Don't use Regional Acceptance!
We did what everyone has done and found out the hard way...never co-sign for a family member.Business money and family almost never work, not to mention the unexpected hurt and loss of both the relationship and finances.
With that being said, my husband co-sign for a car loan for his 50+ year old sister, needless to say she had not made one payment on the car four months after receiving it from the dealership. So we had to step in and take it and start making the payments. The vehicle had been a hardship ever since. We managed to sell the car and let the individual make payments on it as well as carry the insurance.
No it wasn't anyone we knew and we were lucky to get such an honest individual. We knew that we would have to poney up some monies at the end to make the payoff amount. The real problems we faced with Regional Acceptance is this: since we had three car payments you better know there were plenty of times we were late. But what really killed us was the Insurance they kept tacking on to our loan!
At $1500 a pop! They said when the paperwork was sign, it was written in that we were to maintain a deductible of no more than $500 we did provide proof of the insurance deductible being $500 but once they tack on the $1500, they will on reverse out, even if you provide proof! The wording of this in the contract is no where to be found and if you cannot find your paperwork after 2 years, they certainly will not provide a copy of it to you or quote page, section and verse. We hired an attorney who was unable to break through their fortress of bullshitting account collectors.
So now we are sitting here with our loan that matured in August 2010 but with the 2 times insurance add on and multiple late fees our payoff sits at $3500. My husband and I call this morning to see if we could negociate down any monies with a resounding "NO" from their people we grudgingly gave our payment information to get rid of this Finance Company from ***. My advice on getting a vehicle with bad credit, or no credit would be to estabish an accout with a credit union or institution other than the bottom feeder that Regional Acceptance Corp really is. It isn't worth the headach or stress to keep your credit moving forward.
Regional Acceptance Corp is really a difficult Company to work with.They may have helped and financed a vehicle for you but during times of hardship (and there will be times) they will not back down on getting exactly what is owed to them and they will not work with you.
Review about: Regional Acceptance Loan.