Complaint Review: Union Acceptance Stone Mountain Chevorlet - Stone Mountain Ohio

The difference between a simple loan and the rule of 78 loans stay away from SST Loans. here are the difference: Simple interest loans have payments that are due on a monthly basis. There are no penalties or higher interest rates if you prepay your loan. Simple Interest is a method of allocating your monthly loan payments between the interest and the principal. The amount of your payment allocated to interest is calculated based on your unpaid principal balance, the interest rate on your loan, and the number of days since your last payment. The remainder of your payment is credited to principal and reduces the unpaid principal balance on your loan. The Rule of 78s is a mathematical formula that was devised in the days before modern calculators. The formula was a quick way for lenders in the 1920s and 1930s to estimate payoff amounts when a customer paid ahead on an installment loan. It's still around today. Also known as the sum-of-the-digits method, the Rule of 78s gets its name from the sum of the digits one through 12 -- the number of months in a year.

The difference between a simple loan and the rule of 78 loans stay away from SST Loans. here are the difference: Simple interest loans have payments that are due on a monthly basis. There are no penalties or higher interest rates if you prepay your loan. Simple Interest is a method of allocating your monthly loan payments between the interest and the principal. The amount of your payment allocated to interest is calculated based on your unpaid principal balance, the interest rate on your loan, and the number of days since your last payment. The remainder of your payment is credited to principal and reduces the unpaid principal balance on your loan. The Rule of 78s is a mathematical formula that was devised in the days before modern calculators. The formula was a quick way for lenders in the 1920s and 1930s to estimate payoff amounts when a customer paid ahead on an installment loan. It's still around today. Also known as the sum-of-the-digits method, the Rule of 78s gets its name from the sum of the digits one through 12 -- the number of months in a year.

IT IS ILLEGAL FOR THE DETAILS OF YOUR PURCHASE TO NOT BE DISCLOSED TO YOU IF YOU LOOK AT YOUR ORIGINAL CONTRACT THE PURCHASE PRICE YOU AGREED TO IS THE EXACT SAME AMOUNT AS YOUR AMOUNT FINANCED THE ONLY WAY THIS AMOUNT GOES UP IS IF YOU PURCHASE EXTENDED SERVICE CONTRACTS, GAP INSURANCE, CREDIT LIFE, ALL OF WHICH ARE PRORATED IF YOU CHOOSE TO TRADE THE VEHICLE. I HAVE WORKED IN THE CAR BUSINESS FOR THE LAST 6 YEARS AND HAVE HEARD MANY HORROR STORIES BUT MOST OF IT IS LACK OF UNDERSTANDING IF YOU PURCHASE A CAR FOR $14,000 BUT YOU HAVE $5,000 FROM YOUR TRADE IN ROLL OVER TO THE NEW LOAN YOUR LOAN AMOUNT IF IT GETS APPROVED IS $19,000 AND ITS NOT THAT YOU PAID $19,000 FOR THE CAR ALWAYS REMEMBER YOUR IN THE SAME CYCLE AS SEVENTY PERCENT OF AMERICA ROLLING NEGATIVE EQUITY YOU ONLY PAID $14,000 NOW INTEREST RATE ON COSIGNED DEALS IS ALMOST ALWAYS HIGHER WITH JUST ABOUT ANY BANK BECAUSE SOME GO OFF YOUR SCORE AND ONLY APPROVE IT BECAUSE OF THE CO-X REMEMBER ITS NOT YOUR COSIGNER PAYING THE PAYMENT ITS YOU AND THE BANK KNOWS THAT ALSO EXTENDED TERM RATES ARE ALWAYS HIGHER AND IN YOUR CASE NEGATIVE EQUITY ALWAYS AFFECTS THE RATE ALSO BECAUSE OF THE EXTRA ADVANCE THE BANK STANDS TO LOSE MORE IF YOU DEFAULT ON YOUR LOAN BECAUSE YOU BORROWED $5,000 EXTRA FROM THE GET GO AND 4 YEARS DOWN THE ROAD YOUR CAR IS WORTH $5,000 AND YOU STILL OWE $14,000 IF YOU DEFAULTED THEY ARE OUT $9,000 JUST FOOD FOR THOUGHT HOPE I'VE HELPED PROVIDE INFO ON AREAS YOU DONT QUITE UNDERSTAND REREAD YOUR CONTRACT I'M SURE I'VE HIT THE NAIL ON THE HEAD.

Based on the experience I've had with Union Acceptance Corporation, along with the other horror stories regarding this company I've heard from others my suggestion to your problem is a Class Action Suit. I find it hard to believe that Union Acceptance Corp's practices are legal. The formulas they use to calculate payment allocation towards principle & interest do not exist. If you or anyone else is interested in taking on Union Acceptance Corp. together respond through this site.