In March I bought a car from CarHop. Their "financing company is "Universal Acceptance Company". I am not savy at all when it comes to financing. I don't understand how I "qualify" for aloan since I was already in a loan with my then husband in another car and my earnings would not be enough to get approved. But they did. And I "qualify" for a Dodge Gran Caravan. Since I have this car, I had taken it to the shop at least 2 times, they messed up my registration papers, they never responded when I contacted their "supposed warranty service. UAC would harass my references even though it's illegal (since they know where I live).
For many financial reasons, the payments (which are, by the way, bi-weekly) they assigned to me were getting heavy on my budget and I was struggling with them. To the point I couldn't afford groceries if I paid for the car. I 've tried many avenues: refinancing the car, getting a second job, even getting loans to pay for the car. But nobody would refinance me my ex-husband has no meanings of refinancing his car now.
On their website (www.uac.com) they adverstise that the company is not in the bussiness of "repossessing" car, so if the customers have problems with payments to contact them and they will work with you. I was naive enough to believe it.
I even thought about giving back the car. However, I did find out them that they were charging me 5x times the blue book value of the car. My car value is $3,000 tops and they are charging me for a $12,000 loan. And, by the way, they never told me I had a grace period to return the car.
I approached UAC (CarHop's financing company) and told them of my situation and see if they would work with me to lower the payments and extend the loan. Well, what do you know? Heere were some of their suggestions to me: "that I would go to a non profit organization to get them to pay my rent so I can pay the car", "that, yes, I could afford my payments, if I forgo my health insurance (I can't waive my coverage) and stop contributing to my 401k and life insurance" (basically not having any benefits), "that I stopped paying my other bills or get food stamps so I can pay the car". They were basically one minute from suggesting that I prostitute myself to pay the car. Can you believe it? I am willing to continue paying for the car for a longer time if they lower the payments. However, I don't think they will budge.in the meantime, they continue to harrass my references, caling them and leaving messages for them (my friends) to contact me.
Their website promises that they will work with you but that's not true. They promise you warranty for the car, they never contact you when you need. So, yes, I was stupid. But they are also a misleading company. They make you think you can afford what they are offering you but you end up stuck with a lemon.
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