• Report: #458992

Complaint Review: Mission Financial Service

  • Submitted: Fri, June 05, 2009
  • Updated: Wed, June 17, 2009

  • Reported By:san diego California
Mission Financial Service
2475 N Tustin St Orange, California U.S.A.

Mission Financial Services Company auto loan thieves Orange California

*Author of original report: mission financial services

*Consumer Comment: A couple of things

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Okay let start by saying that i got an auto loan with mission financial services contract stated it was for 2 years im paying 395.00 a month car price was 5,000 i send out 400.00 payments every month never late , i had some trouble with my finances and lost my auto insurace i didnt have auto isurance for 3 months or so , well MISSION financial extended my loan one whole year !! im not sure if this is legal but they did . Anyways they told me last month they were going to repo my car if i didnt send in a payment of 293.00 for insurance so i did. they said it was for the month of april that i owed that come this month again they need an additional 293 even after i send i my carpayments on time . so same bullshit they want me to send this amount every month for insurance they said they paid so now when im paying each month 400.carpayment i have to send additional 293 each month even after i send in my insurance info they are such thieves they are charging me like 1200dlls for insurance when they didnt even have liability on my car only comprehensive , so now my car loan is for for 3 year this people are thieves ..............

Lulu
san diego, California
U.S.A.

This report was posted on Ripoff Report on 06/05/2009 02:59 PM and is a permanent record located here: http://www.ripoffreport.com/r/Mission-Financial-Service/Orange-California-92865/Mission-Financial-Services-Company-auto-loan-thieves-Orange-California-458992. 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 Author of original report

mission financial services

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

hi i did get full coverage in my car did forward insurance info to the lender this is what they said , they asked me to pay 293.00 and said thats what i did then send out my car payment then received many calls again saying now i have to send 298.00 extra or pay 474.00 for the next year.... WTF seriously this 5k car turned out to be a 12k car , how can i get out of this loan ??? some please help beside the ahole that calls me 24times a day NICK!!! any advise im in san diego email me (((ROR redacted))) thanks

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#2 Consumer Comment

A couple of things

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

From your description, you borrowed $5K and you're paying back $395 a month for two years? That can't be right. According to several loan calculators, that works out to an interest rate above 50%! That's an insane rate.

If that is the case, that would explain why this is costing so much. I'm sure that your loan contract requires you to keep the car fully insured until the loan is paid off (standard practice). If you do not do so, it is the lenders option to obtain a Collateral Protection Insurance policy that will protect their interest, and add the cost to your loan at the same crazy interest rate. CPI policies are not cheap. They are last-ditch policies that protect the lender (not you), which is why liability is not included.

If you eventually obtain full coverage insurance you should be able to have the lender cancel the collateral insurance and get some of the premium back. You need to get in touch with the lender and find out what specific steps you need to take in order to get them to cancel the CPI policy and get a partial premium refund.
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