- Report: #949720
Report - Rebuttal - Arbitrate
Complaint Review: Prestige Financial Auto Loans
Prestige Financial Auto Loans1400 South 500 West Salt Lake City, Utah United States of America
Prestige Financial Auto Loans Affilliate of Larry H Miller Group of Properties used deceptive and predatory lending practices at Bill Heard Chevrolet, later found guilty, from their location in Salt Lake City, Utah
When I bought the car, I discussed the terms of the loan with a representative of PFS on the phone for quite some time. I was told this was the type of loan that if paid off early, it would be less than the total paid box on the load document. A couple of years later I called and was told that no matter when I paid off the loan, all of the projected interest would have to be paid. That makes no sense to me. Interest compounds over time and if there is no time, how did this interest compound? This company claims that all my payments first went through interest, nothing to the principal until after all the interest is paid.
I lost my job and was discussing options with PFS in July. Once I mentioned predatory lending, they never called again even though I hadn't been making many payments.
Now as I try to pay off this car, I am told I owe over $14,000. This can't be right. Yes my credit was bad, but this couldn't equal the rate unless PFS is a loan shark.
I did hear that Bill Heard Chevrolet (now out of buiness) had multiple lawsuits for predatory and dishonest lendings. Bill Heard was nation wide and now all are out of business.
I would be satisfied if they would accept 5,000 in payoff. I have sent 4500 towards the payoff but don't have more and need to sell this car.
This report was posted on Ripoff Report on 10/02/2012 10:36 AM and is a permanent record located here: http://www.ripoffreport.com/r/Prestige-Financial-Auto-Loans/Salt-Lake-City-Utah-84115/Prestige-Financial-Auto-Loans-Affilliate-of-Larry-H-Miller-Group-of-Properties-used-decept-949720. 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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