Independent Bank Repeated Rip-offs Memphis Tennessee

I purchased a new vehicle from a Kia dealer in Houston. Their finance department made the loan through Independent Bank. I hadnever heard of this organization but assumed, crazy me, that they were reputable. What a mistake!

My first rip-off was when I went to make the first payment. I pay all my bills online and I have never had to pay a "convenience fee" to anyone. Not so with this outfit. They charge $15 to pay online even though the "convenience" accrues to them as they get their money almost instantly from my bank. I paid it becauseI had waited until it was due topay it assuming they operated like everyone else. Wrong!

I also noticed that in their paper payment book (who does this anymore?) they list a late payment fee of $26.87 for payments received up to 16 days after the due date. I thought that was strange, as well.

The second rip-off came when I made the second payment which I mailed (along with the paper payment coupon) 5 days before it was due. Then they notified me that my payment was late. They said they had never received my mailed payment. I was very angry because I suspected that this is something they do all the time. They are either lying or so incompetent that they cannot find their mail.

Needless to say I said I would make the payment on the phone. That was just fine but, of course, there is a $35 fee for phone payments plus the $26.87 late fee! So because they cannot find their mail, I paid an additional $61.87.

I have been trying since the first rip-off to refinance this loan with my own bank who I should have gone to in the first place. They have had no better luck than I in dealing with these morons. It has taken since January to yesterday to get a payoff quote from them.Then yesterday I find out that they have placed a forced insurance charge for $4000 on my loan amount. I have had insurance on that car from the day I bought it.

I finally talked to Customer Service and they could not help me. They gave me a phone number for the Insurance department. I talked to them and they put me on hold while they made two calls to my insurance agent who verified my coverage. Apparently it will take them TWO weeks (if I'm lucky) to remove this from my loan. Meanwhile I cannot refinance until the payoff amount is corrected! I assume they will drag this out so that I have to make another payment to them.

I am also stuck refinancing an additional $2600. I cancelled the GAP and Extended Warranty coverage with the dealersip in January. The dealership says that the cancellation was completed but Independent Bank still has it in my loan. My bank's loan officer has just given up trying to get this straight with themso I'm on the hook for the $2600 plus the new coverage from my bank. Supposedly, I will get a check from Independent Bank for this money after pay-off. Sure. I'll just hold my breath until then.

I now realize that Independent Bank is one of those places that makes predatory loans. It is clear from everything they do that they prey on people who really should not be getting loans. I am not one of those people but, if I were, I'll bet my car would have been repoed by now. 

In the end, I blame myself and the dealership. I was stupid and the dealership was underhanded. Needless to say I have learned a valuable and costly lesson. So, profit from my experience and never, never do business with Independent Bank.