I purchased/financed a car thru Centrixl, who changed to FlatIron and is Peak 5. Not sure why they changed hands 3 times in a 2.5 yr period but they did. I payed $543.59 a mo for a car that is valued at $18,000. I have been paying this pymt for 2.5 yrs totalling $16,000. With tax/etc I financed $23,000 and paid for 2.5 yrs I have only reduced my principal by $5,000, this means that I have paid $11,000 in interest with Peak 5 and I still have 3.5 more yrs to go... Which means that they will collect over $20,000 in interest on this car loan.
But here is the real story. I have been paying my car payment faithful every mo never allowing myself to be late by made 2-3 days depending on where my pay day fell. But with this co. If you are late 1 day you are late and its the same as being 20 days late... 1 day is just as late as 20 days. Every time I get a statement I see that 300-400 goes to interest and just over 100 or so goes to principal. I was told I pay $9.80 a day in interest but I still can't figure the math when making my payments. I requested a deferment in Dec. 07 needing $ for Xmas, I was actually declined a deferment but was never told this was possible and that I should follow up. I faxed the papers back... Called to confirm receipt and was told everything was fine. Keep in mind when you are 1 day late in paymnt they begin calling you demanding payment. So when my Jan statement arrived on the 10th I was shocked to see a double amt due for pymt. I called and was told my deferment was not approved. I immediately made pymt arrangements they took a payment the next night from my checking acct. I scheduled Jan pymt and they took it 2x's from my acct. I fought with them a wk and half to get my $553.59 back and I had to prove to them they took it. Imagine! It took 8 days to get my $ back from them and in doing that my bank WF found their error and pull the other pymt back on 02/08/08. Now they want me to pay interest from 1/11 to now rather than when WF took the 2nd pymt on 02/08. Which means that $533 goes to interest and $10 goes to principal. This means that if I opened my front door free money in the amt of $533 goes flying out the window on their error. I have tried to reason with them but no such luck. I was told they wouldn't consider back dating interested until they had a pymt and then there is no guarantee it will be approved to give me interest back. They do what they want to strong arm into paying. I am totally being penalized for their error. If they had just taken the right pymt 1 x from my checking acct this would not have started this downhill spiral of conversations, tears and frustration on my part. One supvr there told me I didn't have to act like a B* to get this resolved. Imagine... Being spoken to like this. Never once did anyone apologize for holding my $553.59 hostage for 8 days just luck I had my IRS refund in there to keep from bouncing 14 items. I was luck in that case, but still. I have prayed and prayed for a solution and today I called them to voluntary surrender my vehicle. I can't afford to be mistreated or live in a state of frustration like this. But of course, then I am a good customer... And we hate to see this happen. But no apologies or solutions offered to help. If they would have offered to cut the interest in half I would have continued in good faith. Subprime car loans are not worth it... Never do it. I traded in a car that was paid for thinking I deserved a new car and now all I can think about is that if I had kept that car and put the same $ into it. I would be a happier person. Thanks for listening!
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