Regional Acceptance - Withholding information on Customers statements
Regional Acceptance withheld information from its borrowers on their monthly statements for many years.They have recently changed their statements to reflect the amount due as well as the 20 day payoff and daily interest calculated.
These new statements not only show you the last payment made, but the amount applied to the principal and interest, which is great! However, most of this information was not available to borrower before last month. Which means, you had no idea how much interest was accruing or where your money was going. I made an $8800 payment on my car loan and had less than $1000 left to pay on the loan.
My statements consistently gave the same amount due each month with no interest information and said I didn't need to make a payment for the next year! Since I had other bills accruing interest with much higher balances I chose to focus on them for a while.
After the new statements came I saw that over $200 in interest had been accruing all along!Perhaps $200 seems small compared to $8800, but that was my money to decide how I wanted it used.I'm very displeased with how this information was withheld and not readily available on all of my statements and I'm hoping a class action comes their way.
Review about: Regional Acceptance Loan.
Monetary Loss: $200.