Complaint Review: Big Billy Barrett and Union Acceptance Corp.

I WANT TO SAY A FEW THINGS IN DEFENSE OF SST AND UAC .FIRST OFF THEY ARE NOT RIPP OFFS YET IF YOU AS A CUSTOMER WOULD CHECK OUT YOU CONTRACT AND REVIEW WHAT WAS PURCHASED IT WOULD ALL ADD UP MONEY WISE. AS FAR AS BUYING A CAR WHEN YOU 19 AND BIENG RIIPPED OFF .WELL TERE ARE 3 DIFFRENT TYPES OF CUSTOMERS .

NO CREDIT OF COUSE THERE WILL BE A HIGH INTREST RATE BECAUSE NO COMPANY KNOWS WHAT YOUR CAPEABLE OF . NO ONE KNOWS IF YOU WILL HAVE A GOOD HISTORY OF PAYING BILLS .SO TO START OFF YES YOU WILL START OFF HIGH. THE GOOD THING IS ONCE YOU PAY THE LOAN OFF .IF YOU PAY IT OFF WITH IN GOOD TIMING YOU WILL GAIN GOOD CREDIT .....NOTICE I SAID IN GOOD TIMING ....IT IS IMPORTANT TO MAKE ALL OF YOUR PAYS ON TIME .....UAC AND SST HAVE TO REPORT TO THE CREDIT BUREAU TWICE MONTHLY ...IF IT HASN'T CHANGED. ...LISTEN TO ME PEOPLE IT BADLY DAMAGES YOUR CREDIT WHEN YOU DON'T PAY ON TIME ....WHEN ANOTHER PERSON GOES TO LOOK AT YOUR REPORT B/C YOUR TRYING TO GET SOMETHING ELSE......THAT'S WHAT THEY SEE AND THEY JUST COUNT THE NUMBER OF TIMES YOU PAID LATE ....IT LOOKS BAD TO SEE A CUSTOMER HAVE 78 PAYMNTS TO MAKE AND OUT OF 78 ...40 WERE LATE ....SO YOU WILL END UP WITH BAD CREDIT ...A FEW OF LATE FEE'S AND A CAR NOTE THAT HAS SO MUCH INTREST ADDED TO IT THAT YOU CAN NEVER REALLY GET TO THE PAYMENT B/C YOUR PAYING SO MUCH INTREST BECAUSE YOU PAY LATE EVERYTIME YOU PAY....
AND I MEAN UNDERSTAND THIS .....
A SIMPLE INTREST LOAN (WHICH IS WHAT MOST OF YOU HAVE )
IF MY CAR NOTE IS 300.00 A MNTH AND MY INTREST RATE IS 21.00 THERE IS A DAILY INTREST OFF OF THE 21.% WHICH IS BROKEN DOWN DAILLY SO THATT INTREST CAN BE CALCULATED FROM THE 21% SO I WOULD SAY ABOUT $10.00 DAILY .SAY I AM 20 DAYS LATE ...20 DAYS LATE MULTIPLIED BY $ 10.00 INTREST RATE IS 200.00 DOLLARS (INTREST). IF THE PAYMENT IS 300.00 AND YOU OWE 200.00 TO INTREST THAT LEAVES ONLY 100.00(THE PRINCPLE) TO THE PAYMENT ...THAT MEANS YOU JUST GAVE THE COMPANY 200.00 FREE DOLLARS B/C YOU COULDN'T PAY ON TIME . I TELL YA IF YOU HAVE TO BORROW THE MONEY ...BORROW IT .IT IS NOT WORTH THE 200.00 DOLLARS EXTRA.THEN YOU HAVE 100.00 TO GO TO THE CAR NOTE WHICH MEANS IN REALITY YOU PAID SO IT SHOWS YOU PAID BUT IN REALITY YOUR 200.00 BEHIND .SO I TELL YA TWO THINGS TO DO ..

ALWAYS SEND IN EXTRA IF I OWE 200.00 IN INTREST THEN SEND IT IN ADDITION TO THE PAYMENT ...AND FIND OUT WHAT YOUR DAILY INTREST RATE/ DAILY PER DIEM IS SO THAT YOU CAN CALCULATE THE AMOUNT OF INTREST OWED . THIS IS VERY IMPORTANT THAT YOU FIND OUT WHAT THE PER DIEM IS .

BAD CREDT i WOULD SAY THATT YOU KNEW YOUR CREDIT WAS BAD FROM THE BEGINING BUT SO MANY PEOPLE DON'T ...FIND OUT WHAT A GOOD CREDIT SCORE LOOKS LIKE AND FIND OUT WHERE YOU ARE . GOOD CREDIT SCORES ARE ABOUT 740 AND UP FOR PEOPLE IN THE CAR INDUSTRY... AVERAGE IS ABOUT SOMEWHERE CLOSE TO 700 UNDER 600 IS NOT THE BEST WEATHER YOUR BULIDING CREDIT OR JUST HAVE BAD CREDIT . IF YOU DO HAVE BAD CREDIT THAT IS WHY YOUR INTREST RATE IS SO HIGH .IT IS A REALLY SIMPLE SITUATION .IF YOU HAVE PAID BAD WITH EVERYBODY ELSE I WILL HELP YOU BUT YOU WILL HAVE TO PROVE TO ME THAT YOU CAN BE TRUSTED .SO I AM GOING TO START YOU OFF THIS HIGH AND YOU CAN PROVE TO ME THAT YOU WILL PAY ON TIME .SO IF YOU PAY LATE WE STILL GET A LARGE PORTION OF THE MONEY AND YOUR JUST HURTING YOURSELF.PAY ON TIME .NOT PAYING KILLS YOUR CREDIT REFERR TO THE ABOVE INFORMATION.

