We purchased two cars from Karl Malone Toyota in Albuquerque at the same time. Two different finance companies were used, one of which was Prestige Financial.
Ive had multiple car loans over the last twenty years and (ignorantly) only concerned myself with the interest rate, which was okay in comparison to other used car interest rates.
The first call from Prestige occurred several days BEFORE the first payment was due. I was more than a little bit shocked by the call, but gave them the benefit of the doubt in assuming that they were verifying the accuracy of the payment information.
Giving them the benefit of the doubt was a mistake. This companys policy, as expressed by the representative that is calling me (each loan has an individual assigned agent) follows:
1. There is no grace period your payment is absolutely due on the due date and they will begin calling whomever is listed on the loan multiple times beginning on the due date.
2. The 10 days listed on the loan reflects the application of a late fee, it is not a grace period.
3. After 3 days, they are instructed to begin contacting your references regarding your failure to pay on the due date.
If you finance through this company you can expect a level of harassment youve probably never experienced unless you were 30, 60 or 90 days late on a payment.
In regard to the person that posted just pay your payment on-time. I understand what youre saying; however, paying on the exact date isnt always that easy and NO other company Ive ever had credit with has behaved in this way. If you live paycheck to paycheck like 65% of America, your payment due date may fall on a Monday and you get paid on Friday. If thats the case for you, they will call you on Monday, 3-4 times on Tuesday, at least 4 times on Wednesday and then they will start calling your references and likely threatening to repossess your car on Thursday. All of this despite the fact that you have every intention of paying them on Friday and you have every intention of honoring your payment contract.
Given all of the other complaints on this site regarding this company, this is obviously something that is working for them from a financial stand-point.
My primary issue with this loan is that the car dealership, Karl Malone Toyota of Albuquerque, had to know that Prestige engages in these practices and gave us NO forewarning that the loan through Prestige would be administered in this way.
Larry H. Miller operates in Arizona, Colorado, Florida, Georgia, Idaho, Illinois, Maryland, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Oregon, South Carolina, South Dakota, Texas, Utah, Virginia, Washington, Wyoming.
DO NOT use Prestige Financial to finance your car. If it is the only way you can finance a car at a particular dealership dont buy the car and go to another dealership. It is NOT WORTH IT and there are multiple finance companies that will finance you if you have credit issues that do not engage in this type of predatory, hostile, collection harassment as soon as the payment is due.
I will go out of my way to avoid companies affiliated with Larry H. Miller group in the future and will warn everyone I know that is looking for a car to avoid them as well. We are definitely going to refinance, even if it results in a higher interest rate.
One word best sums up my opinion of this companys business practices yuck!
Albuqueruqe, New Mexico