I purchased a 2 year old car in 1998 on a 4 1/2 year loan. I was paying 23% interest on my loan. Well here it is 2004 and I still have not paid off this loan. In August of 2003 I took this car in to a dealer for trade and the salesman laughed at me and said that the best thing for me to do was to finance another car and let them come and get the one I had.
The reason I was in the market for a new car was the car was not legal to drive and would not pass inspection for ever a year. This was after putting an enormous amount of money into repairs so that it would pass inspection.
In July of 2003 I put over 1500.00 in repairs in 1 month. Still would not pass inspection. I must also add that the year prior to that the car was in an accident. I took it to the body shop and was told that this car had been wrecked several times and that the frame was bent and if I was ever in a serious accident that the car would crumble like a tin can because the frame was so weak. At the time I had a very small child and knowing what I knew about this vehicle scared the HELL out of me. I did not want to put my family's lives in a death trap. Well enough said.
In August of 2003, I refinanced another car, this was after trying to get someone to take this car in as trade and I must say I was turned down 3 times. Nobody wanted this car including me. I called Transouth to see if there was something that could be worked out on this car because I had already paid 24000+ and still owed 8000+ on a car that I would not give 500 for because of the history on this vehicle. Now keep in mind the routine maintenance was always done on this vehicle.
Well after 8 months of getting nowhere and getting rude employees, I finally reached the conclusion to let them have it back. I called and let them know where it was at because with it not being legal to drive I could not park it at my own residence because they had already tried to tow it because it had no inspection sticker. They came out to get it and acted like a crime was being committed. They latched onto it and left skid marks down the street as well as getting stuck in the ditch with it. This was uncalled for because this was a voluntary repossession.
On March 5, 2004, I received a letter that they have my car.(you think). It will be going to auction on March 15,2004 and that I could pay the remaining balance and get the vehicle back. If I wanted the car I would not have let them come and get it. Now when the car is sold then I will start being harrassed by a collection agency.
I do not know if this will ever end but for Transouth if you are reading this I WILL NOT GIVE YOUR COMPANY ANOTHER DIME OF MY MONEY. The 24000+ that you already have is enough for this car. I hope other readers out there who need financing will not do business with these people. I can tell you from experience that if your payment is 1 day late they will call your home, job, family members and harrass everyone that knows you.