This company is the worst. They charge the dealership fees for financing a customer. That might be OK except for the fact that the customer pays the fees in their contract. For example book value on a car is $9,300.00 they will tell the dealer to charge $11,754.00 for the car in order to get a check for book value. They prey on young military personnel because they are usually inexperienced when it comes to financing.
Also because they are usually far from home for the first time. They charge the customer ridiculously high interest rates/fees, and leave it up to the dealerships to take the blame for their unfair business tactics. The dealership can buy the rate down online, and the customer ends up paying more for the car. I.E. If they have a 17% interest rate and the sales price is $12,000 (already way too high), then they can make the interest rate 7.99%, and the sell the car for $13,000, and the dealership still only gets a check for book value.
Hmmmmm. The customer is oblivious to this, because most of the customers they target are between the ages of 18-21 years old, have never been away from home, and have no knowledge of what they are doing. We are talking about active duty military personnel that are just getting started with their careers defending this country.
Active duty military personnel that sometimes have absolutely no credit, and start their credit history with Security National Automotive Acceptance Corporation in the wrong way. SNAAC is quick, painless, and almost always requires no money down, therefore appealing to young enlisted personnel that sometimes only make between 900-1100 dollars a month before taxes. SNAAC is a straight rip off to our men and women in the armed services. BEWARE!