I financed a car in July 2009 with an interest rate of 19% (my credit was bad and I was trying to rebuild). Anyway I financed $21,767 for 66 months with finance charges totaling $13,751.
I was late paying a couple of times, but each time I doubled my next payment. Fast forward to May 2014, I spoke to a representative from Regional Acceptance about my account and was told that I still owed $18,831. I requested a print-out of my account and was shocked at what I saw. In the 5-years that I've been making payments, I paid a total of $22,471.05 and out of that Regional only applied $2,936 toward my principle.
That mean that I paid $19,535 in interest. That $5,784 over the amount of interest that my contract stated. I told them that by now my entire payments should be going toward to principle because my interest is paid. Of couse they tried to give me some lame excuse.
I told them to come and get the car and shove it where the sun don't shine. I also told them that I wasn't paying not another red cent, that I will file bankruptcy before I give them any more money.
DO NOT FINANCE WITH REGIONAL ACCEPTANCE!!! CATCH THE BUS its cheaper.