Cornerstone Credit Union What do they Have to gain? ripoff Auburn Hills Michigan
Could some explain what the bank has to gain??
I took out a car loan going into the Holiday season. I explain that was the slow time of you for me, and every year I get behind. At the same time, I had to shell out over $3000 to stay in biz. I let the dealer ship talk me into paying my last $1000 to close the deal. Not smart I know.
Over the next 6 months, I was always behind, but I always found a way to get their money to them. Then in the middle of the night they came & got the truck. Even before 30 days passed due.
Now they have a truck they can't sell for enough to cover their loss. Plus, they put insurance on it at a rate of $5,179 a year. Which they sent me a bill for. I was only paying $2200 for FULL coverage.
They have force me into bankruptcy, and won't get a thing. So I say again, what do they have to gain ? Atleast they were getting their money before. Even if it was late.
Mike
Port Clinton, Ohio
U.S.A.
2 Updates & Rebuttals
debtexpert
United States of Americabk?
#3General Comment
Thu, September 09, 2010
Have you actually FILED BK yet?
dum8d0g
United States of AmericaNot a rip-off.
#3General Comment
Tue, September 07, 2010
I'm sorry, but I don't see the ripoff here. If I am reading this correctly, you took out a loan knowing that you would not be able to make the payments on time. I'm not sure where you came up with the 30-day thing, but if the payment is even 1 day late they are in their right to repossess the property, especially if there is a history of late payments. The terms of a car loan often require that you provide proof of insurance to the lendor. If you fail to do this, they will buy insurance and you are responsible for paying for it.