Nuvell Financial Services - Nuvell Credit Company Beware of Deferred Payments Little Rock Arkansas

BEWARE!! I had an auto loan through GMAC (who I think is actually a subsidiary, branch, or sister company of Nuvell) when they suggested/offered a deferred payment during a hard time. I only took this one deferment. Not only did they not advise that it wasn't an extra payment added to the loan and instead a lump sum payment due at the end of your loan, BUT they also failed to mention that it shows on your credit report as a Charge-Off or Collection account. I had a 4 year loan on which I paid perfectly (and usually a little extra over the payment amount), during a family hardship I accepted what I thought was a gracious offer, only to find out after it's too late that I'll be 'paying' for the deferment for the next 7 years on my credit report. At the end of the loan when I discovered the lump sum amount was due I paid it immediately...and still got screwed on my credit report!

I have had my auto loan with Nuvell for 2.5 years and NEVER been late. I'm not talking the 30 day thing, I'm talking never been late, period. I even pay $35 extra towards principal every month to make my payment an even amount.

2 months ago I called to ask for a deferment since money was going to be a little tight that month. I was told they do not grant deferments. First time I ever asked. By the way, the guy I spoke with was very rude about it, treating me like trash that I was even thinking about a deferment. Said something like 'here's another person who can't pay their bill'. Did I mention I have NEVER been late? Lucky for me, due to my increased credit score, I will never have to get another car loan through them again!

You can ask for a maturity adjustment if you still owe 2 or more payments. You will not get anymore extensions during this time but you keep the same payment amount until the balance is paid in full and it also protects your account from being reported to the credit bureau as it will bring it current. Your contract has to be "matured" to get this.
Obviously you must have used all 4 extensions (8 mos) available to you. At those interest rates it is very easy to have a big balance at the time of maturity. However you must have spoke to an idiot that doesn't understand loans and contacts, because nothing is added as a balloon. This is what happened:
I will have to use an example to explain
You have a loan at 25,000 for 5 yrs at 19% interest. The contract is basically saying you must pay XX amount per month for 5 yrs, not late, no extensions, no exceptions to the contract to pay it in that 5 yr period. However,you extend months for reasons that is normal to most when in a tight, no big deal. The interest (high) is accruing daily during the 2 months you don't make payments, (each extension time), well you continue to make your regular payment, but that payment was for, 5 yrs "monthly", so when you take extensions, make the same payment amount you will owe a substanial balance on any contract running a 16-28% interest rate and that is what most of those contracts are. You simply spoke to an idiot that didn't know how to explain the contract and offer you a maturity adjustment to resolve the problem.....Good luck.