I purchased a new motorcycle from a dealership here in san diego ca. And was financed by conseco finance this was a set payment amount for an eighty-four month loan. After paying on this loan for one year I inquired about the payoff amount.
In return I was told that my payoff amount was the same that was on my monthly statement, I asked would'nt I save money by paying my loan off early, I was told no Sir this account is set-up the same as a credit card.
What? A credit card this is a auto loan I replied, then I asked how many more months where left on my loan, the response I got was that there was no set monthly papyment Sir and this was a revolving account and that there was no way to calculate how many more months were left to pay.
Bottom line is that I financed a 12,700 dollar loan and I will end up paying over 6,000 dollars in interest on a 11% loan.
After three different phone call's with conseco finance I got no where, in understanding why I have a credit card loan instead of a auto loan.
The people were rude, short, and where not helpfull at all. Beware! On your next auto purchase you may be just opening another credit card account if you go thru Conseco.
Dan
San Diego, California
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