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Persian Acceptance Corp / Outrageous percentage rate

1 Peabody, MA, United States Review updated:

I helped my cosigned a loan for my step daughter to get a car from Bangor Car Care, in which Persian Acceptance is the lein holder. The price of the car was about $5500. I have been making my regular weekly payments without interuptions since the beginning of October of 2007. According to my figures I have paid in about $3800, which by my figures leaves a balance of about $1700. But I had contacted the company and asked what my remaining balance was, they had informed me that I owed about $4400. What I can't understand is how a $5500 car turns into a $9300 car. I don't know how they can get away with this.

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  • Ma
      27th of Jan, 2009
    +1 Votes

    i bought a car last summer from a friend of the familys dealer which uses this persian acceptance corp and now a year later i still have not received any information on my loan and now i want to close one bank account to open another and i cant because it directly coming out and no one at the persian acc returns phone calls or picks up the phone i am discusted and disapointed! i dont knwo when the car will be paid off or if ever

  • Er
      29th of May, 2009
    0 Votes

    We bought a car from Bangor car care it went through Persian Acceptence Corp. We had no problems with the car we drove it from 55000 miles to 145000 miles Persian Acceptence was Great with us . Ernie

  • An
      30th of Jun, 2009
    +1 Votes

    I got a car through Bangor car care (Persian acceptance) February 2008 and i have made my payments on time since i got the car, in November I had to have the transmition replaced and now only 4 months since I have to have the motor replaced. I got layed off in may and when i asked if they could help me out by moving some payments to the end they couldn't be bothered by this and when i recently talked to them about having to replace the motor already only a year into having the car all i got was that is too bad they wouldn't help even though they know I'm on unemployment and only make 187 a week. When i called to see about the pay off just to see what i still owed after a year and 3 months I was told I still owe $3, 500.00 on a car that was originally only $5, 400.00, I don't understand how i can still owe this much when i have paid almost a year and a half already. I WILL NEVER GO THROUGH BANGOR CAR CARE OR PERSIAN ACCEPTANCE EVER AGAIN! I have told all my friends and family to stay away from Bangor car care because I believe they don't stand by their cars or help out hard working citizens when they absolutely need the help and have payed payments on time. I

  • Re
      1st of Jul, 2009
    -1 Votes

    I have gone through this company and Bangor Car Care, knowing what I was getting into. I had an inspection issue with the car met with some resistance, but I threw the book at them and they "happily" obliged. That being said, Persian Acceptance is just a company that can capitalize on us due to our own mistakes. Face it, you wouldn't be in this situation of you didn't screw up somewhere along the lines. I am absolutely NOT an exception to this statement, rather the epitome of it. I know how horrible high "percentage rates" are, which by the way is ### for interest rate, but you know what? I have a nice car, I can afford the payments, and above all, this lending institution doesn't mail me ANYTHING which is wonderful (tell me you LOVE getting bills. Try me...).
    Do I think this company would survive by charging less interest? Yes... But you would be doing the same thing if you had a couple million dollars to lend. I work with both people and numbers simultaneously, so I know how ignorant people can get when you throw a percentage into the equation. Google "compound interest" and learn exactly how your credit card companies have been doing this to you for eons.
    If you buy a car at a "Special Credit" dealer, expect the shaft and deal with it. It can only benefit you in the long run if you are truly that screwed creditwise.

  • Ca
      13th of Nov, 2009
    0 Votes

    I bought a car from bangor car in october of 2007. As of sept 2009 i still owed $661.00 on it. But the car has sat in my parents dooyard since about a year after I "bought it". It's a lemon with a wiring short. I was only 19 when I got it and financed it myself with no experience in the matters. My interest rates weren't to horrible but for the car it's unreasonable because until its paid off I can't do anything with it. THey do rip you off a considerable amount. For those of you who kept facts and figures and beleive something is not right, look through your paperworka nd then contact a legal office such as Pine Tree Legal who do pro bono work for low income people.
    Fir anyone in maine a good place to check out for your next vehicle is Jim's Auto in Ellsworth!!! You only pay for the car/ truck...no imterest. no full coverage insurance and they are very leniant with payment. hope this helped

  • Ca
      18th of Jan, 2010
    0 Votes

    I don't know about you deadbeats but Persian Acceptence Corp helped me when no other bank would give me a loan.

  • Ma
      19th of Jan, 2010
    0 Votes

    cant find car dealers in ma. who deal with persian acc. They tell me it is on their website but it isnt.

