The nightmare began on 06/23. We arrived at auto loan finds looking for a nice used vehicle. We drove 1 vehicle (accuaually only looked at one). We were in a situation of "get it now or it will not be here to get". There was issues with the down payment amt. Our 1st payment was to be July 15th. We paid $400.00 on 06/23 and thought that was going toward the $1,200.00 down payment that was needed to do the deal. But we found out several weeks later the $1,200.00 was in addition to the $400.00. Our contract does not reflect this.
We had a 90 day warranty with the vehicle. After 2 months a oxegon sesor light came on and the transmission was acting up. I called the dealer and he said it was probly because we put the vehicle in 4WD the wrong way. The light should go off in a few days. Which it did, but we now have another problem. My key will not come out of the ignition and the shifter would not lock into park like it should. It would shift from park without the break applied. I only had about a week left on the warrenty. I calledall week the next week and no one ever answered the phone at no time. After failing to be able to contact the dealer I contacted the loan company, no help their. They indicaded that the dealer had rsently gone out of buisness.
About a month later we recieve a letter in the mail that our loan had been sold to Cresent Bank as of 11/19/06 and all payment sent to IDA after 11/28/06 would be forwarded to Cresent Bank. This letter was dated 12/05/06. We recieved another letter in Jan. Stating our next payment would be due on Feb. 07. About a week later Cresent called and left a voice message about our Dec. Payment that they had not recieved. And here is where it get really crazy.
We called Cresent and told them we sent the payment to IDA because we didn't get the letter about the change until after the payment was made. Well no one could locate our account. They would need to call us back. Which they did in about a week. The account listed we had purchased a Malabui, not the 2201 jeep we purchased. Next the account listed we purchased a Camaro, incorrect again. Next using my SS# to pull up the account it had different names, addresses, etc and we had purchased a 2003 jeep, color green. Our jeep was a 2001 blue jeep. We finally got the right vehicle with the correct information, but the Dec payment still had not posted. The payment finally was located (it was not forwarded from IDA to Cresent Bank immediatly as it should have been). Then they decide that we do after all owe a Jan. Payment. The letter must have been a mistake.
Our account numbers changed for some reason. I have documentation of 4 different veriations of our account number through these two companies.
On April 27 we returned home to find our jeep stolen. It was later found burned. Cresent Bank is telling us we over $9,000.00 as pay off on the jeep. They are crazy, there's no way. We have been told our loan is a simple interest loan and paying it off early does not relieve us of the interest due. We must pay all interest on the loan even if it is paid off early.
It appears that Auto loan Finders and IDA (Independent Dealer Advantage is more or less the same company.
I re-figured the numbers on the contract that was sent to me by Cresent Bank. The amts are not what I remember signing. The simple interest total is = to an interest rate of 13% not 23% on the contract. When Cresent got the loan they started over with original loan amount, like we had not made any payments. Both companies sent me my payment hystory showing balance, principle, interest and payment date. The calculations are incorrect. No where on the contract can I find where I have to pay all interst. Even IDA agreed that paying off early would release interest due. Now they are threating to take further action against us because we know there are mistakes somewhere and they refuse to even take a look.
I can see where this nightmare began, how each thing lead to the next thing and it seems the lending company wins again and the consumer gets the bad dream.
0 comments