I ended up with Reliable through dealer financing and I had no idea what I was getting into. I was so naive on this loan and I will never use them again.
The first problems started the first month. I can count on recieving a threatening call 2 - 3 before my payment is due to tell me I am late.
I was making double payments (and all my payments are $30 more than the amount I was told is due monthly) for a few months and fell on hard times. I missed a payment but made up for it the next month. I than started recieving threatening calls again. I told them that I covered two months payments. They said they knew but my payments had increased so I had to make another payment or they'd repo my car. I did pay (lost a few pounds from the lack of food over the next month but I did) only to recieve a letter a few days later stating that my payment was LESS than what I thought it was and the two payments more than covered it. I sent an angry email to my rep, Andrea, but recieved no response. It seems they are only interested in talking to me if they are trying to swindle extra cash.
They do not send statements. You get these coupons in the beginning and that's it. That being said, I call and check my balance on a regular basis but I have come to find that the answer I get varies. The worst was when I called one day for a balance and the next day when I called to get the exact amount (I was going to pay it off) it was $300 more. I was told this was because they compound interest DAILY (it still didn't explain my $300 swing. Andrea told me my loan had never been that low).
I got into an accident and recieved a check from the insurance company that was a joint check because I didn't have the title to the car. I couldn't afford the deductable so I wanted to use the money to by the parts and replace it myself (I just had to replace a couple door panels and a fender). They said if I wanted to fix it myself, I had to pay for it myself and bring it by a branch for approval. This way they could "make sure thier investment was fixed". The panels and paint cost more than the deductible. I did find however, that door number three was just sign the check over to them and not fix my car at all. Yeah, they care about "their investment" all right...
I couldn't afford doors one or two so I signed it over to them. I was told it covered my payment and the rest went to principle. I even got a receipt showing it covered my interest. I asked if she was sure because Reliable lies to me all the time. She said she didn't lie. I started recieving threatening calls again. They said I missed my payment and they were going to repo my car if I didn't pay up. I told them I just gave them over a grand and I was told it covered my payment. Andrea said it went to principle and the payment was still outstanding. They finally stopped calling after a scathing email and verifing I had proof the payment covered interest as well as principle. Again, no response to my conerns.
I am on what is supposed to be my final month but my loan isn't paid off. I asked how this was possible when I have already paid twice what the loan was for. She said that it was because of the days I paid. Evidently, because of this daily compounding business, every day late or even on time extends the loan.
I asked for a statement and finally received an illegible one about a month later and me calling to complain I hadnt gotten one. It was one page, back to back, copied crooked so writing was cut off, and did even show the full three years of payments and charges.
Hopefully next month this will all be over but who knows. The crooks will probably find a way to keep it going forever.
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