Household Auto Finance rip-off! Predatory Lending! Do owe too much after paying on your car for 2 years? Carol Stream Illinois

I read another Rip-Off report on your web-site. I found this report while looking to see what I could do about my Household account. I spent all day Friday arguing with Household and the dealership that I purchased my vehicle at, to see why I owe SOOO.. much money on my car after paying on it for 2 years.

My husband and I purchased a car and a truck from the same dealership in October of 2002. Our truck is financed through a different company than our car which is financed through Household. To date we owe almost 17K on our car that we only orginally financed 19k. So in 2 years we have only brought down our balance by 2 grand? How could this be?

In my disbelief, I contacted the company who financed our truck, which we bought on the same day, that actually has a higher interest rate than our Household acct., and found that in the same amount of time we have paid almost 5k down on that loan.

So,in the same amount of time, same exact kind of loan, and paid the exact same time every month, I have paid one down 3 more thousand dollars? I am so angry at these people.

I told the lady that was representing Household, that this is predatory lending. I owe 17k on a car that is worth 9k. I only have 25k miles on my car that is in excellent condition. Household also explained, like in your other Rip-Off report that even though we signed a contract for 60 months that my loan might not be paid off in that amount of time. How is that?

If we make our payment every single month and the account is current how could it be that my loan is not paid in full in 60 months? It is not a lease, Household does not do leases for car loans, so how is this possible?
I am an account executive for a mortgage company, before that I was a loan officer. I have dealt with many customers refinancing their mortgages to get out of Household. Unfornatley, this was after I purchased my car or else I would never have agreed to finance it through them. I had one customer for instance,that had been paying on his mortgage for 5 years and ended up paying
more money to Household than what he had originally financed!

Again, how could this be????? I will not stop until I get to the bottom of this. They have totally screwed with the wrong people. I know way to much about predatory lending being in this business and will not allow a company to take advantage of me this way. I really don't care how big of a company they are or how small of a person I am, my voice will be heard! And to all of those who read this Household does target those people who are in a situation where you are financially in a bind. Don't give in to them, for a credit card, car loan or mortgage. I promise you, you will be in a worse situation than you could ever be in now!

Jennifer
Kennesaw, Georgia
U.S.A.