• Report: #742498
Complaint Review:

Prestige Financial

  • Submitted: Sat, June 18, 2011
  • Updated: Sun, January 15, 2012

  • Reported By: aleafinthewind — RUTHER GLEN Virginia United States of America
Prestige Financial
Internet United States of America

Prestige Financial Mike, Sabina Pedatory lendor/Scarr and intimidation pratice, Internet

*Consumer Comment: Out of The Clear Blue Sky

*Consumer Comment: I have a Chapter 13 with a 654 FICO

*Consumer Comment: We had no trouble

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  This kind of company deals with people  who have had low credit scores for what ever the reason. They are preditors. I have done some research and I see a pattern emerge over and over again. After about 3/4 of the payments made, and much harassment,  they reposess the vehicle and sell it for almost nothing (probably to one of their own private buyers). then leave you with this enormouse balance (almost as much as you were origianly loaned)which includes fees they never tell you about or show you. then call and send you threatening letters.  Here are some of the tatics they used on us:    Mike once went to my husbands work and threatened the office with calling the police unless they gave him my husbands schedule. They told him to go or they would call the police. Another time they came to our house (a gated community-dont know how he got passed the gate)and left a note. they called all the time even when the payments were on time they would call a day before it was due. I lost my good paying job which paid the enormously high interest loan payments. Then asked Mike and Sabina if I could refinance the balance so I could lower my payments and keep the truck, and both of thier responses were... we are not a lone company and can not do that.  They loned us the money in the first place so whats up with that. and most of all they debited my bank accound with out my permission!!!! I will never never take another loan out like this again. it puts and keeps you in the poor house. I tried to work with them but they would only want to know when my payment will be in and that was it. Yes I know a contract is a agreement but when circumstance you can not control happen they should work with you.  If they say they do they lie.

This report was posted on Ripoff Report on 06/18/2011 04:45 PM and is a permanent record located here: http://www.ripoffreport.com/reports/prestige-financial/internet/prestige-financial-mike-sabina-pedatory-lendorscarr-and-intimidation-pratice-internet-742498. 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 Consumer Comment

Out of The Clear Blue Sky


Let's see, out of the clear blue sky the lender starts making collections calls and for absolutely no reason they repo your car because somebody within the company wants it! 

Again, where do you sorry people come from???

They made collections calls because YOU were late with YOUR payments.  They contacted references because YOU weren't responsive.  They did a repo of YOUR car because YOU did not live up to YOUR end of the contract YOU signed to make each and every payment on time!

This is nothing more than another case of some sorry subprime thinking welfare type blaming the lender because the sorry welfare type did not make payments on time.

And no, I don't work for them.
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#2 Consumer Comment

I have a Chapter 13 with a 654 FICO

AUTHOR: Matthew McGinley - (USA)

So, having an open chapter 13 does NOT automatically infer a low credit score.  I was approved for a loan by Prestige (I had to find out on my own, since the dealer did not tell me; I logged into Equifax and checked), but refused to sign because of the research I read by others who had been ripped off. I can see (not literally) the Prestige employees in disguise refuting the rebuttals as plain as the nose on my face, and they and also the complainants have convinced me thoroughly that I made the right choice by NOT signing with them, nor will I ever.

Thank you, complainants, for having the courage to tell your story and spare me the troubles you went through.  May you and I both make better decisions in the future and avoid predatory lenders like Prestige at all costs!

Wow, it feels good to live life without a car payment!  Thank God for BK protection!  I am going to use the card I've been dealt and play it well and count my blessings!
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#3 Consumer Comment

We had no trouble

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

I'm having a hard time with this one. We had no trouble for the year we were with them.

We as well as anyone else who's real only option is prestige finance had a low credit score due to a chapter 13 filing. Of course it is high interest rates- ours was around 17.25% starting out. If you want a car and have to finance it and you can't get credit by any other means, and you CHOSE this option you have to deal with it. We understood that.

What you are forgetting to mention is if you keep insurance and make your payments on time they reduce the interest as much as .50% every 3 months until it hits around 12% which is still high but much lower than 17-24% reducing your total balance. It really does help. Plus they report your payment history every month boosting your credit score and giving you positve credit. Of course if you don't make your payments it will not be good credit nor help your score and you won't get rate reduction, but this was a great program to begin rebuilding our credit after a Chapter 13.

While yes I admit if your payment is due on the 9th and they don't have it on the 8th you will get a "reminder call" and that was annoying and if they don't have it on the 9th yes you might get more calls and so on. They deal in HIGH RISK loans. When we traded in our car they called us on the 10th wanting the payment and we told them we traded it in and they said the debt was still our responsibility. So YES they are a little demanding for their money but they did not cross the line with us. Apparently they got their payoff on the 12th because they closed my account and I could not access it online but we got no calls after the 10th.

You are absolutely right, they have no compassion. You lost your job they don't care they want their money. We had a death had to travel asked for a defferal and were told no. But then again they are in the business to make money and they don't want our problems to become their problems. Fair or unfair it is what is is- business. Sadly people take advantage of things when they find out people work with you and next thing you know no one works or helps anyone anymore.

Michael was our "account manager" and he was in Utah so unless you live there I can't see how he would show up at your work and threaten, now perhaps it was the repo man doing that claiming to be them because repo men are not always honest and will do just about anything to get a car. Yes that is still the finance companies responsibility in my opinion because they hired them. I would definately look into that. File charges for the threats!

We only paid on our vehicle for a year and then traded it off and got a vehicle financed with Wells Fargo at a lower interest rate. I'm not crazy about Wells Fargo but we are saving a little money and I got a new car, so maybe in another year I will refinance this with a different bank. Maybe you could have tried that or file for chapter 13. It protects your assests and you can pay a little back to your debtors over time with no interst. If you lost your job you may need some kind of help anyway and at least that would help reduce your stress level.

Also, your right they won't refinance the loan because they would lose all that money in interest. Maybe you could try a credit union or something. It's so silly because they do loan money and you would think they would want to help the customer.

But they can't repossess legally unless you have not made your payments and there is a whole process to go through. Your balance is high if they do repossess because they sell you a car they know you need at a higher price, then you have to pay a lot more in bank fees/ fianance charges and usually around 125% or more (over book value) by the time you walk out PLUS finance charges, so even if you make a lot of payments you still owe a lot of money. That is why the term is longer. When they auction it off, no one is going to pay over book value for it and it is usually sold to wholesalers who pay 75% of BLACK book value or less (which is way lower). It's a sucky process I know but until your credit score improves you are stuck and it's not fair, i've been there- no one will work with you or give you a chance and stuff keeps happening.
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