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Reginal Acceptance Corporation / Breaking every lending law

1 Owings Mills, MD, United States Review updated:
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The company is the worse company i have incountered. i am about to seek a lawyer for my complaint. They have broken every lending law possible and i feel there should be justice. I bought a car 2 years ago and finance it threw Reginal and they Have, increased my intrest rate to 19% without my knowledge, charged me late fee's even before my grace period. I have 3, 000 in late fees acumulating since the end of last year that they insist on charging me 17 dollars a day until i pay this off and i was not late!! I owe the same amount on my vehicle that i did when i purchased it 2 years ago. i am trying to seek legal advice on this and i am going to buy 2 new cars( because thats what it would cost me if i kept paying on this loan). This is a hard time for everyone now and i feel that if anyone else has a car being financed by this company will be in debt for a long time. I did a promis to pay one week, told the person on the phone not to charge my account because the company is right down the street from my work, and they charge about 10 dollars to do it over the phone. I payed my account on that Friday and they charged my account 2 days later. It made my account go into negitive standing since they did charge it twice. They did not refund my account, and the next month they said i was late again even though they charged me 2 payments the month before. Just an FYI if you finance a car, stay clear from this company. You will have constant problems and never be able to pay them off. They will just charge you double or more of what you thought you were going to pay and they will mess up your credit!!! If someone has a coment or advice on what i should do it would be greatly appriciated.

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Comments

  • Ad
      31st of Mar, 2009
    +1 Votes

    the "mess up your credit" comment is false. This company and others like it (drive, americredit) are what is known as "bouge Houses" meaning that they buy your deal when primary lenders will not. Chances are that when you signed the contract for this loan with Regional it was the only lender willing to loan you the money because of your credit score being shot already. Bad deals never become better...especially if your only option to get a vehicle is one of these boug houses.

  • In
      1st of Apr, 2009
    0 Votes

    I happen to know for a fact that RAC does not charge late fees unless you are late and that all contracts acknowledge a "grace" period specific to your state and loan. If you make a full payment within that time frame, there are no late charges assessed. In addition, the interest rate on your contract remains the same for the duration of your loan. RAC is an indirect lender and therefore does not "re-contract" or "refinance" any original contract in house. Any rate change which would occur would be in compliance with the Federally mandated Soldiers Civil Relief Act and would be lower. It has been my experience that a lot of people don't completely understand the contracts they have signed, don't then comply with those terms and are then upset when they finally come face to face with terms they do not deem acceptable. If they terms are unacceptable, they should be completely understood on the front end and the contract should not be signed. Period. Educate yourself up front instead of learning the hard way after the fact. Lastly, a lender willing to finance people with a history of poor credit charge a higher interest rate due to greater risk. If there weren't companies willing to take this risk, there wouldn't be an opportunity to finance your vehicle or an opportunity to rebuild a positive credit history.

  • In
      1st of Apr, 2009
    0 Votes

    Recommend you call RAC, get clear on the terms of your loan. Straighten out your account and see if they have options to help you do that very thing. Improve your credit history and have greater choice as well as lower interest rates when it comes to getting financed for anything you need in the future. See that attorney and if in fact there is anything illegal occurring with your loan then it can be remedied. It doubt you'll find anything illegal. They've been in business a long time.

  • Ej
      2nd of Apr, 2009
    0 Votes

    I was going to write something, but I can't now. Ask them about the 0idrAC financing special.

  • Ad
      4th of Apr, 2009
    0 Votes

    right

  • Ib
      23rd of Jun, 2009
    0 Votes

    I have read the complaints and the comments. Most I agree with that these lenders help those with bad credit or credit issues, but I was with the intent to help individuals to improve their credit.

    I have a major issues with RAC I was sick parked my car. When my health was better I had to bring my car payments up to date. Pay maryland for not turning in my tags. My car payment went from $ 400 to over $ 500. Now with this increase I really can not keep this car much longer. They refused to deal. I think my only choice is to go a auction and give them their car back. I had the car for three years but the pay out is more than what car is worth and higher than the sticker price at cost.
    Can a a car loan increase the monthly payments?
    Should the lender make the customer aware of such practice?
    Is it legal?
    Why do I have to pay for insurance violation with lender and motor vehicle?
    I just believe RAC are Sick ups.
    How do I get out. I been trying to improve my credit scores, If I stay with RAC I will never pay for the 2005 Chevy at 500 month.
    Help time has run out, Am I making bad decision giving this car back

  • Ib
      27th of Jun, 2009
    +1 Votes

    You are stealing food from the mouth of babies, RAC

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