• Report: #294978

Complaint Review: Oakwood Acceptance - Vanderbilt

  • Submitted: Thu, December 27, 2007
  • Updated: Fri, December 28, 2007

  • Reported By:Taylorsville North Carolina
Oakwood Acceptance - Vanderbilt
7800 McCloud Rd Greensboro, North Carolina U.S.A.

Oakwood Acceptance - Vanderbilt We thought we had a 15 year loan with Oakwood and Vanderbilt is telling us that we have a 25 year note. Greensboro North Carolina

*Consumer Comment: Your copy does not matter

*Author of original report: Oakwood Homes/Vanderbilt

*Consumer Comment: What does your original loan paperwork stipulate? 15 years or 25 years?

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My husband and I are moving to Ky and we put our trailer on the market. In 1999 we purchased a singlewide from Oakwood in Hickory NC.

We found out later that our note had been bought out by Vanderbilt. We have paid over 32,000 on the trailer that the purchase price was 32,000 not including interest. We have found out today that we still owe 212 months at 393.00 a month on this trailer. They are saying that we purchased the trailer on a 25 year note. My husband and I both know that we did not do that. This is for the trailer only. There is no land that goes with the trailer.

We honestly feel like we've been raped. Who in their right mind would pay over 100,000.00 dollars for a 30,000 trailer with no land.

Is there not someone out there that helps the consumer against people that takes advantage of others. There has got to be a law somewhere that protects the consumer. We do not want to let the trailer go back but we in good conscious could not ask someone to take over payments knowing what we do about this company and the way they have manipulated and taken advantage of us. If someone has got any ideas on this and what we could do I would appreciate hearing from you.

Taylorsville, North Carolina

This report was posted on Ripoff Report on 12/27/2007 05:47 PM and is a permanent record located here: http://www.ripoffreport.com/r/Oakwood-Acceptance-Vanderbilt/Greensboro-North-Carolina-27409-9634/Oakwood-Acceptance-Vanderbilt-We-thought-we-had-a-15-year-loan-with-Oakwood-and-Vanderbi-294978. 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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#1 Consumer Comment

Your copy does not matter

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

It is not uncommon to go to a loan closing and there is 2 copies of everything - you sign one and they keep it - they give the other one to you for your records. Only they need proof of the loan agreement with your signature for it to be valid.

If you can't remember signing the contract pay the $35 to verify it, make sure it is your signature.

Beyond a falsified signature it leaves only this -- If you don't remember ever signing a contract at something as important as a closing you either remember incorrectly what the terms were suppose to be or didn't read what you were signing.

Good luck and let us know what you find.
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#2 Author of original report

Oakwood Homes/Vanderbilt

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

I did find our contract today. It does say that the interest rate would be 12.9% at 392.79 a month for 300 months. BUT the contract that I have is not signed by me anywhere. Every place that asks for the buyers signature is blank.

My signature is NOT ON THIS CONTRACT. What does that mean?

When we asked Vanderbilt for a copy of the contract they asked for $35.00 to send it. After talking to them for a month we finally talked to someone that was willing to tell us the pay off amount and has said that they would send a copy of the contract. That was yesterday. If my signature is on their contract I would like to know how they got it since it's not on mine.

Has this happened to anyone else? Is the contract legal if there is not a signature on it?
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#3 Consumer Comment

What does your original loan paperwork stipulate? 15 years or 25 years?

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

I do hope you still have your paperwork, and I do hope that it stipulates the 15 year loan that you thought you had.

So many people post here about what they "thought" their house, auto, etc. loan terms were but they had never actually READ what they had signed (agreed to).

But if you were willing to pay $100K for a $32K trailer (by not reading what you signed) the bank will be happy to accept your money.

Assuming your $393/mo does NOT include any escrow for insurance & taxes, a "25 year note on a $32000 purchase" would suggest 14.3% interest while a 15 year note [at $393/mo] on $32000 would suggest 12.43% interest.
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