I was about 20 years old and wanting to start something credit wise and decided getting a new car would be the way to go. I went to several "new car" dealers and could not get approved due to no credit. So a friend told me about RightWay AutoSales.
I went one day by myself and they told me that the only company I could get approved thru was Gateway Financial with a very high interest rate. Granted I was young and didnt really "read in-between the lines" but when the salesman told me that the car was going to be $180 a month, I thought that would be great. But turns out once I got home, the payment was actaully $180 bi-weekly. I thought I could afford it.
Payments started off fine. About 3 months into my financing I was unable to come up with the payment and the day after it was late, Gateway Financial started calling my phone and my work office. It even got to the point where one of their employees came to my work office and tried to get me to pay money then. I understood there was no grace period but you would think if a company wants money so bad then they would work with you.
I was almost 2 weeks late for a $180 payment and after lunch one day, one of my co-workers came to me and told me that there was a man with a tow truck taking my car and that he was asking for me. I went out to the man and asked what he was doing. He said he had an order to repo my car and he seen my check book and a few bills laying there and figured it would be things I needed. Otherwise the man wasnt even going to tell me he was taking my car.
I called Gateway Financial and they were very rude about the whole situation and told me where I could get my car. I had to borrow money, a whooping $800 to get it out of the auction place. Payments continue on time and everything was going fine.
I moved to Florida and then back to Michigan within a years time. When I moved back from Florida, I was unemployed for some time. I fell behind a month and Gateway was calling me everyday demanding money. Finally, Gateway said they would just add my remaining amount to the end of the loan or I could make small payments when I had extra money and then I wouldn't be behind.
After a week of them saying this, I wake up at 2 am to find my car being repoed again. My car was hooked up to the tow truck and everything. Once again, He wasnt even going to tell me except I had a carseat in the back.
The next morning, I called Gateway and they said they never said that they would add it to the end of my loan or that I could make small payments. I tried to explain to them that I was trying to get a job and if they took my car then how was I suppose to get a job to pay them the outrageous payments. They acted like they didnt care and even my account worker said all she does is sit in her office and collect money. I borrowed money again from a family member and got my car out of the auction place (almost $1200).