Regional Acceptance Corporation - RAC
Charged Interest After Paying Ahead, Told No Penalty Applied

Late last year, I received a bonus and thought the prudent thing to do would be to pay off a big chunk of my car note. I had called prior to that to ask if there is a penalty for paying ahead of time and was told there wasn't. There is, of course, no record of the conversation. I was told that my next payment would be in April. Since I figured I was paying Nov, Dec, Jan, Feb, Mars payments ahead of time, this made sense and subsequent checks via the automated system said my next payment wasn't due until April. I was not told that I would be charged interest of $1.78 a day for not then making April's payment in Nov! When I called to make the payment for April, expecting my usual $471.00 amount to be due, I was surprised by a $865.00 due. I called the customer service center. They say the last time I spoke with them was in June. This is not so.

I found paperwork where if you defer a payment, you have to pay interest, that makes sense. I didn't defer any payments, I made them ahead of time, and while technically this is not considered a penalty, the person I spoke with should have been honest enough to tell me the truth about the interest. They should have been honest enough to enter the conversation into their system. Instead, they omitted the information, which had I known, I would have been making payments each month after the large advanced payment. I instead use that money to help my family and myself pay other bills. None of which penalized me for making advance payments. Only Regional Acceptance did that.

I am disgusted by the way Regional Acceptance has treated me in this particular situation. I don't have the best credit, but I am working on fixing that. Regional Acceptance has made that more difficult by penalizing me almost $400.00 for doing the right thing when I received extra funds.

Do not use this company! I ended up stuck with them because of bad credit due to divorce and am still paying for it 5 years later.

Company: Regional Acceptance Corporation - RAC
Country: USA
State: North Carolina
City: Greensboro
Site: regionalacceptance.com

  <     >