• Report: #135542

Complaint Review: Nissan Motor Acceptance, NMAC

  • Submitted: Fri, March 18, 2005
  • Updated: Sat, July 02, 2005

  • Reported By:Lawrenceville Georgia
Nissan Motor Acceptance, NMAC
nissanusa.com Irving, Texas U.S.A.

Nissan Motor Acceptance, NMAC RIPPED OFF NOT APPLYING ALL PAYMENTS TO BALANCE RIPOFF Irving Texas

*Consumer Suggestion: Don't get behind!

*Consumer Suggestion: Don't get behind!

*Consumer Suggestion: Don't get behind!

*Consumer Suggestion: Don't get behind!

*Consumer Comment: 3 attorneys and all 3 said the company can repossess the car

*Consumer Comment: Simple interest... Here's the rhyme and reason to simple interest

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My husband has a car financed through Nissan Motor Acceptance Corporation (NMAC)since 2002. We have had nothing but problems. My husband signed up for the disability insurance and when he became disabled due to his job a few months after we financed the car NMAC was charging late charges since the insurance company was not paying them by the due date. They work with this insurance company all the time and know the scoop that the insurance company doesn't pay until they receive the information from the doctors if the debtor will go back to work or remain on disability. That was a hassal in itself.

Now, we have not received a bill since November of 2004 but yet we are making payments, that have the account number on the checks, and they are cashing them I have a copy of the check front and back showing where they cashed them with the account number on it. Just last week they went to North Carolina to my sister-in-laws house around 8pm to come reposes the vehicle. Long story short she advised that we were not there and he asked if we were in Georgia. She told him yes and then closed the door and called me to let me know that they were trying to reposes. So, my husband and I sat down to get all the paperwork together.

First, they have not sent a bill since November 2004. Second, they have cashed payments that we have sent to them (copy of checks). Third, they have not sent any type of notice for reposesion. Fourth, the biggest of them all is looking at how they are applying all of the payments.

We have a simple interest loan. There is no rhyme nor reason on how they figure how much is applied to principle and how much is applied to interest (believe me we have looked at the contract hundreds of times). The only money they are apply is the principal to the balance and not the interest. It shows what the amount they pulled out of the payment to go towards the interest, but none of it is applied to the balance. There are only 3 instances that show where they applied both the principal and the interest to the balance. Someone please explain to me how do they get away with this. At this rate it will never be paid off and we will be quadruple pay the interest.

We need legal help really bad!!!! Every attorney we talk to says that they have the right to repo the car, no matter what else they are doing. There has got to be something that can be done about this. Is this happening with anyone else? Has anyone requested a copy of their payment history and they are noticing that payments are not being applied properly?

Please let us know what to do!!!

Thank you for letting me vent. I just hope that if this is happening to more than just us, that we can get some kind of class action lawsuit or something to get this people to stop taking advantage of our money and lives.

Kandy
Lawrenceville, Georgia
U.S.A.

This report was posted on Ripoff Report on 03/18/2005 02:46 PM and is a permanent record located here: http://www.ripoffreport.com/r/Nissan-Motor-Acceptance-NMAC/Irving-Texas/Nissan-Motor-Acceptance-NMAC-RIPPED-OFF-NOT-APPLYING-ALL-PAYMENTS-TO-BALANCE-RIPOFF-Irvin-135542. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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0Author 6Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

Don't get behind!

AUTHOR: Samantha - (U.S.A.)

The only way to avoid this situation is to not get behind on your payments. Even thought you had credit disability insurance, that doesn't no release you from being ultimately responsible for the car. Remember the INSURANCE company and the FINANCE company are two different entities.

Just because you got the insurance at the same time you bought the car doesn't mean they are the same people running both. ALWAYS expect the worst when dealing with these credit insurance companies. They don't want to make payments and will avoid it if at all possible. During the time your claim is being reviewed you are still responsible for making payments on your vehicle. (Been there, done that)

And, yes, the other comment was right, about the interest. Once you get behind a payment or two you are no longer paying on your principal until you catch up those delinquent payments. The interest will keep building up and you will never pay the car off. If you miss a payment, it just won't go away, so dont' assume that if you make the remaining payments on time you'll be OK - you won't.

