• Report: #888947

Complaint Review: SNAAC

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  • Submitted: Sun, May 27, 2012
  • Updated: Sun, May 27, 2012

  • Reported By: Desirea — Ft Sill Oklahoma United States of America
SNAAC
6951 cintas blvd Internet United States of America

SNAAC SNAAC even lies on their website BBB rating of A+ you cant be serious!! Internet, Internet

*Consumer Comment: Sounds like your payment is going to a high interest loan

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I am a member of the army for going on two years and had my car financed December 2010. From January 2011 to January 2012 I had allotments set up every month so they would get paid on time. February I had to stop the allottment so I could pay a $900 fine. I thought it would be best because I felt missing one payment would be better then missing way more than that if i were to get locked up for not paying the fine.The payment is due on the first of every month. Snaac began calling my job on the 3rd of February and are still calling today. Having them finance my car is a curse. When i signed the contract the final price including interest was 19500. I called SNAAC towards the end of February of this year and after paying them a whole year my pay off was 19000. I can't get out of this car to save my life and have no idea where my money is going. Here it is going on June and i found out my pay off is now 18655. I don't understand why I started back up my allottments and they again have been getting paid on time since March leaving Mr with one payment I have missed in the almost two years I have been paying my car. I asked the lady what would be the price I would be paying if i pay to the end of my term and she told 29500. There's something wrong with this picture not to mention the fact I put $500 down and i haven't seen it put towards the cost of the car even though on their website it says you don't have to put anything down..they are shady and i can't believe they would go this far to rip-off people who are fighting to defend their country. I believe they should be locked up for this mess and they have the nerve to say they have an A+ rating with BBB that must be the Bad Business Bureau!!!!

This report was posted on Ripoff Report on 05/27/2012 08:18 AM and is a permanent record located here: http://www.ripoffreport.com/r/SNAAC/internet/SNAAC-SNAAC-even-lies-on-their-website-BBB-rating-of-A-you-cant-be-serious-Internet-I-888947. 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

Sounds like your payment is going to a high interest loan

AUTHOR: MovingForward - (USA)

Get out your contract and go to Bankrate dot com and run an amortization schedule based on the contract terms and interest rate you signed for when you borrowed the money. Then contact the lender and have them send you an amortization schedule so you can compare what the contract states and where you are now.  Just based on your report it sounds like you have a very high interest rate loan and if you do pay late (or miss a payment) you have extra interest being applied to the outstanding debt.  You set yourself up to be upside down when you put down such a small amount on the purchase ($500) that your sales tax and tags, title and registration were not covered in the purchase. Plus the high interest rate contributes to your being upside every month. If you look at the amortization schedule you will see the portion allocated to outstanding interest and the remainder goes to principal. It's just a guess on my part (because the facts weren't posted) but I bet only a very small portion of your payment goes to principal and the larger portion goes toward interest.

Probably the best way to get out of this loan is to refinance it with a credit union. They may not refinance you now for two reasons: 1) the recent skipped payment and 2) you are probably upside down on the vehicle.  

If they won't refinance it, then can you get a part time job to get extra funds to save up to pay against the outstanding balance when you refi? You might not be able to since you are in the military now. Is there any way you can cut back on other expenses?

You are in a bad spot. If you save up enough you can sell the vehicle and pay off the amount you owe over the value at the time of sale. Really your choices are to 1) refinance the vehicle or 2) sell the vehicle or 3) let the vehicle get repossessed (not a good option at all).
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