SST - SYSTEMS & SERVICES TECHNOLOGIES ripoff This company calls all of the time, bills me daily interest if my bill isn't paid on time, I feel as if I'm paying for this vehicle that I've twice with all of the interest that I'm paying. Saint Joseph, Missouri
I just wanted to know is there an attorney for getting ripped off, paying a lot of interest on a vehicle that should've been paid for by now. I feel as if i've paid for this vehicle two times over already with the interest this company is charging me. What can I've done about this? I really pay to much interest every month on this vehicle. Can someone tell me what can i've done about this company? I need help!!!! With this problem!!!!
Mrs.reginia a.
SHARPSBURG, North Carolina
U.S.A.
1 Updates & Rebuttals
Jamie
Wathena,Kansas,
U.S.A.
Read your contract simple interest loan and the other is a rule of 78
#2UPDATE EX-employee responds
Tue, May 31, 2005
I worked at SST for 3 years. There are 2 kinds of automobile loans, one being what is called a simple interest loan and the other is a rule of 78. On a rule of 78, the interest is already computed into the payments. On the simple interest loan the interest is accrued daily. Like for instance, as an example, $3.50 daily. If you make a pmt on January 1 and dont make another payment until March 1, you are charged 60 days worth of interest.
At $3.50 per day you will pay $210.00 woth of interest. If your monthly payment is $250.00 youre only paying $40.00 towards your prinicpal. Good tip: Keep your payments as close together as possible. Make sure you make your payments on time each and every month to avoid being charged the extra interest. If you pay on the same day each month, you should only be charged 30-31 days worth of interest. Read your contract and it will specify which type of loan you have.