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  • Report: #286919

Complaint Review: Wilshire Consumer Credit

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  • Submitted: Mon, November 26, 2007
  • Updated: Mon, November 26, 2007

  • Reported By:Bellflower California
Wilshire Consumer Credit
www.ineedcashnow.net Los Angeles, California U.S.A.

Wilshire Consumer Credit I am being charged 69% interest rate for refinancing my 1998 SUV with this company. I specifically ask the guy over the phone at time what would be the APR, he told me 5-15%! Now I feel stuck with them for something that I may never pay off! Los Angeles California

*Consumer Comment: rerer

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This company is one of the biggest ripoffs ever! I was in a desperate state at the time, my rent had just gotten raised and I was falling behind with my car payment. So I decided to search for a different company to refinance my SUV. I stumbled upon this company, and the representative over the phone was very helpful and kind. He told me all the things that I would need to get me approved. So I did it, and was approved within hours. I was excited and relieved. I ask the rep how much would the interest rate be, he told me that it was about 5-15% interest rate, so I said good ok I'll do it. I also asked him if I wanted to pay the loan off early would I be able to, he say yes, they would take what I had currently paid and apply it to the principal. After a few months, and i was more at ease with my current life situation, I took a look over my contract, and it's at a 69% interest rate!! I was furious, not only have I now been swindled, but the rep flat out lied to me over the phone. I called him to ask him to explain to me why the rate was so high, and asked why did he tell mw that it was going to be at 5-15%, he said that he never told me that. So we argued about, and I told him to get the tape, he told NO, there was no need you signed so you pay!! Well I recently checked with them and I asked them how much was my payoff, and I found the pay off is hire than the actual loan that I got from them. Now I feel as though I am stuck with these people for more than my truck is actually worth. I am a single parent of 4, and I can't afford to pay these people for 4yrs on a 1998 truck!!

Denna
Bellflower, California
U.S.A.

This report was posted on Ripoff Report on 11/26/2007 05:50 PM and is a permanent record located here: http://www.ripoffreport.com/r/Wilshire-Consumer-Credit/Los-Angeles-California/Wilshire-Consumer-Credit-I-am-being-charged-69-interest-rate-for-refinancing-my-1998-SUV-286919. 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

rerer

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

You financed through a title-loan place. So it is not surprising that the interest rate is at a crazy amount.

You know what happens now, right? The second you are late with ONE payment there is going to be a tow truck in your driveway to take your vehicle.


My suggestion? Lock your vehicle inside your garage and take the bus everywhere.
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