  • Ka
      8th of Mar, 2010
    -1 Votes

    Well, i am a pretty MAD costumer with Persian Acceptance. I bought my car in April of 2008 from bangor car care. see i had a car but i got into an accident on our way back from Boston, Mass. to Bangor Maine. and instead of us fixing the car like everyone told us to do we wanted to get a new one, we thought it would cost more fixing the car than what it actually did. But n e ways so the only place i could go was to bangor car care, i probally could of went somewhere else but see my daughter was in the hospital becuz she had cancer (neuroblastoma) and me and my boyfriend where down there by ourselves and we had no car so we had to walk. and when i got to bangor car care i said over and over again "im here to look at a car BUT i need something reliable becuz i travel from Fort Fairfield Maine, to Bangor Maine for my daughter who is sick" and they juss ignored me. they juss kept talkin and wouldnt listen. so i found a car that i liked and drove it and it seemed ok. it had a lot of miles on it so a little worried bout that. now i have had the car for almost 2 yrs..it will be 2 yrs next month. and we were late on a couple of payments becuz we were low on money practically living in the hospital but we caught up on all the payments. and they keep callin and askin for money. we asked them several times to send us a letter or something sayin how much we owe and that was a about 3 months ago.. no lie!! they wont tell me, and i gave them my new number and they keep callin my moms house and i never get it becuz they juss ignore them. so when someone does tell me they called persians gives me a hard time bout everything. they car works good. i mean it traveled my daughter to all her appointment in bangor and plus some traveling. and its been great. but i am not workin becuz my daughter is blind becuz of a tumour and so it is hard. but they dont seem to care. but i hate the fact that they havent send me nothin on how much i paid or how much i got to pay. im suppose to pay this car for 2 yrs and 6 months. so i should be done in october of this year but i dunno becuzz they wont send me n e thing. does n e one know if something could be done about that? cuz my brother has a car and they have to send him paper work on when he paid and how much he owes or paid atleast. its from a different place but still i should have it for my own records. i am calling them tomorrow so maybe i will get more answers. BUT DO NOT ever go to bangor car care or through persians acceptance they dont give a crap bout u or do what they are suppose to!!

  • K9
      29th of Mar, 2010
    -1 Votes

    My husband and myself bought an 02 Suburban @ Dan's Used Cars in Benton, Me in October 2008 so October of 2010 it will be paid off and I can't wait. I love my truck and we are thankful to get the financing. Our credit stinks due to job losses and our own mistakes so the interest rate is higher, that is a price we pay for screwing up. The problem is that Persian said they report to the 3 credit bureaus and nothing is on our credit from them at all. When I called them they said "We have it marked in the system that you dont want it put in the credit bureaus." I asked the rep why would we finance through you to REBUILD our credit if your not going to report it, if I was late you would surely report it. Our payments have never been late and look forward to it being paid off. Does anyone know how to get them to report to credit bureaus?? Oh, BEWARE of Bangor Car Care----they are crooks!!! Dan's was great to deal with and prices of vehicles are BELOW BOOK value so you dont get screwed twice.

