Duvera Financial Carlsbad Excessive Interest 189% on $1500.00 Loan for AAMCO Transmissions Carlsbad California

 I also had to have a new transmission, well, AAMCO re-built mine. It was also $3k of which I paid 1/2 up-front. They had me drive to a different city to do the loan application for the balance of $1500.00.

I was approved for it, surprise, surprise, and once my car was done, I had to go back to the place I filled out the app. & sign the loan papers to be able to pick my car up. (I am a single parent and the car that was getting worked on was/is my only one, I don't know why they thought I could drive 30-45 minutes each way to do paperwork, TWICE), but I needed my car, so I worked that out.

My understanding was that the loan was for $1500.00 and if paid off within 90 days, no interest would be charged. The way AAMCO explained it, and I asked, was that, ONLY the balance remaining after the 90 days would earn interest, not the whole $1500.00, and they also didn't mention that the interest would be 189%!!!! When I called after my balance should be paid off, they told me it's a minimum of 12 months of $285.00 payments, every month & I had 6 months left. I asked if that was even legal to charge 189% on ANYTHING and they said because of the type of loan it is, they can charge whatever they want.

Awesome right?! Notsomuch. I contacted my bank and they stopped payment on any & all payments of any amount from Duvera & all their different names, from my account. I have also moved and changed cell phones, (not because of this, but I wasn't going to update these crooks on my info.). DUVERA is unethical, and is NOT in the business of helping anyone, and as far as 'm concerned, neither is AAMCO. Either they don't know what company they are associated with, or they don't care, but I will never use AAMCO again either. They are cashing in on people's bad luck/misfortune and not even doing it at a reasonable interest rate. This is robbery!!!

Unfortunately for me, I still had $300 that I owed them after the 90 days, if I would have known, I would have sold myself to not deal with these people. (not literally....well, maybe...j/k)

So, they will ruin my credit report and try to harass me, according to the complaints on the BBB's website and the other websites. Not ONE single person had a positive review about this company..... I don't understand how, us, as consumers, aren't protected by loop holes in the system that allow these a**holes to rip people off. Makes no sense.