• Report: #367943

Complaint Review: Sovereign Bank

  • Submitted: Thu, August 28, 2008
  • Updated: Sun, August 31, 2008

  • Reported By:Somerville Massachusetts
Sovereign Bank
Somerville, Massachusetts U.S.A.
  • Phone:
  • Web:
  • Category: Loans

Sovereign Bank - Indirect Auto Loans Gave me a loan at high rate, did everything they asked. Now one year later refinance denied Somerville Massachusetts

*Consumer Comment: Is you car worth less than you owe?

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Ok, So I got a loan for my car from Sovereign last year. I knew my credit was bad, and knew I was going to get a high rate. I was completely ready and willing since I needed it. I put down 6,000 on a loan for 22,900. I am paying 16 percent, which I was totally ok with. They loan man said as long as you don't go delinquent we will refinance no problem. Ok now jump ahead one year. No delinquencies, 12 payments on time. My credit score climbing fast with my new revolving accounts. They denied me in two seconds flat. The Cust Rep said that since it was Sovereign "Indirect Auto loans" that it wasn't Sovereigns call and they stand by the denial. I had a basement score when I got the loan. Now that I have credit they deny me. The CSR kept saying it isn't Sovereign, its a different department. Though my payment book has Sovereigns name all over it, and they take my payments at the bank when I don't feel like mailing it or paying electronically. I just don't get it. I am hoping filing suit or showing them that I will might cause them some grief at least. I just wanted to free up some dough, and was fine going back to another year. The worst part was I heard that jerk off on speaker phone from the dealer saying they would refinance in a second at my closing. I just don't get it. I was good enough to get 18 some odd thousand with no credit. But am now not "qualified" to refinance when my score is so much higher. Someone, any one with advice or good counsel options in Massachusetts ? Any advice is greatly appreciated.

Thebigf
Somerville, Massachusetts
U.S.A.

This report was posted on Ripoff Report on 08/28/2008 03:38 PM and is a permanent record located here: http://www.ripoffreport.com/r/Sovereign-Bank/Somerville-Massachusetts-02145/Sovereign-Bank-Indirect-Auto-Loans-Gave-me-a-loan-at-high-rate-did-everything-they-aske-367943. 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

Is you car worth less than you owe?

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

Possibly you cannot refinance because you owe more than your car is worth. If they refinance you, they will only loan you what your car is worth today. Some places will loan a little more. Check with Kelley Blue Book and see what your car is worth. Then see how much you owe. You may be able to refinance, but have to put more money down. Your original $6000 down was probably eaten up by interest, fees and the drop in value once you drive the car off the lot.

Beware of car salesmen who tell you you can refinance after a year or so. You can, but probably not for what you owe. They don't tell you that part.
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