  • Ms
      9th of May, 2011
    0 Votes

    Persian acceptance is a scam!!, and UNDERHANDED!!! And their CUSTOMER SERVICE is the worst I have EVER seen! And I have been in customer service almost my whole working life! I purchased a car through PAC and a week after I purchased it I was informed by my bank that someone had hacked into my account and had stolen all that was in there. I called Persian acceptance after setting up an new account, to give them the new banking info, which they accepted and changed for me. Than the next week they attempted to take out money from the closed account. so one of their "managers" contacted me to ask what was going on I told them that I had changed the bank info and gave him a payment over the phone. They then started taking money out of my new account the next week. The week after they did not take any money out so I called and left a message for my account rep KRISTEN. She did not call me back until the following week when the next payment did not come out. She said that she did not understand why the money had not come and would wait 1 more week to see why, I told her the money was sitting in my account. The next week came and I had not heard from her so I called and left her a message, no return call, left her 2 more messages. she finally called me back at work and left me a message. I again returned her call. Finally after the 4th message she got back to me and I told her that I really needed to get this straightened out because I could not afford to lose my car because I had no other family and I have 2 toddlers and I had to have my car to keep my job, she assured me that I would not lose my car, we just needed to figure out why this was happening. she asked me to e-mail her my bank account info, which I did. I called her back to see if she had recieved it and left another few messages. when she got back to me she said she could not see where the problem was and asked if i could give her another 2 payment over the phone which I did. and she said that they could not find my file but it wasn't a problem., this made me very upset and i expressed to her that I had just been a victim of fraud and for them to be so nonchalant was really upsetting she said it was probally around their office and then proceeded to walk around her office and ask everyone if they had it or had seen it with me on the phone!!! She said she would find it and call me right back. I left messages and e-maild KRISTEN for THREE WEEKS! when she got back to me she demanded that I had to give them a payment for ALL the payments that were missed which was over 5oo dollars!!! i told her there was no way that I could then she said that I could pay a minimum of 200 dollars and then start making double payments every week to get me caught up. I told her that this was NOT fair to me as I am a single mom and I could afford my weekly payments but nothing more and asked if they could restart things and add the missed weks on the end because this was their mistake not mine and she said they don't work like that. So I tried calling my friends and family to see if I could come up with all this money and was unable to the most I could give was 2 payments and i could give it to them right then and she said got really upset and said that I had to do this or i would be handed over to her "Manager". I said that I would prefer to talk with the manager. she transferred me to her manager whom I thought would take care of the situation, only to be yelled and told this was my fault and I should have called them to make arrangements, I tried to explain to him that I had been trying to fix this and had left numerous messages for KRSten and he just talked over me, and told me this was my responsibility and then demanded a payment for over 7oo dollars!! I told him there was absolutely no way and he said well then you can't afford this car and he would be sending a tow truck to repossess the vehicle and hung up on me!! I understand that this is a 2nd chance financing, but unlike the gentle man above me, I did not SCREW up my credit, I was laid off twice and had 2 children (without maternity pay). I am a good, hard working parent who is just trying to make her life better and am clawing my way out of this horrible economic situation!! I think that it is terrible that no one regulates these things and if they do where is the help? Or better yet where is the CUSTOMER SERVICE??? Especially if they are in the wrong?? I hope that no one else uses this company again EVER!!! The other girl was right, PERSAIN ACCEPTANCE DOES NOT CARE ABOUT U OR YOUR FAMILY!!! No one knows why u are in the situation u are in and I don't think you should be treated bad because you have to go through alternate financing!! Pleas think twice before using this company as u may be subjected to being treated this way as well!

  • Ir
      15th of May, 2011
    +1 Votes

    WOULD ANYONE BE INTERESTED IN STARTING A CLASS ACTION SUIT AGAINST PAC?
    I HAVE BEEN PAYING FOR TWO YEARS ON MY TRUCK FAITHFULLY.
    I HAVE BEEN ON "AUTO PAY" FROM MY BANK ACCOUNT TO PAY WEEKLY.
    WELL, ALL OF SUDDEN THEY STOPPED TAKING PAYMENTS FOR MY TRUCK.
    THEY NEVER CONTACTED ME, NEVER EMAILED ME, NOTHING!!
    MY FRIEND THAT I USED AS A PERSONAL REFERENCES CALLED ME LAST NIGHT, AND TOLD ME THAT A TOW TRUCK SHOWED UP AT HIS HOUSE TO REPO IT!!!
    I CALLED MY BANK TODAY, AND THEY TOLD ME THAT PAC HASN'T TAKEN A PAYMENT OUT SINCE MARCH 7TH!!!
    THEY AREN'T TRYING TO REACH ME, BUT THEY INDEED ARE TRYING TO TAKE MY TRUCK, THAT I WAS PAYING FAITHFULLY FOR, EACH AND EVERY WEEK.
    MY BANK ACCOUNT IS THE SAME, NEVER TOLD THEM TO STOP TAKING PAYMENTS. THEY DID THIS ON THEIR OWN. THIS IS THERE MISTAKE, NOT MINE.
    I'M NOT GOING TO ALLOW THESE CROOKS TO PUT A "BLACK MARK" ON MY CREDIT. I HAVE WORKED TOO HARD TO REBUILD MY CREDIT .
    LOOKS LIKE THIS IS THE WAY THEY DO BUSINESS... PAY THEM A FORTUNE, A BIG CHUNK OF THE PAYMENT, AND THEN INTENTIONALLY DO THINGS LIKE THIS .
    I'M SITTING ON HOLD AT THIS VERY MOMENT FOR OVER AND HOUR AND A HALF, NOW THAT I KNOW THEY HAVE BEEN OUT WITH A TOW TRUCK TO REPO IT !!
    GOOD, LET THEMTAKE IT. THEN I CAN REPORT THEM TO THE BBB, AND CONTACT MY ATTORNEY.
    I FEEL BAD FOR ANYONE THAT HAS BEEN EXPOSED TO THIS TYPE OF GROSS MISCONDUCT, AND UNETHICAL BUSINESS PRACTICES.
    IF YOU WANT TO JOIN ME, AND GET SOME SORT OF COMPENSATION FOR THIS UNDUE MISERY, THEN RESPOND BACK TO MY POST, AND I WILL GET THE BALL ROLLING.
    I DON'T GO DOWN WITHOUT A FIGHT, WHEN IT'S A SITUATION THAT HAS BEEN IMPOSED ON ME.
    I HAVE DONE NOTHING WRONG, MADE MY PAYMENTS FAITHFULLY, AND THEY STOPPED TAKING MY PAYMENTS, AND I FEEL THAT IT WAS DONE INTENTALLY !!!
    THEY GOT THE BOOK VALUE ON IT, NOW, THEY WANT IT BACK TO RESELL!!! WHAT A BUNCH OF LOSERS.
    OH, BY THE WAY, I'M STILL ON HOLD!!!

