- Report: #263455
Complaint Review: Crescent Bank & Trust - Shrevport Louisiana
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Crescent Bank & Trust
Shrevport, Louisiana, U.S.A.
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Crescent Bank & Trust Don't Let Them Repossess Your Car! ripoff Shrevport Louisiana
We had purchased a vehicle with a high interest loan. (23.9%) Our loan was originally with American Investment Bank and sold several times til we ended up with Crescent. We fell behind and wanted to sell the car. We had serious buyers and could have gotten 3,000.00 + for the vehicle. They couldn't wait one extra day. Told them where to pick up car & keys, etc. They repo'd car and sold at auction for a little over $1,000.00.
Balance owed was still $4,000.00. I sold my house and tried to negotiate with them. We agreed over phone to $1700.00. They faxed over agreement to the tune of $2,500.00. I called right back and they said that was interest. (In hindsight I should have agreed to that amount). I refused to sign and they eventually turned me over to a lawyer. They sent a summons stating we needed to contact them within 10 days or be sued.
I again contacted their legal team and tried to work out a repayment plan. They wanted me to still pay interest up until I signed. I did not like the wording of the agreement and was also advised by an atty. not to sign their agreement. Go to court and the judge would most likely throw out all the interest. (Which is what I wanted). Well a year later I received a judgement to garnish wages with no notice that they had indeed filed charges.
I am now owing $8000.00. What a rip off this company is. I am trying to reopen the case to be heard by a judge. I am praying that we will at least have our day in court. They have been charging 23.9% on a car neither one of us still has. We know we owe the principal but we purchased the car when it was 4 years old and more than paid for what it sold for brand new.
Linda
Henderson, Nevada
U.S.A.
Balance owed was still $4,000.00. I sold my house and tried to negotiate with them. We agreed over phone to $1700.00. They faxed over agreement to the tune of $2,500.00. I called right back and they said that was interest. (In hindsight I should have agreed to that amount). I refused to sign and they eventually turned me over to a lawyer. They sent a summons stating we needed to contact them within 10 days or be sued.
I again contacted their legal team and tried to work out a repayment plan. They wanted me to still pay interest up until I signed. I did not like the wording of the agreement and was also advised by an atty. not to sign their agreement. Go to court and the judge would most likely throw out all the interest. (Which is what I wanted). Well a year later I received a judgement to garnish wages with no notice that they had indeed filed charges.
I am now owing $8000.00. What a rip off this company is. I am trying to reopen the case to be heard by a judge. I am praying that we will at least have our day in court. They have been charging 23.9% on a car neither one of us still has. We know we owe the principal but we purchased the car when it was 4 years old and more than paid for what it sold for brand new.
Linda
Henderson, Nevada
U.S.A.
1 Updates & Rebuttals
Harleyquinn
Holden,Louisiana,
U.S.A.
Buying a Car
#2UPDATE Employee
Wed, January 07, 2009
This is some friendly advice to all people who intend to purchase a vehicle. Be prepared to make a payment EVERY month. On time. Remember that the Finance Company does not care why you did not make your payment. They have certain things that they can use to help you, but they also dont make money unless you pay your note. In this particular instance, You signed a legaly binding contract stating that you would make your payments on or before your due date. A contract that stated you had an interest rate of 23.9%. I understand that the interest rate may seem really high, but I know that Crescent Bank only deals with "Sub Prime" accounts. Sub Prime means that the consumers credit is poor at best. They understand that you are a risk when they agreed to loan you the money to purchase a vehicle. It is only understandable that all customers at crescent bank have the potential to "skip" on their loans, costing the bank THOUSANDS of dollars. The bank has to keep close tabs on you in order to feel secure about your loan. Just understand, that it was not personal. You are not the only consumer who disagrees with the way Crescent Bank does business. But ALL of the people who have accounts with crescent are guilty of destroying their own credit. You have no one to blame but you.
