Complaint Review: prestigue financial - Oklahoma
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- prestigue financial Oklahoma USA
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- Category: Car Financing
prestigue financial Blind returning cat he can't drive told he had to wait 4 months to surrender car Burns flat Oklahoma
*Consumer Comment: You were given very bad information
*Consumer Comment: Doesn't Matter
Show customers why they should trust your business over your competitors...
My husband was recently declared BLIND. We need to surrender his car which we are up to date on paemts. Was told we habe to wait 4 months so it would show on our credit report we were late 120 days before they would send someone to pick up car..REALLY!..can I just turn it in to any dealer? They said no the dealer would cage a storage fee. I hope this is not true and I can surrender this carsoon
This report was posted on Ripoff Report on 07/06/2016 06:41 PM and is a permanent record located here: https://www.ripoffreport.com/reports/prestigue-financial/oklahoma/prestigue-financial-blind-returning-cat-he-cant-drive-told-he-had-to-wait-4-months-to-su-1315446. 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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#2 Consumer Comment
You were given very bad information
AUTHOR: FloridaNative - (USA)
SUBMITTED: Thursday, July 07, 2016
When you sign the paperwork for a loan, that loan is in existance until it is paid off. If the car burns up or is totalled you still owe the entire amount of the remaining balance of your loan. This is one of the reasons why insurance is required when you have a vehicle loan - so that the insurance will pay off the value of the collateral if something should happen to the vehicle. If the remaining balance is larger than the value of the vehicle, then you are responsible for repayment of the difference.
What does this have to do with your particular situation?
The same principle affects you. The entire loan has to be paid even if you have turned the vehicle over to someone else. Turning the vehicle back to the dealership doesn't get rid of the loan.
You can sell the car and pay off the loan. If you owe more than what you can get on the open market, you will need to pay the difference.
If you turn the vehicle in - then you will have a repo on your credit + you will still owe for the entire loan + repo fees (even if you have a voluntary repo) + late fees + penalties. Why do you think they asked you to stop making payments? It is to pile on the fees. The lender will then go after you for a judgment that will continue to accrue interest and last for 10 to 20 years depending upon your jurisdiction and then if it remains unpaid can be renewed for your lifetime until paid. This is a poor way to handle a tragic situation that you face.
The best way is to sell the vehicle and pay the difference, if any, on the loan. Go to Carmax - they buy vehicles. It may be worth more than you think.
#1 Consumer Comment
Doesn't Matter
AUTHOR: Jim - (USA)
SUBMITTED: Wednesday, July 06, 2016
Why would you think you can just take this car to any dealership? Incredible! Bottom line is the 120 days doesn't matter in the least! This will be a repo whether it's now or three months from now. In all probability you will be sued for the remainder of the payments.
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