ED Magedson – Founder
Charter One Bank1215 Superior Avenue Cleveland, Ohio United States of America
I will start off first by saying that I got myself into this by signing the loan contract. I blame myself.
I got a new job and was in despite need for a car but because of my credit rating and small down payment size, I had no choice but to get a used car.
The dealership I went to set me up with Charter One bank for my automobile loan. Because of my situation, I agreed to a $578.00 monthly payment rate along with a $1000.00 down payment on a $17000.00 car.
Only $199.00 of the $578.00 monthly payments went to the principle. The remaining $379.00 was the interest on the loan. Something like 58%
So I was making my payments for about a year, then ran into financial problems because I wasnt able to receive overtime from my work anymore.
I got behind one month on my payments and for the next two weeks tried to work out something with the auto finance group at Charter One. Because of their very stubborn and rude practices for late payments, no deal was made no matter how hard I tried. They also tacked on insane late fees that were almost impossible to keep up with.
The car was repossessed being now 6 weeks late. A month later I received a letter from Charter One stating that the car was auctioned for $6000.00 and that I owed them the original $17000.00 loan amount plus taxes.
I got myself into this mess and because of it; I will be financially ruined very soon. I write this as more of a warning to others who maybe thinking of getting an auto loan from Charter One Bank.
This report was posted on Ripoff Report on 11/26/2009 10:05 AM and is a permanent record located here: http://www.ripoffreport.com/reports/charter-one-bank/cleveland-ohio-44114/charter-one-bank-high-intrest-rates-auto-loan-loans-cleveland-ohio-529050. 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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