Once again, my car loan was transferred to a new company named Crescent Bank. This is the third time it has been transferred without my prior knowledge that such a transaction was to occur. My original lender was American Investment bank, then turned over to SST, Inc. (System Service Technologies), then turned over to Silver Oak Services, and now Crescent Bank is the "proud" owner of my loan.
I will soon be 4 months behind on my loan payments due to unforseen personal financial circumstances. I've paid on my car loan for over 3 years totalling almost $10,000. So, I thought I should contact Silver Oak Services to find out what my options were to help me bring my loan current. I called the 800 number on my statement from Silver Oak Services and reached this new company, Crescent Bank. Obviously, I was confused.
I was transferred to a customer service representative who "handles" my account. I inform her of my situation, my intention to quit my job, which I love, after 8 years of service to collect on my retirement contributions to pay all of my debts, including bringing my loan payments current. (My employment policy does not allow us to touch our retirement funds unless I was to terminate my employment with the State or was fired.) Unfortunately my credit history is tainted and no "real" bank would consider giving me a loan.
First she tells me that they MUST recieve at least April's payment by Wed. Of the following week or my loan was going to be turned over to her supervisor for review and processed for legal action (reposession). I then tried to verify her statement and asked, "If I am able to make this payment, will it put a hold on any pending legal action?" She says "Well, you're still late for May's payment."
Can you see my eyes rolling? I knew what was coming. I have to say these people are not very friendly, and this was my very first encounter with them. She acted as though I had screwed them in the past!
Anyway, I said "So, If I make two payments by next Wed., are you going to tell me I'm still late on June's payment? And then July's payment? So, no matter what I CAN do, you still plan to come and reposess my car?" She says "Well, that will have to be up to my supervisor, but I'm sure if you can make two payments next week, he'll consider putting a hold on any pending legal action."
Hmmm, let me think about this. She just basically told me that unless I pay the $992.92 by mid-next week, they will reposess no matter if I make one, two, or three payments. Does she think I'm stupid? Why would I want to make two or three payments and then they still come get my vehicle? TO "EXTORT" MONEY OUT OF ME AND STILL SCREW ME! Sorry lady, I wasn't born yesterday.
I then inform her, again, that I just quit my job, I will have the payments caught up as soon as I can but it will take 4-6 weeks before I receive my retirement check.
In a very stern and rude tone, she says "you were employed at the time the payments were due and there's nothing we can do. I can't figure out why Silver Oak Services didn't repo your vehicle by now."
I only have 9 months left to pay on my loan (after I pay the four months of arrears) and they won't work with me? I think it was bad enough that I was conned into purchasing a car at 23% interest, at a base loan of $8,000 and the trade-in value is only $2500, according to the Kelly Blue Book! THOSE DIRTY ROTTEN RIPOFF SOB's!
I faxed her "supervisor" an official letter stating what arrangements we had discussed and that I needed reassurance that if I make the two loan payments as demanded by mid-next week, that I'm not going to wake up and find my car missing anyway AND I want to see it in writing!
I have not heard back from Crescent Bank yet. To be continued...
Billie
Helena, Montana
U.S.A.
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