• Report: #29934

Complaint Review: Union Acceptance, Stone Mountain Chevorlet

  • Submitted: Fri, September 13, 2002
  • Updated: Wed, June 21, 2006

  • Reported By:Stone Mountian GA
Union Acceptance, Stone Mountain Chevorlet
6130 Memorial Drive Stone Mountain, Ohio U.S.A.

Union Acceptance Corp. and Stone Mountain Chevorlet ripoff scam Stone Mountain and Indianapolis Georgia and Indiana

*Consumer Comment: stay away from SST and their loans

*Consumer Comment: stay away from SST and their loans

*UPDATE EX-employee responds: EDUCATED CONSUMER

*Consumer Suggestion: Class Action Suit

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Back in June of 2000 I went to Stone Muntain Chevorlet located in Georgia, at the time of my visit I was about 19 years old. I purchased a 1999 Nissan Altima for $14,000 at the end of the deal I was financing $23,000-$24,000 through Union Acceptance Corp.

I had no idea until I was ready to trade my car in that I was in so deep; I was set up to make 84 monthly payments the interest rate was ridiculously higheven with my father co-signing for me. I didn't know any better I just wanted an affordable monthly payment. It has now been two and a half years I to this day I still owe over $11,000.

It has become so hard for me to come out of this car with all of the negative equity that this car is carrying. I am begining to feel as though I am forced to continue to keep this car and make payments on it or trade in my current car for an almost $600 car note.

If you have any information or familiar with type of situation please contact me through this report I need all the help I can get.

Khadeja
Stone Mountain, Georgia

This report was posted on Ripoff Report on 09/13/2002 01:54 PM and is a permanent record located here: http://www.ripoffreport.com/r/Union-Acceptance-Stone-Mountain-Chevorlet/Stone-Mountain-Ohio-30083/Union-Acceptance-Corp-and-Stone-Mountain-Chevorlet-ripoff-scam-Stone-Mountain-and-Indiana-29934. 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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REBUTTALS & REPLIES:
0Author 4Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

stay away from SST and their loans

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

The difference between a simple loan and the rule of 78 loans stay away from SST Loans.

here are the difference: Simple interest loans have payments that are due on a monthly basis. There are no penalties or higher interest rates if you prepay your loan.

Simple Interest is a method of allocating your monthly loan payments between the interest and the principal. The amount of your payment allocated to interest is calculated based on your unpaid principal balance, the interest rate on your loan, and the number of days since your last payment. The remainder of your payment is credited to principal and reduces the unpaid principal balance on your loan.

The Rule of 78s is a mathematical formula that was devised in the days before modern calculators. The formula was a quick way for lenders in the 1920s and 1930s to estimate payoff amounts when a customer paid ahead on an installment loan. It's still around today.

Also known as the sum-of-the-digits method, the Rule of 78s gets its name from the sum of the digits one through 12 -- the number of months in a year.
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#2 Consumer Comment

stay away from SST and their loans

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

The difference between a simple loan and the rule of 78 loans stay away from SST Loans.

here are the difference: Simple interest loans have payments that are due on a monthly basis. There are no penalties or higher interest rates if you prepay your loan.

Simple Interest is a method of allocating your monthly loan payments between the interest and the principal. The amount of your payment allocated to interest is calculated based on your unpaid principal balance, the interest rate on your loan, and the number of days since your last payment. The remainder of your payment is credited to principal and reduces the unpaid principal balance on your loan.

The Rule of 78s is a mathematical formula that was devised in the days before modern calculators. The formula was a quick way for lenders in the 1920s and 1930s to estimate payoff amounts when a customer paid ahead on an installment loan. It's still around today.

Also known as the sum-of-the-digits method, the Rule of 78s gets its name from the sum of the digits one through 12 -- the number of months in a year.
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#3 UPDATE EX-employee responds

EDUCATED CONSUMER

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

IT IS ILLEGAL FOR THE DETAILS OF YOUR PURCHASE TO NOT BE DISCLOSED TO YOU IF YOU LOOK AT YOUR ORIGINAL CONTRACT THE PURCHASE PRICE YOU AGREED TO IS THE EXACT SAME AMOUNT AS YOUR AMOUNT FINANCED THE ONLY WAY THIS AMOUNT GOES UP IS IF YOU PURCHASE EXTENDED SERVICE CONTRACTS, GAP INSURANCE, CREDIT LIFE, ALL OF WHICH ARE PRORATED IF YOU CHOOSE TO TRADE THE VEHICLE. I HAVE WORKED IN THE CAR BUSINESS FOR THE LAST 6 YEARS AND HAVE HEARD MANY HORROR STORIES BUT MOST OF IT IS LACK OF UNDERSTANDING IF YOU PURCHASE A CAR FOR $14,000 BUT YOU HAVE $5,000 FROM YOUR TRADE IN ROLL OVER TO THE NEW LOAN YOUR LOAN AMOUNT IF IT GETS APPROVED IS $19,000 AND ITS NOT THAT YOU PAID $19,000 FOR THE CAR ALWAYS REMEMBER YOUR IN THE SAME CYCLE AS SEVENTY PERCENT OF AMERICA ROLLING NEGATIVE EQUITY YOU ONLY PAID $14,000 NOW INTEREST RATE ON COSIGNED DEALS IS ALMOST ALWAYS HIGHER WITH JUST ABOUT ANY BANK BECAUSE SOME GO OFF YOUR SCORE AND ONLY APPROVE IT BECAUSE OF THE CO-X REMEMBER ITS NOT YOUR COSIGNER PAYING THE PAYMENT ITS YOU AND THE BANK KNOWS THAT ALSO EXTENDED TERM RATES ARE ALWAYS HIGHER AND IN YOUR CASE NEGATIVE EQUITY ALWAYS AFFECTS THE RATE ALSO BECAUSE OF THE EXTRA ADVANCE THE BANK STANDS TO LOSE MORE IF YOU DEFAULT ON YOUR LOAN BECAUSE YOU BORROWED $5,000 EXTRA FROM THE GET GO AND 4 YEARS DOWN THE ROAD YOUR CAR IS WORTH $5,000 AND YOU STILL OWE $14,000 IF YOU DEFAULTED THEY ARE OUT $9,000 JUST FOOD FOR THOUGHT HOPE I'VE HELPED PROVIDE INFO ON AREAS YOU DONT QUITE UNDERSTAND REREAD YOUR CONTRACT I'M SURE I'VE HIT THE NAIL ON THE HEAD.
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#4 Consumer Suggestion

Class Action Suit

AUTHOR: James - ()

Based on the experience I've had with Union Acceptance Corporation, along with the other horror stories regarding this company I've heard from others my suggestion to your problem is a Class Action Suit.

I find it hard to believe that Union Acceptance Corp's practices are legal. The formulas they use to calculate payment allocation towards principle & interest do not exist.

If you or anyone else is interested in taking on Union Acceptance Corp. together respond through this site.
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