• Report: #1118263
Complaint Review:

Luna Car Center

  • Submitted: Fri, January 24, 2014
  • Updated: Fri, January 24, 2014

  • Reported By: lize piccart — san antonio Texas
Luna Car Center
San Pedro Ave 4415 san antonio, Texas USA

Luna Car Center lied about our financing plan san antonio Texas

*Author of original report: prepayment

*Consumer Comment: What does your contract say?

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We purchased a car from Luna car center in december 2012. We just moved here from Europe, so didn't have any credit score built up and weren't able to get a loan from the bank. We ended up financing it directly through them, at a mind-blowing 25% interest rate. Let's be honest though, you need a car in Texas, so we ended up signing. Before we did though, I specifically asked them whether we would have to pay the entire interest amount (as if we would have payed off our car over the said three years), or whether it would just be the amount of the car left. They assured us we would only have to pay the car part of the amount left on the loan. However, Luna Car Center decided to sell our loan to Midatlantic finance. One year later, I'm trying to refinance our car through our bank, which would result in a much lower interest rate. However, Midatlantic Finance now says that we have to pay off the entire amount, as if we would pay interest for the next two years as well. No matter what we do, we have to pay the full 25% interest on our car. I called Luna Car Center about it, their answer is: well, that's just business. They could have told us they would sell our loan causing us to have to pay this ridiculous amount of interest. I would never have signed anything if I even remotely knew that that was an option! Please, do not finance your car through them, they are liars and will tell you anything to get you money!

This report was posted on Ripoff Report on 01/24/2014 04:32 PM and is a permanent record located here: http://www.ripoffreport.com/reports/luna-car-center/san-antonio-texas-78212/luna-car-center-lied-about-our-financing-plan-san-antonio-texas-1118263. 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


AUTHOR: lize piccart - ()

Ok, so here's what our original contract says:

Annual percentage rate (the cost of your credit as a rearly rate): 24.18%

Finance Charge (the dollar amount the credit will cost you): 2886.19

Amount financed (the amount of credit provided to you or on your behalf): 6724.01

Total of payments (the amount you will have paid after you have made all payments as scheduled) 10,110.20

Your payment schedule will be:

number of payments: 36

amount of payments: 266.95 monthly

prepayment: If you pay off all your debt early, you will not have to pay a penalty


How this contract can be changed: This contract and the related documents that you sign contemperoraneously with this contract contain the entire agreement between you and us relating to the sale and financing of this vehicle. Any change to this contract must be in writing and we must sign it. If any part of this contract is not valid, all other parts stay valid.


And then it says:

PREPAYMENT: You may prepay all you owe under this contract at any time without penalty. If you do, you must pay the earned and unpaid part of the Finance charge and all other amounts due up to the prepayment date.



I'm not sure what to make of this... The way I understand it, we have to pay the full amount financed and the interest up til now (so what we already have payed every month).

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#2 Consumer Comment

What does your contract say?

AUTHOR: Crucible - ()

"Midatlantic Finance now says that we have to pay off the entire amount, as if we would pay interest for the next two years as well."

  What they say does not necessarily apply.   When you obtained the loan, you signed a contract that contains the terms of the loan.  That contract will specify if there is any penalty for repaying the loan early.  

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