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Report: #1503837

Complaint Review: SAFCO AUTO FINANCE - Orlando FL

  • Submitted:
  • Updated:
  • Reported By: Debora Melo — Bradenton FLORIDA United States
  • SAFCO AUTO FINANCE 5900 Lake Ellenor Dr Orlando, FL United States

SAFCO AUTO FINANCE I felt 'ripped off" by this company! Orlando FL

*Consumer Comment: Typical

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The worst deal I've ever done in my life! Be VERY CAREFUL when you sign a contract with this company.

APR's abusive (believe mine is almost 19%!!), unprepared professionals, I would say it is a company of the type "ALL FOR MONEY", nothing by the customer (even in COVID time they do not even want to know, there is no consideration even if you have paid all installments on time during your contract.

And I'm ALMOST TO SEE MYSELF FREE OF THESE UNFORTUNATES, but I said ALMOST, the novelty of the exit is as follows. My installments have always won on the 21st of every month. Last December (2020) 

FORTUNATELY, I found a decent Dealer ( Current APR: 3.49% OK??).   My drama of the moment is:  I made payment of the installment on 12/21 and on 12/28 I bought a new car. On 12/31 the new Dealer made the payoff for them (SAFCO).  Now I am questioning them about the refund of the payment, given that the car was paid on 12/21 and delivered to the new Dealer on 12/28, and SAFCO simply informed me that regardless of having received a payoff, NOTHING IS DUE to the installment of December for me, there is no payment of pro-rata-die in their contract. I am impressed! 

I'm not American, but I'm a Brazilian professional from the business world and in several contracts That I've had the opportunity to do, it would be something more than normal to receive the refund proportional to the days of use of the vehicle, but I would like to hear from you Americans, is that how it works here in the USA? 

This report was posted on Ripoff Report on 01/13/2021 03:14 AM and is a permanent record located here: https://www.ripoffreport.com/report/safco-auto-finance/orlando-fl-i-felt-ripped-1503837. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

Typical

AUTHOR: Robert - (United States)

POSTED: Thursday, January 14, 2021

It is amazing that the more a person claims to know "contracts" the less they actually know.

APR's abusive (believe mine is almost 19%!!), unprepared professionals,
- If you could get a 3.49% APR at the time you got this loan, why did you accept one at 19%? I hope you don't have the same attitudes when negotiating any of your other contracts. Don't worry if you don't have an answer as I have an answer for you. Either you are totally clueless about financing, like paying more than you have to, or at the time you got this loan you had credit issues that any bank would have offered you only the higher interest rates.

NOTHING IS DUE to the installment of December for me, there is no payment of pro-rata-die in their contract. I am impressed!
- I'm impressed also, at your lack of knowledge.  They are right and this is just more proof that you are clueless about financing. This isn't some monthly service you are paying for such as a Cell Phone bill. This is a LOAN.   You are only entitled to any "overpayment" you made on the loan, not on the monthly payment. In your situation when the other dealer made the "payoff" they would have made the payoff balance somewhere between the 28th and 31st. But both of those dates are AFTER the date you made the payment, so your payment was already credited to the balance of the loan and deducted from the payoff amount. So the dealer paid exactly what was due leaving you with a $0 balance.

The only condition you may be entitled to a refund is if the payoff amount the dealer was told was BEFORE your payment on the 21st was posted.  That however is unlikely due to the timing. Oh and no, if your answer to that is you told them the payoff amount.  They would have called before they sent the amount to verify the exact amount which would have already included your payment.

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