Prepayment Penalty Revenge
#11
When I was working at Carmax, we only dealt with Simple Interest Loans, so often times we'd warn people that they may get a loan with a prepayment penalty at a traditional dealership. Most of my customers were aware of that and even asked about that when we started the financing process. Banks do not like losing money and a lot of these "low interest" loans WILL charge a penalty for paying the loan off early. Fair Credit demands that all this stuff is spelled out in the contract for a reason, and for good reason you should read the contract BEFORE you sign it.
#12
My point exactly sir. It was NOT pointed out or discussed with me at all. I admit my stupidity for not reading everything yet I expected more integrity from the finance manager to reveal that information to me prior to the signing. I would not knowingly agree to such terms with anyone to be penalized for paying off a loan.
#13
The bank issued a legal contract. The dealer failed to disclose the information to me. I failed on my part by not reading the contract. I could not contest the bank because I signed their contract but I could contest the dealer for not disclosing the full information. Thus a settlement was reached. I think it's all about my stupidity as a consumer for not reading the paper I signed and trusting the integrity of the dealer. So, I'm stupid and I have no other valid options to provide.
#15
The bank issued a legal contract. The dealer failed to disclose the information to me. I failed on my part by not reading the contract. I could not contest the bank because I signed their contract but I could contest the dealer for not disclosing the full information. Thus a settlement was reached. I think it's all about my stupidity as a consumer for not reading the paper I signed and trusting the integrity of the dealer. So, I'm stupid and I have no other valid options to provide.
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10-10-2006 08:50 AM