Loan companies don’t care about you as an individual.

We all know that we should steer clear of payday loans. (If you don’t…please read previous post about them). But what about long term loans like car and home loans. The loan companies that offer these types of

loans can be just as crooked and shady as the payday loan folks.

If you have bad credit, you pretty much are sentenced to a life lived without new nice things. That’s just how it is. No matter if you messed up your life when you were straight out of high school, you now are still paying for mistakes made then.

Loan companies don’t care about you as an individual. That is just the cold hard truth. I personally, have a horrible credit score. I had too many credit cards at the ripe age of 18 that I didn’t pay for. Boy, am I paying for it now. I put myself through nursing school because I wasn’t eligible for student loans because of those pesky debts from what I like to call “my stupid years”.  With kids and a demanding job, I needed a dependable vehicle. Don’t get me wrong. I was raised with the mentality that “if it has 4 wheels and runs, then it will get you to where you are going”. But I for one didn’t want to be stranded on the side of the road with 3 screaming kids. I’ve been there…it is no fun!

So, I searched and searched for somewhere that would just give me a chance. I am a responsible adult who pays my bills. I am working very hard to clear up the mistakes of my past. Just someone, anyone, give me a chance. After months of looking I talked to a guy who said his car dealership had a special program for people with less than perfect credit. I went in and sat down with him. He made me feel like for once I wasn’t a horrible person because I had a horrible credit score. We went and looked at cars and for the first time since high school, I had the potential to own a new car…still had the warranty on it. Warranty? What’s that? 

I was on cloud nine. Test drove the car and fell in love with it. It was so much better than what I had ever had before. After discussing all the ins and outs we sat down to talk numbers. I gave him a price that I knew I could afford for a payment. He got on the phone with this “great company” to see what they could do. After days of negotiating he offered me a number. It was about 50 dollars more a month than I originally wanted to pay, but I was sold. I came in and signed on the dotted line and she was mine!

Happily ever after right? WRONG!!

That was about 18 months ago. I have had nothing but trouble from this great company since I signed. Shortly after getting my car I lost my job. Now, before you say it, I know this is not the loan company’s fault. And I am definitely not trying to blame them. I still managed to make payments during my period of unemployment. The payments just weren’t on time. This is when the problem started. I always called and tried to notify someone when my payment was going to be late. And every time, I was assured that it was ok if my payment was late and they always made sure to tell me that I would have late charges on my account. I understand that. Since I am back to work now, making my payments has gotten easier. I now can make them on time. So, what is the problem then?

The problem is that if I want to ensure that my payment is made on time I will need to call the company and pay over the phone, either by check or debit/credit card. No big deal usually. I pay most of my bills this way. The problem is that they charge me an additional $15 for using this service. I have a problem with this. Why is it so much to use this service? It is ridiculous. So, of late to avoid the fee to use their automated service, I have been mailing in my payment via check in the good ole’ snail mail. My payment is due on the 5^th of every month. I have noticed that my statements I get every month always have a different amount due??? So, I investigated. And you know what? I am still getting charged late fees. I wasn’t sure why since I was sending in my payment with plenty of time for them to get it and process it. I thought I would test it and see exactly how long.

This last month I sent in my payment on the 15^th of September. This payment was for the one that is due on October 5^th. We’re looking at approx. 3 weeks for them to get my payment. I have checked my bank account every day since mailing it to see just when it is posted on my account. Today, October 8^th, it finally was posted to my account. So, it took them 23 days to receive my check??? I then logged onto their website to view my account, and whadda know…I have late fees on my November balance because it shows I was 3 days late making my payment. This to me just seems so wrong. 

I called their customer service number today. After waiting about an hour and a half, I finally got to talk to a real person. And I was told in not so many words that I am pretty much out of luck. That if I would utilize their automated service I could ensure that my payment is received on time and I wouldn’t have any late fees. I told them that I didn’t feel that I should have to pay an additional 15 dollars every month just to pay my bill. I was then told “well then why are you calling complaining, if you don’t want to help yourself we aren’t going to help you either”.
 

I am utterly disgusted at this scam. It is clear that they are intentionally holding payments and then waiting until the account is past due before processing. This just isn’t right.

So, I want to emphasize to those of you who are looking into getting a new car in the future, and who are like me with less than desirable credit. Please investigate the company that you will have your loan through. Do not take the word of a salesman that they are a good company. Research the company, call them and ask them about late fees. Ask them if they charge to make an online or over the phone payment. These little fees add up. Trust me. You can never be too informed.

Now I am on the lookout to find a company who will refinance my car. One who has better customer service than what I am dealing with now and one who doesn't shun me because of my credit score…this should be interesting!

Until next time

~Meghan