I got my loan in Dec for 66mos with my first payment deferred until March. My last payment would of been due in October due to skipping a payment twice t/o the loan.instead of sending me my last payment amount they sent the Repo man.
I called in the morning and the lady stated i owed another 6600 on the loan. And if i paid 1600 at that time and 1600 for the next three months I could get my truck back. She told me that my interest rate was at 11.9% which according to my contract i have a fixed rate at 5.9% she also had me financed for 66mos stating that my last payment was due in aug. But with the 2 skips my last should of been oct. I didn't think about this so that made my acct late sept and the last payment of oct due. 638.30 x2 does not equal 6600. I requested my loan history and could not believe the b/s.
My loan note states this 35551.52 (minus 165 loan fee) at 5.9% the box checked is interest rate not subject to change. Finance charge 6741.28, financed 35386.52, with total payments 42127.80, monthly payment 638.30 for 66mos. My history states that the term is 72 mos with interest at 11.9% They have payments that are posted 1 day after the due date 12 times which i have my old checks that were sent in 5-10 days before. Any time i was late i paid the extra 63.83.
January 19 I recieved a letter stating i owed 1311.69. I called to make a payment and told i owed 811.73 and was up to date. I recieved another letter the first of feb stating i owed 875.56, i called and they told me i was current with my payments. Since then i have been recieving a late charge of 63.86. And that is when they raised the interest from 4.9%to 10.9% it went back down to 4.9% for two months then back to 10.9% Their #'s don't even match it states my current interest is 11.9% but that is no where in the loan history.
As of 11/19 i have paid 8101.77 in interest, late charges of 1252.63 and total amt of 43536.86. If my laon term was 72 mos like they say wouldn't my payments been 585.00 a mos, and why would the lady state that my loan was completed in Aug. My loan book goes until july as payment number 65. And i have asked how my interest is increased she told me that she did not know, that is the way it is. The customer service was rude and pushy
I am suppose to be on some kind of list about disputing the loan but i have not heard anything and i am not paying them until they can explain things better to me than an "I don't know why". So they have added another 380 fee and I now owe 3506.43 as my last installment. How much more do they expect???
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