Regional Acceptance changed the contracted monthly payment amount with a bait and switch action. First, I financed a car through Capistrano Nissan in San Juan Capistrano.
The car was classified as a "certified car". I had a troubled past through a bad divorce and needed a car desperately. The car was a lemon. Nevertheless, the loan was financed through Regional Acceptance at a high interest rate.
In the contract I had agreed to pay $500 per month. A few months of timely payments, I was advised in a standard invoice to make a higher payment. I wasn't sure why, but I just paid it. I later contacted Regional Acceptance for an explanation.
I was directed to different offices. The office in Southern California could not explain what happened, only that I needed to make my payments. I had left multiple messages for the local office manager but he was always unavailable. That office has since closed.
In the meantime, the car continued to breakdown. I attempted to return the car after having it for thirty days and the transmission going out. The car went from $20k to $8k. Shortly afterwards the dealership had closed.
I tried pursuing Nissan Capistrano but unsuccessful. I continued to make payments but I could not get a response to why I am paying more that what was on the contract. After I tallied up what I paid over the course of the years, the car was paid off. I contacted the Regional Acceptance payoff line to learn that the $20k car loan had increased to $40k.
Of course, I was quite perplexed as to how this happened, so I requested for several months account statement. At that time I stopped making payments. After several months of request for just a statement and threatening to get an attorney, I was given a document that I could not decipher whatsoever. It has been confirmed by an attorney that there is a breach in contract.
The attorney also found that the increase of payment was due to lack of insurance. I've had insurance and provide evidence within the first week of having the car in my possession. Copies were provided to the local office. It is evident that Regional Acceptance has used predatory lending practices and breach in contract.
With all of these complaints I wish an attorney would consider a class action suit to stop Regional Acceptance for continuing to aggrieve those that have less than perfect credit. This company has damaged my credit and aggrieved me tremendously.
Review about: Regional Acceptance Loan.