Summit Finacial Corp Ripped Me Off Plantation Florida
My wife and I financed a vehicle through Summit Finacial in June 2013. We are current on all of our payments. After seeing the complaints from other customers I decided to ask for balance on our account to see how much was owed. After reviewing my purchase agreement price for vehicle which was 16,520 with payments of 381.90 per month dated on 6-29-2013 the rep stated as of 4-7-2015 my balance was 15,2400 which means we only paid 1,358.80 toward vehicle. I then asked from the 8,401.80 we've paid on vehicle where did the other $7,043.00 get applied. She told me interest!!!!!!!!!!!! I have never heard of such nonsence!!!!! Please someone need to stop this company!!! This cannot be legal!!!!!
2 Updates & Rebuttals
Jim
Florida,USA
No Ripoff
#3Consumer Comment
Thu, April 09, 2015
Car loans and many other types of loans are paid down with interest first with gradually more and more going to principle. Its called amortization. There is absolutely no rip off here and nothing illegal is going on. Period.
coast
Florida,USA
Let’s determine if it’s a rip-off
#3Consumer Comment
Wed, April 08, 2015
What is the total amount financed?
What is the APR?
What is the term (number of months) of the loan?
What was the due date of the first payment?