In 1999, I purchased a vehicle through Prestige Financial. I was credit challenged. They had me pay over $3000 and my vehicle trade-in for a down payment. The interest rate was 22% and they were not willing to work with you on the due date.
Then in late my husband got laid off from the Union, therefore, we lost an income for over two weeks. They were not sympathetic at all and came and repossesed the vehicle. Our loan amount was for $11,000 and they claimed the "auction" only got $3000 out of the vehicle so we owed the remainder plus fees, plus interest!
Now, in the year they started garnishing my husband's wages of over $800 a month, plus my $900 state income tax. We contacted their legal dept and they did'nt seem to care that they were taking out almost a house payment every month but had us fill out a debt to income ratio form. Which we filled out and returned immediately with all the proper forms needed and weeks later, we finally got a hold of them and they said that they could reduce the garnishment amount from 20% to 17%&WOW.
I really don't want to file a bankruptcy but they are starting to give me no choice - I've already lost a rental house and another vehicle because of this.
My problem with this company, is they prey on the credit challenged, get a big down payment, make you pay high car payments and then the second you are one week late, they repo it so they can start their vicious all over again. Now they have ruined my credit even worse than it was!!
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