Complaint Review: Crescent Bank & Trust - New Orleans Louisiana

I came across this report after I Googled Crescent Bank and Trust's name to find their website (www.cbtno.com). I usually mail my payments, however this month I'm a little close to the due date and needed to pay it online. Unfortunately they don't take online payments, however they do have several options for a quicker payment than by mailing the payment. I'm not going to say that Crescent Bank hasn't been rude to some of these people writing about their experiences. What I will say is that they have never been rude to me, they have never threatened to repossess my car, and they've never "forced" me to make a same day payment. Of course my payment is usually made before the due date and I've never been late. I know why Crescent Bank exists and I'm very thankful they do exist. We've always heard that bad things happen to good people. Well, I'm one of those people. Because of the whole subprime mess, I lost my job in the banking/housing industry and ended up having to file personal bankruptcy. My credit was shot at that point and the day my bankruptcy discharged, my paid for (and not so old) car was totaled. Because my bankruptcy had just been discharged no one would give me a loan. The dealership tried all the regular places. I think it took American Honda like 20 seconds to decline me - even with $5,000 down. I had two options - go to a place like Drive Time and pay $15,000 for a three year old Ford Taurus worth about $8,000 or finance a 2008 Honda Civic through Crescent Bank with a little higher interest and terms that weren't so liberal. It's a no-brainer who I chose. When you think about your car, your payments, and your credit, you have to realize who these people really are. Crescent is loaning money to individuals (like myself) who do not show a history of paying bills on time. Crescent makes these loans to us knowing full well that there is a high risk of default and a 50/50 chance they will have to repo the car. For those of us who pay our car payment each month, we're profitable. The interest they charge is about 2-3x prime and it makes these loans very profitable. If they have to repo a car an sell it, they've lost money and have to answer to the government and their shareholders. With bank failures on the rise, you can bet their collection practices are going to get a little more hardcore. I know why I had to finance my car with Crescent, so do you. Hopefully my next car I'll be able to finance through a traditional source and won't have to pay the 18% interest rate that I'm paying now. Hopefully you'll make all your payments also and won't lose your car to Crescent who was probably your only option and last resort.

Crescent Bank & Trust is not a fly by night instution as you state. It is Bank regulated by the Federal Government and it's depositors are insured by the FDIC. This means that if you do not pay the money back and in a timely manner, the bank runs the risk of scrutiny from the Federal Goverment due to your delinquency. If many loans default, the Bank further runs the risk of being shut down and having it's assets liquidated to cover the depositors funds. Therefor, the bank must follow stricter collection practices since it lends money to those who show a capacity to not pay their bills on time. Crescent Bank & Trust was set up to provide a service to the sub-prime auto industry. This means that they finance people that have a history of poor credit. The Bank is there to serve a purpose; it charges high interest rates on risky loans to those who otherwise would not be able to get the loan. The high interest rates are necessary to cover the losses for those that do not pay. If you do not like the fact that you have to pay your bills on time, then go to the company that financed your wife and get them to pay off this loan. I am sure they will love to accept your late fees! There is a reason they call it a due date Sir. It is not called pay when you like with a late fee! What ever happened to personal responsibility? That is what is wrong with this world today!