I have fallen into the same delima that many others have complained about, making 4 years on a car, and finding that only a small percentage of the payments have been applied to the principal balance.
I have tracked all the payments since 1998 until recently, have the back-up to each and found that I am acutally 5 payments ahead, they are threatening to repo my car.
They gave me an extension on 2 separate occasions, and then, a year later, gave me a payment "reversal", deleting 2 of my payments from their system and calling it "we decided not to give you the extension". I have a printout of my payments and there is very little of my payments going to the principal.
The loan term is up in a year, but I still owe over $4500 on the vehicle, the loan amount was for $8904 in 1998.
After 60 payments I should be almost paid off. I am wanting to sue them for theft and fraud to end their lucrative career in creative bookkeeping. I am not going to take a Chapter 7 bankruptcy, I'm going to sue them for all that I can.
I would like it very much if anyone who is doing this now, or wanting to do it please contact me. A good class action would do them good. One of their affiliate companies got sued for doing something similiar to home mortgages, the bigger they are, the harder they fall.
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