My husband and I bought a car from Cars Inc. in Biloxi, Mississipi, a dealership that used Security National Acceptance Automotive Corp (SNAAC) as their in-house finance company, and our experience with SNAAC has been a complete scam. After hearing from others, such as dealerships, that our car was financed for more than it was worth, we decided to have the contract sent to us to review it.
When we looked at it, we noticed that there $2104 that was added for insurance! We were not aware of this when we signed the contract. We were only told that we would have 12 months of 'free' insurance. Little did we know, the dealership and SNAAC was making a profit by allowing us to pay $0 down. The scam was that the down payment was actually the $2104. NOTE: A car dealership can not sell insurance to car buyers if they are not licensed! And 9 times out of 10, they are not licensed too! The finance amount for a 2001 Mitsubishi Eclipse was $17,255 and the car is only worth maybe $2000, if that. After 2 years of paying on the car, we have just now reached the principle.
For anyone who is thinking of buying a car, especially military members, DO FINANCE ANYTHING THROUGH SECURITY NATIONAL ACCEPTANCE AUTOMOTIVE CORP. They are a prime example of a company that preys on vulnerable people who have poor credit. If you do have a car financed with this company, I advise you to review your contract carefully for any illegal doings.
A friend of my husband's who is also in the military, had his car paid of by SNAAC after OSI (military investigation) investigated his contract and found out that the company said his car was financed for $24,000 pllus when he signed the contract for only $20,000! His car was made to be payed off these scam artists.
Do not make yourself a victim to this company. Beware. They do not care about how much you finance a car through them and if you do not know how to properly negotiate with dealers and finance companies, have someone assist you with purchasing a car. PLEASE.