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Chase Auto Finance Complaints - Rip off

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Chase Auto Finance

Posted: 2008-09-26 by Collin Stall  [send email]
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Complaint Rating:  100 % with 3 votes
Company information:
Chase Auto Finance
Fort Worth, Texas
United States
Phone: 800-390-4441
chase.com

I contacted them on why the principle paid each month was different. I called them when I received a late notice and saw that the principle was a certain amount. If you times it by the number of months is was about $1000 difference from what they are showing. I have a high risk loan and if I want to trade in the vehicle I owe way more than what it is worth. They shouldn't be able to do this. Giving people high risk loans does not help the person. If they can a lets say a $250 loan note giving them more in interest rate may make it $350+ note. What makes them think someone could afford that then? Yes I do not have the greatest credit history but I know I would have been able to make the payments easier with a lower interest rate. They do not want to give the little guy an opportunity to prove himself. They are just looking for $$$ and that is the bottom line.
Comments United States Car Dealers
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Sort by: Date | Rating
 145 days ago by   Rich-AZ 0 Votes
How true...same position, see my comments on my 2004 Toyota Rav4, which I was upside down in, they repo'd sold at auction and are now trying to get me for the balance. I guess Bankruptcy is my only option! Rich_AZ
 133 days ago by   Ireallyknow 0 Votes
The reason the amount that goes to principal each month is different is because you have a simple interest loan. What that means is: When your loan is booked, it is only booked for the principal amount. The interest is accrued and added daily. This is calculated based on your daily balance, interest rate, and how many days between when payments post. So, if you make pymnts 30 days apart, you will pay 30 days of interest and the rest goes to principal. If you make a payment 31 days from the last payment, you will pay 31 days of interest and so on, and so on. If you have a high daily interest rate, this be as much as 10 differnce in the amount gong to principal. I hope that helps.
 61 days ago by   molly 12 0 Votes
never had a problem with chase, good credit and paying your bills on time go a long way.

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