- Report: #248334
Complaint Review: Associated Credit Union - CURE - Norcross Georgia
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Associated Credit Union - CURE
6251 Crooked Creek Road Norcross, 30092 Georgia, U.S.A.
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Associated Credit Union - CURE- George Clark - President Don Turner, This Credit Union is engaging in deceptive practices by giving loans on vehicles for 60 months then misapplying payments mostly towards interest, thus causing the principle balance to remain high throughout the course of the loan making the 60 month agreement unattainable, ripoff Norcross Georgia
*Consumer Suggestion: Sounds legit. Every bank will do this.
*Author of original report: Response to rebuttal from Virginia
*Consumer Suggestion: Since suit has been filed
*Consumer Suggestion: Since suit has been filed
*Consumer Suggestion: Since suit has been filed
*Consumer Suggestion: Since suit has been filed
Associated Credit Union is engaging in fraudulant and deceptive practices, ripping off their customers by misapplying monthly payments, mostly towards interest.
Around September 2001 I purchased a 2001 Chrysler Mini van. I went to Assciated Credit Union to get financing, although my credit was blimished I was able to get financede using an inhouse program called CURE Inc. This inhouse company, financed my van for 60 months, a normal repayment plan. I signed up for automatic drafts from my savings account. I made bi-weekly payments on time for 36 months.
Because of a change in my job status, I started to make late payments, each late paymwnt cost an additional $11.90, I was late repeatedly for some time, I lapse on my auto insurance and they added a $2500 premium for insurance to my balance, once my insurance was reinstated I was refunded $750. I also requested and received 5 deferments totaling about $2,200.
Yet after adding all late payments, deferments and insurance premiums, it does not come close to the additional $16,000 that they are trying to force me to pay.
To make a long story short. In 2006,nearing what was suppose to be the end of the 60-month agreement that I signed, I called for a payoff amount and to confirm my maturity date, I was floored when the represenative told me my maturity date was October 2008 and that at the time, I still owed $12,000 on a 24,000 van that I bought nearly 60-months ago at a 9.9 interest rate.
After several attempts to resolve or understand the mix-up I was totally ignored, so I filed suit in Gwinnett county Magistrate Court for brech of contract, the court ruled for the defendant. So I suited in Gwinnett County State Court for violating Fair Credit Billing Act, the Judge ruled that my actions were barred and a summary judgement was granted because pursuant to O.C.G.A. 9-12-40 which basically says that once a court has ruled, the same cause of action can not be re-litigated.
If anyone is going through the same thing or If anyone knows what I can do next, please comment.
Margaret
Austell, Georgia
U.S.A.
Around September 2001 I purchased a 2001 Chrysler Mini van. I went to Assciated Credit Union to get financing, although my credit was blimished I was able to get financede using an inhouse program called CURE Inc. This inhouse company, financed my van for 60 months, a normal repayment plan. I signed up for automatic drafts from my savings account. I made bi-weekly payments on time for 36 months.
Because of a change in my job status, I started to make late payments, each late paymwnt cost an additional $11.90, I was late repeatedly for some time, I lapse on my auto insurance and they added a $2500 premium for insurance to my balance, once my insurance was reinstated I was refunded $750. I also requested and received 5 deferments totaling about $2,200.
Yet after adding all late payments, deferments and insurance premiums, it does not come close to the additional $16,000 that they are trying to force me to pay.
To make a long story short. In 2006,nearing what was suppose to be the end of the 60-month agreement that I signed, I called for a payoff amount and to confirm my maturity date, I was floored when the represenative told me my maturity date was October 2008 and that at the time, I still owed $12,000 on a 24,000 van that I bought nearly 60-months ago at a 9.9 interest rate.
After several attempts to resolve or understand the mix-up I was totally ignored, so I filed suit in Gwinnett county Magistrate Court for brech of contract, the court ruled for the defendant. So I suited in Gwinnett County State Court for violating Fair Credit Billing Act, the Judge ruled that my actions were barred and a summary judgement was granted because pursuant to O.C.G.A. 9-12-40 which basically says that once a court has ruled, the same cause of action can not be re-litigated.
