- Report: #753479
Complaint Review: Synergy Acceptance Corp - San Francisco California
Reported By:
CNK75 -
Atlanta, Georgia, United States of America
Submitted:
Updated:
-
Author Not Confirmed
Why?
Synergy Acceptance Corp
505 Montgomery Street, 11th Floor San Francisco, 94111 California, United States of America
Phone:
415-615-6545
Web:
Categories:
Business Rating:
(0)
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Synergy Acceptance Corp SCAM - LOAN COMPANY - BILLING, COLLECTIONS, COUSTOMER SERVICE, ETC. San Francisco, California
In April of 2007, I purchased my 2006 MINI Cooper S from South Atlanta BMW/MINI on Jonesboro Road in Union City, GA. Synergy Acceptance Corporation was the company who ended up financing the car through South Atlanta BMW/MINI .
I purchased the car for $21,459.93, with a percentage rate of 26% (not the best credit rating at the time), a finance charge of $17,508.87 and I financed the vehicle for 60 months. The total payments would be $38,968.80. The car will be paid off in April of 2012.
Scams on this company are ALL over the place. I contacted the Federal Trade Commission, The State Attorney Generals Office and The Department of Consumer Affairs.
After my investigations started in December, a friend of mine contacted on my behalf requesting my Payment History (I personally was requesting this and had not gotten anywhere). She sent the letter dated 1/31/2011 to their attorney on file and we got a response 2/14/2011.
My initial complaint made with the BBB started 12/2/2010 and wasn't closed until 4/20/2011 with my Payment History. They showed I financed $21,459.93 and the Payoff Amount was $17,160.31. I am no finance genius, but that is INCORRECT! The BBB tried 3 times to contact them and had NO response. The BBB indicated they had an F rating as a business. And so on!
I have done investigating on this company and it has come to my attention some alarming things. The Georgia office abruptly closed (this was my local office). This I was only made aware of months after this had happened. Cars were repossessed that were not to be and damaged.
Yet, the company does not claim responsibility. Amounts on vehicles were incorrect as mine. Phone calls not returned, references being called when they shouldn't be, incorrect payment histories. The list goes on and on.
With the unfortunate economy and like you know, I was laid off on New Year's Eve 2008, but made every effort t make my payments on the car, even if they were late. In four -(4) years that I have had the car in my possession, I have never had the car repossessed, I have maintained it and kept it insured, etc.
Also, in April of 2008, I was diagnosed with a brain tumor and since then have battled with the repercussions of that. I am on disability and have gotten employment as of April of this year, but it does not affect my ability to take care of my financial obligations.
I know this is lengthy, but there is a lot. I had pulled my credit two weeks ago to verify my score. Late last year I did file Chapter 7 Bankruptcy, but the car was never included. They were NOT listed on my credit at all.
I reaffirmed this again last night at Carmax because I had my car appraised. It appraised at $15,000.00 and Kelly Blue Book had it valued at $15025.00. They tried to get the payoff amount last night and there was no answer. Carmax indicated they have NEVER heard of them!
In the last five-months there has been absolutely communication from them. I stopped making payments because things are very unnerving.
There is more, yet you might tire over there! lol!!! I know this is no laughing matter, but I am just a wreck about what to do.
I purchased the car for $21,459.93, with a percentage rate of 26% (not the best credit rating at the time), a finance charge of $17,508.87 and I financed the vehicle for 60 months. The total payments would be $38,968.80. The car will be paid off in April of 2012.
Scams on this company are ALL over the place. I contacted the Federal Trade Commission, The State Attorney Generals Office and The Department of Consumer Affairs.
After my investigations started in December, a friend of mine contacted on my behalf requesting my Payment History (I personally was requesting this and had not gotten anywhere). She sent the letter dated 1/31/2011 to their attorney on file and we got a response 2/14/2011.
My initial complaint made with the BBB started 12/2/2010 and wasn't closed until 4/20/2011 with my Payment History. They showed I financed $21,459.93 and the Payoff Amount was $17,160.31. I am no finance genius, but that is INCORRECT! The BBB tried 3 times to contact them and had NO response. The BBB indicated they had an F rating as a business. And so on!
I have done investigating on this company and it has come to my attention some alarming things. The Georgia office abruptly closed (this was my local office). This I was only made aware of months after this had happened. Cars were repossessed that were not to be and damaged.
Yet, the company does not claim responsibility. Amounts on vehicles were incorrect as mine. Phone calls not returned, references being called when they shouldn't be, incorrect payment histories. The list goes on and on.
With the unfortunate economy and like you know, I was laid off on New Year's Eve 2008, but made every effort t make my payments on the car, even if they were late. In four -(4) years that I have had the car in my possession, I have never had the car repossessed, I have maintained it and kept it insured, etc.
Also, in April of 2008, I was diagnosed with a brain tumor and since then have battled with the repercussions of that. I am on disability and have gotten employment as of April of this year, but it does not affect my ability to take care of my financial obligations.
I know this is lengthy, but there is a lot. I had pulled my credit two weeks ago to verify my score. Late last year I did file Chapter 7 Bankruptcy, but the car was never included. They were NOT listed on my credit at all.
I reaffirmed this again last night at Carmax because I had my car appraised. It appraised at $15,000.00 and Kelly Blue Book had it valued at $15025.00. They tried to get the payoff amount last night and there was no answer. Carmax indicated they have NEVER heard of them!
In the last five-months there has been absolutely communication from them. I stopped making payments because things are very unnerving.
There is more, yet you might tire over there! lol!!! I know this is no laughing matter, but I am just a wreck about what to do.
2 Updates & Rebuttals
Robert
Irvine,California,
U.S.A.
Here is why
#2Consumer Comment
Sat, July 16, 2011
I was laid off on New Year's Eve 2008, but made every effort t make my payments on the car, even if they were late
- You are wondering why the payoff amount is so high. That statement is probably the main reason. Because on a 26% interest loan if you are late quite often the additional interest can build VERY quickly.
It sounds like you made bad decisions in the past..hence the 26% loan. You continued to make bad decisions in even thinking of buying a 21K car at that rate. Then when you finally declared bankruptcy to not verify the payoff amount where it may have just been better to cut your losses and turn in the vehicle. Instead you reaffirmed the loan putting you on the hook for the balance..and BK can't save you now.
I will say with the verification of the debt and thinking about adding this really falls on your BK lawyer. If you represented yourself well there is an old saying "One who represents themselves has a fool for a lawyer".
The best thing you can probably do is if Carmax is really going to give you 15K for the car and it is anywhere near the 17K payoff is to sell it to Carmax, give them the extra $2000 and get out of that car. Then learn to live within your means.
Susan
This City,Illinois,
USA
Who?
#3Consumer Comment
Sat, July 16, 2011
Who is your complaint really about?
In 2007 "I purchased the car for $21,459.93, with a percentage rate of 26% (not the best credit rating at the time), a finance charge of $17,508.87 and I financed the vehicle for 60 months. The total payments would be $38,968.80. The car will be paid off in April of 2012. "
You saw 26% on the loan papers before you signed them, the loan company didn't force you to finance a car, or stop you from paying an extra $20 a month to pay it off sooner.
You also said " In the last five-months there has been absolutely communication from them. I stopped making payments because things are very unnerving. "
Then you only have yourself to blaim when the car is repossesed. You chose to stop making payments.
CarMax said your car is worth X, odds are in checking your payoff amount, they found that the car is up for repo and just didn't tell you in case you ever found money to buy from them.
