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Ripoff Report | IDA LLC ( Independent Review - Suwanee , Georgia
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Report: #1325583

Complaint Review: IDA LLC ( Independent Dealers Advantage ) - Suwanee Georgia

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  • Reported By: Anonymous — Union Cityy Georgia USA
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  • IDA LLC ( Independent Dealers Advantage ) 780 Buford Hwy Suwanee , Georgia USA

IDA LLC , Independent Dealers Advantage , Charges high interest rates seems like you will never pay off the car. They apply your car payment to the interest. Had my car for a year. Total price of car 11,567 and still around that much.RIPOFF Suwanee Georgia

*Consumer Comment: That's how loans work

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 Horrible auto dealer don't recommend for anyone to go to this company. They apply your car payments to the interest rates only so you will probably be paying on your car for a long time. I only had my car over a year. The transmission is going bad and I have a lot of problems with the car and they refuse to help fix the car knowing that it had problems. They just want your money.

This report was posted on Ripoff Report on 08/31/2016 03:17 AM and is a permanent record located here: https://www.ripoffreport.com/reports/ida-llc-independent-dealers-advantage-/suwanee-georgia-30024/ida-llc-independent-dealers-advantage-charges-high-interest-rates-seems-like-you-will-1325583. 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

That's how loans work

AUTHOR: FloridaNative - (USA)

POSTED: Tuesday, November 22, 2016

I am not affiliated with your dealership or the lender at all.  However, I know how loans work and when you borrow money, most loans have interest. When you repay the loan, the payment is composed of both principal and interest.  The interest is taken out of the payment first and the rest of the payment applies to the principal. If you pay late, then the late fee is taken out first, then interest then a principal payment is made. If you pay too late, there may not be enough in the payment to pay down any of the principal balance. This is how all simple interest loans work.  

The higher your interest rate, the less that applies to the principal because a larger portion is attributed to interest.  You can check the figures by running an amortization schedule based on your loan terms.  The amortization schedule assumes you make each payment on time. You can also reduce the amount of interest you pay by making larger payments or lump sum payments or by refinancing your vehicle loan with another lender (if your credit warrants it). 

Did you buy the car "AS IS"?  Most used cars are sold "as is" which means the dealer isn't responsible for repairs - you are responsible to make the repair at your expense during the entire time you own it. If you purchased a warranty with the vehicle, then read your warranty contract to see if the repair is a covered item.  Most warranties aren't worth the paper they are printed on, but the only way to know is to read your warranty contract. 

I just don't understand how you can confuse the loan paperwork with the purchase contract - unless you didn't read either at the time of purchase. 

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