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.