Long Beach Acceptance goal from their website—
"Bottom line - LBAC's goal is to help dealers sell cars. Fast, consistent credit decisions backed by quality service provided by quality people provide the key to attaining that goal."
Helping dealers sell cars fast, maybe. Quality service and quality people, not in the least.
Here's the deal - this is a blood-sucking, greedy company that preys on the lower income car buyer that desperately needs a car loan and doesn't have the smarts to shop around. I've read most of the complaints on this site and it sounds to me like I'm not the only one who's had trouble with these people.
I had been in an accident which totalled my previous car and so was in a "need to buy now" situation. LBAC was the first company to offer a loan, and, in the interest of speed, I took it sight unseen. The interest rate I received was worse than any of my credit cards, and had I know about the lousy customer service they provide, I would have charged the car to a credit card.
The statements they send do not itemize or breakdown your payments, your balance, or report any hidden fees or "add-ons"; they do not want you to be aware that you are being ripped off month after month. I have never seen a more uninformative bill, basically, just send the money and don't worry about what it is being applied to.
Here's where the problems started. I am recently in a position to pay off the loan completely and get out from under the burden of this foolish debt. I called at the end of December to receive payoff info, and was given an acceptable number. Today I called again (approximately 2 weeks later) and was given a number $2200.00 higher. It was explained to me that the original quote was "in error" although it balanced with my own personal accounting.
I started searching around and discovered this site. Now my whole payment history with this company has come into question, and I fully intend to research each and every charge, surprise fee, and method of accounting interest that I can.
Bottom line, run, don't walk, away from any loan this company offers. They are—as others on this site attest to—rude, unprofessional, impossible to get away from, and out and out dirty. I thought that there were laws in place to protect lower income loan buyers. These laws should be used to prosecute this sham of a company out of business.
To discuss setting up a class action lawsuit against this company, please contact me at [email protected]. I don't want to see more people get hurt by this ruthless and poorly run company. Hope this information is helpful, I wish I could have seen it two years ago.
Erik
Long Beach, CA
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