- Report: #1266403
Complaint Review: CNAC - Nationwide
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CNAC
Nationwide, USA
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CNAC CNAC FINANCE Traded car in and they are still trying to ge me to pay. Atlanta Nationwide
I'be paing on this car faithfully for 3 years. I traded the car in right after making a payment. I called them to advise I sold the car and the dealership would be paying it off. The dealership called them and requested the payoff. CNAN is still trying to get me to make payments until they receive the check from the company that purchased my car. CNAC is so money hungry and does not want to help you do better. Its like tgey get mad because they cant rip you off any longer. Its been 2 weeks since the tradein has taken place and they call several times a day. I gave them them the number to the dealership so they could call and get more information about when to expect the payoff check and they continue to call me. Plain and simple BAD BUSINESS practice. I don't care how desperate your situation don't do business with this company. I can't stress enough that this is not a good company. They are now teying to ruin my credit because they can't wait for the payoff check from the dealership. And yes they are trying to ruin my credit by sending me a demand letter to return the vehical that was traded in. That's hiw they try to keep their hooks in you and thank you for doing business with them....
1 Updates & Rebuttals
Robert
Irvine,California,
USA
You are wrong...
#2Consumer Comment
Sun, November 08, 2015
You seem to have a mis-conception of what your responsibilities are in terms of paying back the loan.
Having or not having posession of the actual car does not matter in terms of if you need to make the payments. It doesn't matter if you sell it, wreck it, have it reposessed, have it fall off a cliff, or taken by aliens. Until the LOAN is paid off you are still responsible for the payments. It doesn't matter how long you have been "faithfully" making payments, until the loan balance is $0 you are still responsible for it.
Most dealers will send the payment very quickly so they can sell the car. If the dealer is taking too long to send the payoff check, you have two options. To continue making payments to stay current, or get on the dealer to tell them to send the payoff check.
But there is another little kicker here. Until the loan is paid off you actually have no legal right to sell the car because you do not hold the title and are not the "legal" owner. Now, many dealers will take the car and fill out the paperwork doing exactly what you are doing. But if the loan becomes delinquent CNAC could technically come and reposess the car because they still hold the title. Now, this will be very unlikely to happen as it won't get to that, but the point is that it is possible.
Oh and before you go off saying that it is just this company and no other company would do that. WRONG...this is standard with every finance compay. Oh and don't try the "you must work for them" either, as I do not now or have I ever worked for this or any othe finance company. I am just telling you why you are in the situation you are in.
