Complaint Review: Security National Automotive

I'm assuming your son is 19-22 years old if he serves our country.  Big props to him on protecting our freedom. 

Your complaint is misguided.  He either had no credit, or he managed to ruin it in the few short years he was blessed to obtain it.  The interest rate you throw out, assuming it is right, is nowhere near appropraite for a 19 year without a cosignor.  I don't think military service dictates that he get a rate better than any other 19 year old working in the private sector.  They are ALL risky bets.

He made a choice to buy a car.  He made a choice to agree and negotiate with the dealer.  They didn't make him sign the BIG paper that states the interest rate and price clearly.  Sounds like the named company took a chance and also met a need or desire he had; They made it possible at a rate that most likely reflects the risk.

What rate should a 19 year old get?  How about 2.9% on a new car?  So, you say shut them down?  Bye bye credit for young people.  No more car dealers.  Cash only.  The deals you picture will accomplish your mission of shutting them down, because they won't make money.  

Same low rates for EVERYONE!  Forget working hard and being responsbile......we need equality.  Remember the housing market collapse?  Everyone deserves a home.....problem is, not everyone pays!

The real question is, did he end up living up to his responsibility or did you convince him he got a bad deal and to just have it repossessed?  You tone reflects that you may have told him to ditch his responsibility.  If that is the case, wait until he tries to get another car.  Think this is bad?  Not even close.  How about 23%+.  Bi-weekly payments?  $8K down on a $12K car. 

Capitalism (evil word) is funny in this sense.  It always adjust to the market it serves.   On the other hand, hopefully he is smart enough to know he has an opportunity to move up the credit tiers and progressively earn the trust of lenders and others that give him a chance.  Sometimes you only get one chance.....and I know, that is not fair either.

I know this sounds mean, and I respect your constitional right to complain.  I'm sure you can now tell me and the world a bunch of reasons as to how he got screwed and how it's unfair.  Sometimes that does happen.  Maybe it did happen.  If so, it is not because of the interest rate you quote.

Choices sometimes make us better, sometimes it makes us bitter.  Perhaps you should have a conversation with him now.  If you did previously, and he didn't listen, then he has to man up and accept the responsibility assocaited with being an adult.  Hopefully, he will do the best he can to learn from it and get that rate you think he deserves when he has proven his savvy and worthiness.  That's reality.

First, we can put away the military card because it has ZERO bearing here. What you are admitting is you son is a grown man but does not have the mental capacity to handle his finances. Perhaps you should contact the courts about that. If someone is legally old enough to enter into a contractual agreement, then it is incombent on THEM to read and understand the terms of the contract and further, its up to THEM to know their own finances to determine if they can afford the terms of the contract. The APR of such contracts is controlled entirely by their own credit reputation. So then, instead of blaming everyone else perhaps you should have spent some time educating him on personal finance and accepting responsibilty for his own actions instead of having Mommy or Daddy making up excuses for him.

Security National Automotive Acceptance Company (SNAAC) was established in 1986 as a specialty finance company that purchases and services retail sales finance contracts acquired from auto dealers in the sale of new and used automobiles.  When we become aware of complaints related to the selling auto dealership, we are very limited in our ability to assist.  We are one of many financing options a dealership has, and the deals are negotiated prior to it being assigned to us.  We regret any situation in which one of our customers is unsatisfied with their car buying or financing experience. 
 
Once contracts are purchased, it is our intention to provide world class customer service.   We encourage anyone with complaints or concerns to visit http://www.snaac.com/ripoffreport.aspx to begin the dispute resolution process or to better understand our role in their credit transactions.
 
Please note that inaccuracies, falsehoods and malicious commentary may be posted to this site.  It is our policy not to defend or respond to any specific claims in a public manner.