Transouth Arcadia Financial ripoff finance company, employees rude and dishonest Bedford Texas
I purchased a 2 year old car in 1998 on a 4 1/2 year loan. I was paying 23% interest on my loan. Well here it is 2004 and I still have not paid off this loan. In August of 2003 I took this car in to a dealer for trade and the salesman laughed at me and said that the best thing for me to do was to finance another car and let them come and get the one I had.
The reason I was in the market for a new car was the car was not legal to drive and would not pass inspection for ever a year. This was after putting an enormous amount of money into repairs so that it would pass inspection.
In July of 2003 I put over 1500.00 in repairs in 1 month. Still would not pass inspection. I must also add that the year prior to that the car was in an accident. I took it to the body shop and was told that this car had been wrecked several times and that the frame was bent and if I was ever in a serious accident that the car would crumble like a tin can because the frame was so weak. At the time I had a very small child and knowing what I knew about this vehicle scared the HELL out of me. I did not want to put my family's lives in a death trap. Well enough said.
In August of 2003, I refinanced another car, this was after trying to get someone to take this car in as trade and I must say I was turned down 3 times. Nobody wanted this car including me. I called Transouth to see if there was something that could be worked out on this car because I had already paid 24000+ and still owed 8000+ on a car that I would not give 500 for because of the history on this vehicle. Now keep in mind the routine maintenance was always done on this vehicle.
Well after 8 months of getting nowhere and getting rude employees, I finally reached the conclusion to let them have it back. I called and let them know where it was at because with it not being legal to drive I could not park it at my own residence because they had already tried to tow it because it had no inspection sticker. They came out to get it and acted like a crime was being committed. They latched onto it and left skid marks down the street as well as getting stuck in the ditch with it. This was uncalled for because this was a voluntary repossession.
On March 5, 2004, I received a letter that they have my car.(you think). It will be going to auction on March 15,2004 and that I could pay the remaining balance and get the vehicle back. If I wanted the car I would not have let them come and get it. Now when the car is sold then I will start being harrassed by a collection agency.
I do not know if this will ever end but for Transouth if you are reading this I WILL NOT GIVE YOUR COMPANY ANOTHER DIME OF MY MONEY. The 24000+ that you already have is enough for this car. I hope other readers out there who need financing will not do business with these people. I can tell you from experience that if your payment is 1 day late they will call your home, job, family members and harrass everyone that knows you.
Allan
Spring, Texas
U.S.A.
1 Updates & Rebuttals
C
Billings,Montana,
U.S.A.
TranSouth Financial rip off
#2Consumer Suggestion
Thu, December 30, 2004
TranSouth Financial in Billings MT targets people who have less than perfect credit applying for auto loans. The individual is usually so grateful for getting financed that they tend to ignore the high interest rates, and many customers have told me after they were financed that they were told TranSouth would refinance them in a year which is simply not true and to my knowledge TranSouth does nothing to prevent or even discourage the dealerships from telling applicants that this is not so. As a result the dealer makes the sale and TranSouth finances the loan. Another rip off is that the options of the vehicle, such as leather, towing, theft, running boards, Bose stereo, etc... which is added to the price of the vehicle, may or may not exist, or, was a standard vehicle option which the customer was charged again for that option. Customers who feel they are paying too much for their auto financed through TS should demand the bookout sheet from their file and compare options. As a TranSouth employee, I would tell customers to talk to the dealer about missing options. I was reprimanded for doing this and also for noting the account regarding missing options. TS fired me after Christmas break because I had just learned about what Judy, the Billings TS branch manager, called "favor" deals with Matt Hall a finance guy at Rimrock Auto in which she defrauded Citigroup to benefit Matt Hall. Judy said to me that you can't trust anyone in this industry including her, and she also said that some people are too stupid to twist deals. Judy Morse said Chase (Richard) Graham this District Manager caught this in an audit due to my notes and I asked him if Compliance was aware of this and he assured me that they will know, then after Christmas break I was terminated by Chase! Who knows how far up the chain the corruption goes! In my opinion NO ONE should finance their vehicle through the Billings TranSouth office. They are dishonest and prey on people's trust. Anyone would be better off going to an internet auto finance website which finances higher-risk loans and where the rates are more favorable.