Oh and as far as "dodging" the repo man goes. My husband works for a wrecker company and has done more than a few repos. I've been with him on several. Just because you keep the car locked doesn't mean it's safe. Sure, they can't bust open your garage or cut the lock on your gate... but they CAN and WILL drag that car up onto the bed of a rollback the first time they see it parked in a grocery store parking lot, at your work, at the mall... wherever.

Unless you are able to constantly keep someone in the car, it could disappear at any time. Keys are not an issue. A car can be loaded onto a flatbed with all doors locked, the parking brake set, the car in gear, wheel cut to one side or the other, parked against a curb... people try every way possible to making a car "untowable" but none of them will work if the repo man wants it bad enough. And believe me... he WANTS that car.
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#2 Consumer Suggestion

Don't get behind!

AUTHOR: Samantha - (U.S.A.)

The only way to avoid this situation is to not get behind on your payments. Even thought you had credit disability insurance, that doesn't no release you from being ultimately responsible for the car. Remember the INSURANCE company and the FINANCE company are two different entities.

Just because you got the insurance at the same time you bought the car doesn't mean they are the same people running both. ALWAYS expect the worst when dealing with these credit insurance companies. They don't want to make payments and will avoid it if at all possible. During the time your claim is being reviewed you are still responsible for making payments on your vehicle. (Been there, done that)

And, yes, the other comment was right, about the interest. Once you get behind a payment or two you are no longer paying on your principal until you catch up those delinquent payments. The interest will keep building up and you will never pay the car off. If you miss a payment, it just won't go away, so dont' assume that if you make the remaining payments on time you'll be OK - you won't.

Oh and as far as "dodging" the repo man goes. My husband works for a wrecker company and has done more than a few repos. I've been with him on several. Just because you keep the car locked doesn't mean it's safe. Sure, they can't bust open your garage or cut the lock on your gate... but they CAN and WILL drag that car up onto the bed of a rollback the first time they see it parked in a grocery store parking lot, at your work, at the mall... wherever.

Unless you are able to constantly keep someone in the car, it could disappear at any time. Keys are not an issue. A car can be loaded onto a flatbed with all doors locked, the parking brake set, the car in gear, wheel cut to one side or the other, parked against a curb... people try every way possible to making a car "untowable" but none of them will work if the repo man wants it bad enough. And believe me... he WANTS that car.
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#3 Consumer Suggestion

Don't get behind!

AUTHOR: Samantha - (U.S.A.)

The only way to avoid this situation is to not get behind on your payments. Even thought you had credit disability insurance, that doesn't no release you from being ultimately responsible for the car. Remember the INSURANCE company and the FINANCE company are two different entities.

Just because you got the insurance at the same time you bought the car doesn't mean they are the same people running both. ALWAYS expect the worst when dealing with these credit insurance companies. They don't want to make payments and will avoid it if at all possible. During the time your claim is being reviewed you are still responsible for making payments on your vehicle. (Been there, done that)

And, yes, the other comment was right, about the interest. Once you get behind a payment or two you are no longer paying on your principal until you catch up those delinquent payments. The interest will keep building up and you will never pay the car off. If you miss a payment, it just won't go away, so dont' assume that if you make the remaining payments on time you'll be OK - you won't.

Oh and as far as "dodging" the repo man goes. My husband works for a wrecker company and has done more than a few repos. I've been with him on several. Just because you keep the car locked doesn't mean it's safe. Sure, they can't bust open your garage or cut the lock on your gate... but they CAN and WILL drag that car up onto the bed of a rollback the first time they see it parked in a grocery store parking lot, at your work, at the mall... wherever.

Unless you are able to constantly keep someone in the car, it could disappear at any time. Keys are not an issue. A car can be loaded onto a flatbed with all doors locked, the parking brake set, the car in gear, wheel cut to one side or the other, parked against a curb... people try every way possible to making a car "untowable" but none of them will work if the repo man wants it bad enough. And believe me... he WANTS that car.
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#4 Consumer Suggestion

Don't get behind!

AUTHOR: Samantha - (U.S.A.)

The only way to avoid this situation is to not get behind on your payments. Even thought you had credit disability insurance, that doesn't no release you from being ultimately responsible for the car. Remember the INSURANCE company and the FINANCE company are two different entities.

