texasmaverick
Arlington,#2Author of original report
Wed, February 25, 2015
We having been trying to get a $10,000.00 refund for 7 months now started in 6/30/2014 its now 2/25/2015 and nothing.
Flynrider
Phoenix,#3Consumer Comment
Fri, February 11, 2011
In the real world, when you sign a contract agreeing to pay 17% for a (rather absurdly long) period, the lender is expecting you to pay that amount for the period specified. Where do you get the idea that you should automatically get a reduction in interest because you've been paying as you agreed to? This is no ripoff. This magical interest reduction that you are imagining does not exist in real life.
If your credit is good, just refinance with another lender at a lower interest rate. That's how it's done in the real world.
Robert
Buffalo,#4Consumer Comment
Thu, February 10, 2011
Refusing to lower the interest rate is NOT a ripoff.
You could ask them for the payoff amount and then approach a traditional bank for a SECURED loan to pay them off-your vehicle (with equity) would secure the new loan.
If you accomplish this, you should have a lower interest rate loan, but you will still have a lien on the vehicle. This will lower the interest rate significantly and might lower your monthly payments should you get refinanced for a longer period.
If your credit worthiness is good enough, you might get a SIGNATURE (unsecured loan) from a traditional bank at a lower interest rate to pay them off although the interest rate would be higher than it would be for a secured loan. The advantage is that for a point or two higher interest rate, the vehicle is PAID OFF and you will have a free title for it.
The choice is yours. Good luck.