Seawest Financial Corp ripoff, will not refinance after being with them for 18 months Columbus Ohio
I financed a camaro through SeaWest Financial 18 months ago for the price of $14,000. I only just found out this month that the company had been bought out by a company named CPS. I called the 888 number to see what my balance was after having my car for 18 months I wanted to refinance it.
AFTER 18 MONTHS I OWE $11,700. How is it that i have been paying $410.00 a month for 18 months and still owe $11,700? Lets see: 18 months at $410 a month is $7,380. So $14,000 minus $7,380 is $6,620 NOT $11,700. CPS claims that they do not have the license to refinance my car. I am in the Navy and I am trying to sell this car as it has had numerous problems and I am paying a small fortune for something that is not worth it.
How can I either get rid of or refinance this car???
Can someone help me??
James
bohannon, Virginia
U.S.A.
1 Updates & Rebuttals
Steve
Portland,Oregon,
U.S.A.
Welcome to the world of Predatory Lending
#2Consumer Comment
Thu, July 01, 2004
Sounds like you are paying about 25% interest. You seem surprised by this, so you probably didn't look at all the paperwork you signed when you first bought the car.
If you continue paying on this to the end of your loan, you will pay over $10,000 in interest!
Refinancing should be possible. Talk to a local credit union or bank that could give you an interest rate under 10%.
You said "CPS claims that they do not have the license to refinance my car". that's BS. Once you refinance at another institution, your loan to CPS will be paid off and they'll be forced to send the title to the new lender.