GOOD CREDIT YOU ARE THE PEOPLE WITH GOOD CREDIT SCORES AND IF YOU HAVE GOOD CREDIT (REFER TO THE ABOVE INFO REG CREDIT SCORES) YOU SHOULD HAVE A GOOD INTREST RATE AND IF NOT I WOULD CALL THE COMPANY AND FIND OUT WHY.

IF YOU DON'T HAVE A SIMPLE INTREST LOAN YOU MAY HAVE A

PRECOMPUTED
ACTUARIAL
BALLON LOAN

AND MANY MORE...
ALSO THERE ARE MANY COMPANIES LIKE MITSUBISHI THAT HAVE ALL TYPES OF LOANS BEWARE OF THEM AND i URGE YOU TO KNOW YOUR LOAN INSIDE AND OUT .

I agree that UAC takes advantage of young inexperienced buyers. However, the dealerships have to be held responsible along with UAC. While I was not 19, I was 25 with two children. We had purchased 2 vehicles previous. UAC financed us and we were very pleased.

However, by the time the vehicle is paid off, we will have paid for the vehicle in 7.5 years! Our total payments will be approximately $42,240 not including interest. We never made a late payment.

UAC transferred our loan to SST without giving us notice! We are not happy with UAC or SST. We will continue to pay off the vehicle regardless of UAC, SST, the dealerships because we are responsible for our own actions.

FIRST OF ALL HOW MUCH WAS YOUR TRADE WORTH? I AM GUESSING $1000! IF YOU DO THE MATH ON A 66 MONTH SIMPLE INTEREST CONTRACT WITH A SELLING PRICE OF $13500+ TAX, TITLE AND LICENSE(REQUIRED BY THE STATE OF TEXAS, NOT THE DEALER), WITH A TRADE VALUE OF $1000 AND THE FIRST PAYMENT BEING 45 DAYS FROM DATE OF PURCHASE, THE MATH WORKS OUT TO YOUR $342/MONTH PAYMENT!

I DO SYMPATHIZE WITH YOU ON THE MECHANICAL PROBLEMS YOU HAVE HAD, BUT KNOWING UP FRONT THAT YOU DRIVE EXCESSIVE MILES, YOU SHOULD HAVE PONIED UP AND PURCHASE AN EXTENDED WARRANTY SERVICE CONTRACT.

THE FACT THAT THE PROBLEMS OCCURED AFTER THE LIFE OF THE FACTORY WARRANTY IS THE REASON THAT EXTENDED WARRANTIES ARE AVAILABLE!

A BAD BUSINESS DECISION ON YOUR PART DOES NOT JUSTIFY YOU WHINING AND MOANING ABOUT THE DEALERSHIP!

While the consumer may be young and "wet behind the ears" what UAC did was not right. I had a loan with them, and while not all my payments were made on time, they were all made.

During a particularly rough time, and after calling and letting them know, they offered to "defer" payments to the end of the loan and then called and harassed me for payment and tacked on late charges for these deferred payments.

I found them to be unprofessional and while I am certainly not completely without blame, I was never treated so badly in all my life. I would suggest public transportation before ever taking a loan from them again.

This has been an expensive lesson for you.

There are no laws limiting what a dealer can charge for a used car. Your only defense against paying too much for a used car is to do your homework. Find out what that car is really worth and do not rely on the dealer.

If you financed $13,500 at 20% interest for 66 months, the payments would be $338.81 per month. You would also pay $8,861.49 in interest. The payment amount you gave is close to those numbers.

Buying a "mid-range" used car is a gamble. A one-year-old car is usually in pretty good shape and won't cause you much trouble. A ten-year-old car is going to give you trouble but its cost should be low enough that you can afford to walk away from it if need be. But the in-between cars are the biggest gamble, as you have found out. You cannot afford to walk away from it so you just keep dumping more money into it.

You should have shopped around for your own financing. You said you had excellent credit so getting financed should not have been an issue. When a dealer steers you to a lender he gets a kickback on the deal. You can get a better deal on financing on your own. If the interest rate was 12% instead of 20, your payments would have been only $280.41 per month and you would have saved $3,854.63 on interest. Is a couple of hours of your time worth almost $4000?

Car dealers are exactly the theives everyone says they are. Your only defense when dealing with them is to do your homework very carefully and assume that every word that comes out of their mouths is a lie.

I dont think your comments about Union Acceptance Corp are warrented. I have a car finianced through them. They were the only ones willing to finance a car for me, while I was trying to rebuild my credit after a divorce. The bank that I had been with for six years turned me down. You should have had an experienced person with you to deal with the dealer. If this car was so bad, why didnt you try to go under the lemon law. It sounds like you have more issues with the dealer not the finance company. Most of the time,when you finance a used car the interest rate is higher.

First of all you say you were only 19 years old when you bought the auto. The first mistake you made going along at 19 you still wet behind the ears. You should have took a adult with you when you bought the auto.

My thought