  • Am
      28th of Feb, 2018
    0 Votes

    @IRATE IN NEW HAMPSHIRE I AM INTERESTED IN FIGHTING TOO. AMLHOWARD1@GMAIL.COM

  • Th
      11th of Oct, 2011
    +2 Votes

    From what im hearing in these complaints, alot of it is your own fault!! you blame the company for "misconduct" and "not caring about ppl with a family"...WELL, I myself have a loan through PAC due to my irresponisility when i was younger and do to job loss ect...they are a BUISINESS not you FRIEND!!! you signed a contract agreeing to pay a certain amount on a certain date for a specified amount of time...that is called a LOAN...i dont know about you, but i believe the definition of a LOAN, means that you are AGREEING to pay back the money PLUS interest...all of this you know PRIOR to signing the documents!!! They are NOT OBLIGATED to care if your child is sick, if you lost your job, if your bank account changed, all they have to worry about is if your keeping up your end of the AGREEMENT you SIGNED to REPAY your LOAN!! Oh, and to the girl in Brentwood whos bank account changed, you would have had the money to pay them to keep you account current, had you not spent it, so that makes it YOUR FAULT!! Dont blame the company because you spent the money, when you knew full well it wasnt coming out of your account! Sounds like another person trying to get something for nothing! Seems thats what everyone wants these days! Well BUCK UP and get a job and pay your BILLS, like the rest of us middle class people!! NO ONE said life was easy, and if you have kids, sick or not, stop being to proud to flip burgers to support them, you made them, give them a life they deserve, and that means PAY YOUR BILLS! and stop thinking everyone is out to get you! PAC wants the money YOU OWE THEM or they take your car (which was the collateral) plain and simple!!!

  • Sh
      26th of Mar, 2013
    0 Votes

    I have a loan through them, and have the payments automatically withdrawn from my account I was pulled from work and place on bedrest in January due to complications. I return to work on April 15th. I have been on Short Term Disability at 60% of my pay- which means i can only afford 60% of my bills. I called them and had them stop taking automatic payments out and asked to speak to the loan guy, Mike. WHAT A PIECE OF ###. He told me to "find the money" or "have someone help me out with it" because my car will be up for repocession and will go to collections at that point. DO NOT GET A LOAN THROUGH THESE PEOPLE!!! They are terrible. No compassion for anything or anyone.

  • Li
      27th of Mar, 2013
    +1 Votes

    I had purchased a car through Family certified auto in Goffstown NH on March 1st 2013 and on March 2nd my transmission blew in it after only 15 hours of ownership. I financed my car through PAC and when I had called dealer they didnt want to do anything, said it was my problem. So I called PAC and they were right on the phone with the dealer and told them that they needed to make it right with me. PAC even paid the $560.00 to have it towed to the dealership which is almost 80 miles from me. They have been very good with me so far, no complaints here yet!!

  • Ke
      8th of May, 2013
    +2 Votes

    All of you people are expecting compassion from a SECOND CHANCE FINANCING COMPANY? Are you all on drugs? Pay for your car and be thankful someone gave you a SECOND CHANCE at a loan since you must have done something to mess up your credit. Stuff happens, deal with it. No one is going to hand you out stuff for free! I'm thankful that I have a car to get me to work everyday through PAC. Even though the interest is high, I pay more than what is required every week so that I build up my credit and don't pay into interest!

