- Report: #1005223
Complaint Review: Reliable Credit - Federal Way Washington
Reported By:
nea -
Tacoma, Washington, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Reliable Credit
34303 Pacific Hwy S, St# 106, Federal Way, Washington, United States of America
Phone:
Web:
reliablecredit.com
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Reliable Credit Unreliable Credit Federal Way, Washington
Reliable Credit isn't very reliable. I purchase a vehicle for 6,000 dollars last year. I haven't always been on time, but I've never missed a payment.
Anyways. I purchase this vehicle for 6,000 dollars, I put down 2,500 at the time of purchase. I really needed a car. Last month, I went to reliable credit and found that I was paying about 140.00 in interest monthly. At the time the pay off amount was 4,700 including interest.
So, now that tax season is area. I called reliable credit, because i wanted to pay off the loans. I just didn't want to pay all that interest. They told me that the pay of amount was 5,600.
Things are just not adding up. How was my pay off amount 4700 last month and this month its almost a 1,000 more. I really think they are ripping people out. First of all I have never seen a recipt for any payment I've made. And in my opinion, They really do a poor job to stand by there name. They just dont work with there customer very well.
Anyways. I purchase this vehicle for 6,000 dollars, I put down 2,500 at the time of purchase. I really needed a car. Last month, I went to reliable credit and found that I was paying about 140.00 in interest monthly. At the time the pay off amount was 4,700 including interest.
So, now that tax season is area. I called reliable credit, because i wanted to pay off the loans. I just didn't want to pay all that interest. They told me that the pay of amount was 5,600.
Things are just not adding up. How was my pay off amount 4700 last month and this month its almost a 1,000 more. I really think they are ripping people out. First of all I have never seen a recipt for any payment I've made. And in my opinion, They really do a poor job to stand by there name. They just dont work with there customer very well.
2 Updates & Rebuttals
The Outlaw Josey Wales
Golden Meadow,United States of America
Robert
Irvine,California,
U.S.A.
When
#3Consumer Comment
Tue, January 29, 2013
When you want to call a bank "Unreliable", it is probably a good idea to not start off your report saying that you are unreliable. With your attitude one really doesn't have to wonder why you are with a Sub-Prime Lender. If you are late you have missed a payment..it is just that simple. The fact that you finally made the payment is good, but it does not take away from the fact that you did not make the payment by the day you agreed to when you got the loan. This with many lenders is seen as a negative, especially if you have a history of this. If you are over 30 days late they can report it on your credit and that won't go away for 7 years.
Your details are unclear and you are leaving many things out. Such as how much are you paying each month, the Interest Rate and length of your loan. If you have a high interest, longer term loan. It is very possible that your balance has only gone down by about $400, especially if you have been late on one or more occasions.
It could come down to when you called them. If you called them after your payment they may not have applied the accrued interest yet and gave you the $4700 amount and only gave you your current balance. But when you called again they gave you the actual payoff which includes everything to pay off the car.
This also could come down to the type of loan you have. You need to find out what Interest Rate Calculation they are using. Is it just Simple Interest, or is it something like the Rule of 78's that would in effect give you a penalty for paying off your loan early. You then need to either ask them(yes what a shocking idea) of why the difference, or find yourself an amortization table where you can put in your information and see if it matches.
