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Chase Auto Finance / fraudulent loans - miscalculation of interest by 1000's $

1 900 Stweart AvenueNew York, NY, United States Review updated:
Contact information:
Phone: 516-745-3050

Here is the direct line to Chase General Council - These people are inhuman ###! Boycott Chase!! They ripped me off for 1000's. I had to hire and attorney, then they beat him down with threats.

eMail; lee.k.deutsch AT chase.com. TEL; [protected], FAX; [protected].

Vi
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Ho
  22nd of Jan, 2009
Agree Disagree 0 Votes

I have a truck financed with Chase Auto Finance they dont wont to work with you, the interest is not calculated the way you or i would it is compounded daily thta is what i was told today as i was trying to get help so i would not fall behind on my payments. What does it meaninterest is compounded daily who really understands that do they use different calculators than we do they bet me out of over $4800.oo in interest i am paying almost 100% interest on my truck The amount financed for my truck was $ 10, 275.00 when i purchased it. i have already paid $ 11, 063.32 and I still owe $ 6, 404.48 A Chase agent told me today my interest rate is 23.25% and its compounded daily so i thought the interest was $ 2, 389.00 and today i find out its really $ 7, 192.80 and i am the co-signer my daughter has became disabled and cant work she has no income till she gets disablity now i have to pay for this truck or ruin my credit so what choice do i have she said you can refinance im really wondering how that would help us at this point Chase is not a good company, Chase bets people out of money

Agree Disagree 0 Votes

I am in the same situation as you. I ended up having the car repo'd. or be stuck for another 5yrs. these people are thieves. I plan to report them to BBB and consumer services. I also plan to hire a lawyer. These people need to be stopped!

Ir
  11th of Jul, 2009
Agree Disagree 0 Votes

If you read your contract it explains the way interest is calculate. Most finance companies use simple interest these days. Here is the short version.

The interest is not booked as part of the loan balance. It's the principal only. The interest is calculated based on the daily balance, interest rate, and how many days there are between when 1 payment posts to the next payment posting. (not due date).

So if your daily interest is 10.00 per day (just using round numbers), and you make your pymnts 30 days apart, you will pay 30 days of interest =300.00. The rest of the payment you made will go to principal. If there was 35 days between the last 2 payments, you will pay 35 days of interest = 350.00, and the rest will go to principal. The daily interest will go down as your balance goes down. The only way to pay exactly the interst on the contract is to make each payment EXACTLY 30 days apart. Keep in mind some months have 30 days, 31 days, and 1 with 28 days. All of these is written on your contract (probably the back that no one reads) in legalese.

Hope that helps

Tw
  4th of Aug, 2009
Agree Disagree 0 Votes

I too would like to add my two cents about Chase!!! They have the worst customer services I have ever spoke to.
I have been affected by the economic (Job loss), granted prior to my loss I had paided on time for the last three years on my car loan. But now that I'm unable to pay on time or a day late they (customer services) has made my life a living hell. I need to keep my car so that I'm able to find work, but I just regret the day I accepted financing through Chase auto. I think if every customer that has a auto loan through the company would make them feel the effect of the economic their attitude would change fast.

Ch
  14th of Oct, 2009
Agree Disagree 0 Votes

Chase was so horrible that when I lost my job and they offered me one at a high rate of pay I told my wife I would not be able to sleep at night working for a company like that.

In addition to the many other poor encounters, including the 3 business acounts and two personal accounts we had. I asked for an extension on my auto payments, mind you I had never been late in two years and I asked because I lost my job and was seeking a new one. They denied me said unemployment is not temporary. My wife called back a few days later and asked for the extension on her behalf as the primary and having just started working as a professor at the University. Needless to say it took 5 minutes before the customer rep called her a lier! This was after she provided her work, phone, position etc. When they finished they said they call us back and let us know about the extension, my wife looked at me and said I rather die of hunger then have you work for Chase. Needless to say they didn't ever call us back and then when I called Chase Auto I requested the info they said they didn't have it, I gave them the info along with name and info for my new employment because I now have a job making 10k more then I did previously and their stuborn lazy CHase representatives denied me again and the lady was practically laughing that they would take my car. I have auto loans with a credit union and Ford, both of then granted my request no issue, Chase and Chase Auto are terrible avoid them like the swine flu.

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