If anyone is going through the same thing or If anyone knows what I can do next, please comment.
Margaret
Austell, Georgia
U.S.A.
6 Updates & Rebuttals
Kevin
Houston,Texas,
U.S.A.
Since suit has been filed
#2Consumer Suggestion
Sat, May 12, 2007
I would appeal your ruling to the appeals court.. If you did not have evidence of a payment schedule from the lender, under rules of discovery, you should be entitled to those.. If the defendant never turned those over to you, then make that case to the appeals court to overturn the lower court's decision.. Hope that helps.. But realize.. once you try a case in one court and is sided against you, you must appeal to the next level court.. Remember.. since the appeals court will not hear NEW evidence on its face, you can say that the judge erred in his/her ruling because the payment schedule was not provided under discovery.. They can remand or send the case back down to the lower court to re-examine..
Kevin
Houston,Texas,
U.S.A.
Since suit has been filed
#3Consumer Suggestion
Sat, May 12, 2007
I would appeal your ruling to the appeals court.. If you did not have evidence of a payment schedule from the lender, under rules of discovery, you should be entitled to those.. If the defendant never turned those over to you, then make that case to the appeals court to overturn the lower court's decision.. Hope that helps.. But realize.. once you try a case in one court and is sided against you, you must appeal to the next level court.. Remember.. since the appeals court will not hear NEW evidence on its face, you can say that the judge erred in his/her ruling because the payment schedule was not provided under discovery.. They can remand or send the case back down to the lower court to re-examine..
Kevin
Houston,Texas,
U.S.A.
Since suit has been filed
#4Consumer Suggestion
Sat, May 12, 2007
I would appeal your ruling to the appeals court.. If you did not have evidence of a payment schedule from the lender, under rules of discovery, you should be entitled to those.. If the defendant never turned those over to you, then make that case to the appeals court to overturn the lower court's decision.. Hope that helps.. But realize.. once you try a case in one court and is sided against you, you must appeal to the next level court.. Remember.. since the appeals court will not hear NEW evidence on its face, you can say that the judge erred in his/her ruling because the payment schedule was not provided under discovery.. They can remand or send the case back down to the lower court to re-examine..
Kevin
Houston,Texas,
U.S.A.
Since suit has been filed
#5Consumer Suggestion
Sat, May 12, 2007
I would appeal your ruling to the appeals court.. If you did not have evidence of a payment schedule from the lender, under rules of discovery, you should be entitled to those.. If the defendant never turned those over to you, then make that case to the appeals court to overturn the lower court's decision.. Hope that helps.. But realize.. once you try a case in one court and is sided against you, you must appeal to the next level court.. Remember.. since the appeals court will not hear NEW evidence on its face, you can say that the judge erred in his/her ruling because the payment schedule was not provided under discovery.. They can remand or send the case back down to the lower court to re-examine..
Myron
Austell,Georgia,
U.S.A.
Response to rebuttal from Virginia
#6Author of original report
Sat, May 12, 2007
This type of lending behavior is not normal, I have paid off two vehicles both having numerous late payments, very late, yet being able to pay both off on time. One of them being a high interest loan at 20% interest with a sub prime lender, paying $4,000 in interest 4x less then this rip-off Credit Union. This Credit Union has somthing to hide, this is why they have not responded to a single request of explanation. It is not normal to pay an additional $16,000 on a $24,000 loan at 9.9%. -Please think from a consumer standpoint.
Mike
Radford,Virginia,
U.S.A.
Sounds legit. Every bank will do this.
#7Consumer Suggestion
Sat, May 12, 2007
The industry standard is the simple daily interest loan. When you're not paying off on schedule, you end up being charged more interest as well. Then you are charged more interest on that unpaid interest. This makes the additional amount owed considerably more than just the total of missed payments. There are online calculators that will "amortize" a loan and show how it is normal to pay more interest at the beginning, because you owe more money at the beginning. Your situation, because it has so many complex factors, is going to be difficult to compute for yourself but I think the numbers would end up the same as what the CU says. There's plenty of profit for them doing it by the book. They have no compelling reason to cheat. They should have tried to explain it to you better though.
