I financed a car 18 months ago through these people on a 5 year contract. The car in question was involved in a "hit and run" accident in Jan of this year and has been declared a total loss..
I have the Jan statement showing an amount of 8123.33$ as the "ACCOUNT BALANCE" but with the comment that this IS NOT the payoff amount. Now since that statement, i found out today that an additional 2 payments totalling about 500$ had been credited to the account. While with the "insurance adjuster" we called for a payoff and were given the amount of 7807.41$, which is HIGHER then the 8123.33 less the two payments credited. The insurance company is covering 6218.71$, which i would have "thought" would have been close to a "payoff" amount since the account is being "paid" 3 and 1/2 years EARLY, but i find i still will owe almost 1600$.. They did however say that they MAY be willing to finance another car and ADD this amount to the "new contract".
WHAT A SCAM!!! They get you with a high interest rate (in my case, over 16%) to start with, then try and offer to "help" by adding a remaining balance to a "new" purchase contract. They'll get there 1600$, but it will be as a "regular payment" on the still existing loan over the next 7 months... in the mean time, i'll take the BUS
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