Just because you got the insurance at the same time you bought the car doesn't mean they are the same people running both. ALWAYS expect the worst when dealing with these credit insurance companies. They don't want to make payments and will avoid it if at all possible. During the time your claim is being reviewed you are still responsible for making payments on your vehicle. (Been there, done that)

And, yes, the other comment was right, about the interest. Once you get behind a payment or two you are no longer paying on your principal until you catch up those delinquent payments. The interest will keep building up and you will never pay the car off. If you miss a payment, it just won't go away, so dont' assume that if you make the remaining payments on time you'll be OK - you won't.

Oh and as far as "dodging" the repo man goes. My husband works for a wrecker company and has done more than a few repos. I've been with him on several. Just because you keep the car locked doesn't mean it's safe. Sure, they can't bust open your garage or cut the lock on your gate... but they CAN and WILL drag that car up onto the bed of a rollback the first time they see it parked in a grocery store parking lot, at your work, at the mall... wherever.

Unless you are able to constantly keep someone in the car, it could disappear at any time. Keys are not an issue. A car can be loaded onto a flatbed with all doors locked, the parking brake set, the car in gear, wheel cut to one side or the other, parked against a curb... people try every way possible to making a car "untowable" but none of them will work if the repo man wants it bad enough. And believe me... he WANTS that car.
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#5 Consumer Comment

3 attorneys and all 3 said the company can repossess the car

AUTHOR: Tom - (U.S.A.)

If you have talked to 3 attorneys and all 3 said the company can repossess the car I really think you have one of two things to do. 1) Pay off the loan entirely 2) Voluntarily or let them repossess the car.
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#6 Consumer Comment

Simple interest... Here's the rhyme and reason to simple interest

AUTHOR: Mike - (U.S.A.)

Here's the rhyme and reason to simple interest. The "Balance" is only principal, the amount it would take to pay the car off today. You probably have simple daily interest. This means every day they charge you interest. The daily interest rate is computed by taking the APR (as a decimal, for example 12.5% = 0.125) and dividing it by 365.

Each month, take the principal balance and multiply it by the daily interest rate (that result is the interest cost for one day), then multiply that number by the number of days since the last payment. This is the interest owed for that month. This computation assumes they don't compound the interest. In that case you'd also owe interest on every day's unpaid interest, making the total higher than you'd expect. That computation is difficult to do without a computer.

First if you "qualify" for a late fee, it comes off the top of the payment. Then the month's interest is subtracted from the payment and kept by the bank. This money doesn't pay off the car, it pays the bank for use of their money. Anything that remains is then subtracted from the Balance. Here's the problem though, if you are falling behind on payments (more than 31 days since the last payment), the interest part may be more than what you paid. In that case the entire payment goes to interest, and the additional unpaid interest is ADDED to the balance. So you'll never pay the car off. In fact you owe more. And you'll also pay more interest next month. Skipping payments, even if they'll let you do it without repo'ing the car, is very expensive unless you make them up promptly.

If you have any extra money and want to keep the car, the best thing to do would be to ask them how much it would cost to get back "current" on the loan and make arrangements to pay extra. They do have the right to repo if you are even one day late. Of course they won't do that since they'd rather have the money than the car. But it reaches a point where they decide they should repo. You may have reached that point.

Know your rights about repos. Repo men are not allowed to take cars by force. If anyone objects, they have to go away. If you are around when the repo man comes, get in the car and don't leave it. They can't touch the car while someone is inside for fear of hurting them. The police will NOT help them take the car. If someone calls the police, the police will be on your side and tell the repo man to go away. Repo men also can't break into anything while taking the car. If you lock it inside a garage or a fence, they can't get it. Make sure that everyone with keys to the garage is clear that it is not to be unlocked UNDER ANY CIRCUMSTANCES.

Don't believe their sweet talk about what will happen if you "voluntarily" give up the car. It is all just talk and means nothing unless it's in writing. Never voluntary-repo a car unless you have a good deal in writing. Having it taken involuntarily is better because you have a good chance of catching them in a technicality and avoiding further collections. Either way will wreck your credit the same.

This game of dodging the repo man can only go on for so long before they will get an opportunity to sneak up and take it. But remember that companies in the car business would rather have money than cars. If you have any money at all try to make arrangements.
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