of $2,530.00. If the $202.75 had actually been deducted from the previous balance along with my $110.00 payment my new balance would be $2,327.25.
So my advice to everyone out there is STAY AWAY FROM AMERICAN GENERAL FINANCE!!! They are nothing less then thieves. And any employee or ex-employee who works or did work for this company and defends this practice are clearly a bunch of scam artists.
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