CRESENT BANK AND TRUST RIPOFF. WAS GIVIN NO CHOICE BUT TO DEAL WITH THEM BATON ROUGE Louisiana
I am trying to improve my credit. I bought a car locally with a very high intrest rate...25%. The dealership got me approved through a local company, and after speaking with them, I was told that after making all payments on time for a year, that I could refinance at a lower intrest rate, and a lower monthly payment.
Six months into the loan they transfered my contract to Cresent Bank and Trust. After one year I contacted said company to inquire about refinancing. I was informed they dont do that! I asked if I could defer a payment. Once again I was told no.
My question is.. As a consumer do you have any control over who your loan gets "farmed" out to? Secondly, does anyone know if Cresent Bank is even reporting to the credit bureaus ? I tried to get refinanced, and also have one of those watchdogs on my credit report...but my credit rating number has not changed at all. I was right at a 550 beacon score before I became involved with these people, and one year later I am still there. One would think that after making payments on time for a year, there would be some sort of improvment to my credit score! Improving my credit was how I justified the high intrest rate!
I love my car, but can no longer afford the $447 monthly note. If they would consider refinancing that would be great. but, based on my experience with these people, and everyone elses reports, it doesnt look promising. If they are reporting to the credit bureau then why shouldnt I just file bankrupcy, and keep the car I love. A bankrupcy or a repo will both be on my credit for the same amount of time! If anyone has any comments or suggestions, please let me know. I will be more than happy to participate in any action against this company. Hope to hear from someone soon
G
kennesaw, Georgia
U.S.A.
1 Updates & Rebuttals
Richard
Chalmette,Louisiana,
U.S.A.
Refinancing
#2Consumer Comment
Sun, June 04, 2006
If it's not written in the contract, any promises a salesman makes about what's going to happen in the future are worthless.
You don't have any control over who your loan gets sold to, but they must adhere to the original contract.
I'd recommend doing a little research on credit scores and what affects them.There has to be more on your credit report than the car loan to make your score a 550. Pull all three credit reports and see what's on them. Those credit watchdog services are a waste of money; you're eligible for a free credit report every year from each of the reporting agencies and if you needed to you could pay for additional reports several times a year for less than the $79 or so the watchdog service is charging.
If you've been making all of your car payments on time but are seriously behind on some other debts, that's going to keep your score down. Here are the major factors that will lower your score:
-being behind on one or more acounts
-being maxed out on several credit cards
-repeatedly applying for credit
I'd advise you to do whatever it takes to deal with the car note to avoid getting behind on it; either sell the car, get a second job, whatever. If the car gets repo'd, that's going to further lower your score, plus it will be d**n near impossible to finance another car for another 7 years.
A few minutes with a calculator tells me you proably have a 5-year loan on a used car that you paid about $15,000 for, and I'd bet you couldn't sell it for enough to pay off the loan. If you could clean up your credit reports enough to raise your score to 650, you'd be able to buy a new $15,000 car with a note of less than $300. It would take some work in the short term but will pay off in the long term.