  • Ma
      11th of Feb, 2014
    0 Votes

    This company is a scam. One they do not report to the credit agencies., two I purchased a vehicle out of north Attelboro, ma and the vehicle didn't even pass RI inspection where I live nor did the finance company and dealer abide by the registration law here. The day after I drove the vehicle off the lot the check engine light came on, then the car would no longer start. Since I knew the vehicle was not state inspection passable and PAC was going to be taking out the first payment on Monday I called them. They had no record of my loan... but sure enough Monday came and they took it out. So I called again and 3 different reps and a manager told me I was never funded since the vehicle was not registered. How is it I was not funded yet since they didn't register my vehicle (which is what the dealership and PAC told me was their policy) that they took a payment out? They cannot find my file nor have any record of receiving my payment. I called my attorney who contacted them and they started swearing and threatening my attorney when he told them we would file suit. The vehicle is still not registered and sitting at the dealership with my plates waiting to be transferred. Which at this point my attorney is about to go get my plates and file actions on PAC and the dealership for false information, not reporting a loan to the credit agencies, and taking funds for a loan not funded. Not to mention they threatened to come repo the car... Which is still at the dealership!!! This place is a joke. Let's not report anything, take a payment for a car we haven't funded yet and that repo the vehicle...that is not behind on payments and we haven't funded. Go ahead place that on my credit report. I'm sure the attorney generals office and the courts will love this suit when were done with them. I know the situation my ex put me in caused me to have to use them., I'm not complaining about that. I'm complaining cause their nothing but scammers who really are just taking your money and you're getting nothing but headaches in return.

  • An
      2nd of Aug, 2014
    0 Votes

    any "bank" that doesn't care about the condition of the vehicle, credit of the customer, or having any sort of a relationship with the customer outside of taking their money is clearly a bottom feeder. I missed one payment after making 105 payments and they decided that they'd double the payment and only give me 2 weeks to come up with the money while also still taking my normal weekly payments. this "bank" depends on people defaulting on their payments so they can then reposes they car and resell it to one of their back ally constituents to flip and resell, which is the single only reason they loan to people with bad credit. i will never use them again and once my car is paid off i will do nothing but slander them to anyone who asks or is looking for a loan. DO NOT USE PERSIAN.

  • Ga
      23rd of Feb, 2016
    0 Votes

    I had the misfortune of having worked for these MUTTS. I came out of a banking environment where you work with the customer if they are having difficulties. PAC tells its collectors not to deal with the issues, just get the $. They repo on an average 90-100 cars per month! The collection manager loves the job, told me its the best paying gig he ever had. The collectors work on a bonus system so they just run over the debtor to get the account paid. I know they are a sub-prime lender, I knew this going in but I never expected the verbal abuse (particularly from the collection manager) that is directed towards the debtors. And the above comments are correct, over half of the accounts are never reported to the credit bureaus and if the debtor files a dispute thru E-Oscar, its just ignored. There are many banks out there who will take a sub-prime borrower (Capital Bank is one) and you will pay the same interest but not have to deal with weekly payments being taken out of your account. Avoid PAC at all cost.

  • Ma
      13th of Mar, 2016
    0 Votes

    Persians is not a bank but a "Killer". A car I was told is selling for 5, 500.00 ended owe $ 9900 with Persian the day I closed the deal. I asked several times why Is so high, the answer was bank's charge. I have been making payments every two weeks but I am told am delinquent 2 months. Plus the balance never go no where, phone calls everyday even if you submitted payment the day before. The worse thing is when I return a car to the dealer to fix it when was overheating the very first day I bought it which was within 30 days of lemon law of Massachusetts warranty, the dealer EDDY"S AUTOSALES on RT 1 Saugus MA, refused to fix it then called the Persian bank that i returned the car which the bank recorded it as a 'REPO' just because I needed the car fixed before making the first payment. The dealer and the bank knows each other as no one considered my complains instead my credit was ruined and the car wad also a junk which I am still dealing with fixing it to now. I will not and never recommend Persian Bank or Eddy's auto sales on RT1 Saugus, MA. Stay away if you can read this!

  • Ao
      8th of Nov, 2016
    0 Votes

    We got screwed from PAC the same.. Where can I start to make a complain about this company ? What type of attorney can I use against them ? I have set up auto payments. But they still called me everyweek and said that I didn't pay the car payment. I really need some advice from who have experience from this company.

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