Have had a loan with them since 2/05, car was financed for four years.
FIRST ISSUE: A couple of weeks after purchasing car, receive letter stating that I need to provide them with proof of insurance or they will charge me for insurance using their own insurance company or take the car. I gave them proof of insurance twice, on the day that I purchased the vehicle and my insurance company mailed them proof to the address that they told me to send it to.
SECOND ISSUE: Review my payment book and find that even though I have a set monthly payment for what is supposed to be the life of my loan (four years), the final payment coupon states that the buyer must contact them for the amount of the final payment. HUH?? Why??? I have bought and paid for at least 6 cars in my lifetime and this is the FIRST time I have EVER seen this in a payment book.
After reading some of the issues that others have stated regarding loan amounts changing and loans being extended without their permission, I now can see how Crescent may be setting up buyers for deceptive lending practices.
THIRD ISSUE: They do NOT send you statements so that you can see what your account activity looks like and if you request one you will NEVER receive one. I never have.
FOURTH ISSUE: It is not possible to get a payoff amount. I have tried, when I was considering trading in the car, I tried and could not get it.
I used to mail my payments into these people, but after receiving their asinine phone calls a couple of days before my payment was due asking me when I was sending in my payment (remember now--it is NOT even due yet and I am getting phone calls), I started to just use Western Union. It provides a very clear record of payment sent, payment received. I highly suggest that if you are a victim/customer of this bank that you send payments via Western Union or Moneygram. If you speak with them about anything, record your phone conversations or handle all communication in writing with signature receipt confirmation. If you make payments by check, send it by certified check or use an online bill payment service that will electronically record payments for you.
Arguing with these people is useless, the only manner of communication they understand is the sign language--the dollar sign. If you have legal issues with them, contact an attorney and let the attorney handle ALL communication with them.
If you get behind on a payment, include ANY and ALL late charges with ALL payments. Indicate on the payment what is the actual payment amount and what is the late charge. In fact, if you can, make these payments individually. Send on payment for the payment and another for any late fees--with the description annotated on the payments.
If you enter into any type of modifed payment agreement with these people, get it in writing and/or record the conversation or have a legal representative present during the negotiations.
My loan is due to end in a few months and I am already anticipating that I will have issues getting the car title. It just seems like their mode of operation.