The customer [redacted] originally came to us for a request to finance a commercial vehicle on 11/**/15. I spoke to the owner [redacted] on 11/**/15 who advise that he was also looking at doing the...
financing with his local bank at 2.99% at which time I advised the customer we cannot do anywhere near that rate and he should go thru local bank to complete the financing. Then on 12/**/15 the customer called to say that his local bank would not do the deal and requested that we proceed to have the transaction approved. At no point was there any discussion of him paying off the transaction in a few months if his local bank approved - I would have told him that we would not be able to do that. The contracts for the business commercial chattle mortgage were sent to the customer which he signed and returned on 12/**/15. The transaction was commenced on 12/**/15 where the customer borrowed $76,832.54 - again at no point was there a conversation indicating that he would be paying of the transaction in 2 months. On March [redacted] 2016 (Friday) the customer called for a payoff – when we contacted the customer on March [redacted] 2016 (Monday) who at that point indicated that he would be refinancing the deal with his local bank at 2.99% at that point we discussed that the contractual payoff would be $87,125.00 and his discounted interest payoff was $80,774.81 – at that point the customer was upset – at that point he told us that his intentions were to pay it off in a couple of months. We explained to him that he had only made 2 payments and his business commercial chattle mortgage is not an interest only transaction and we would see if we could get the payoff reduced again. My accounting manager was able to reduce the payoff to $77,342.00 which we quoted to both the customer and [redacted] with the Bank of America.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:
They were not truthfull in denying our discussion of refinancing the loan in two months. They also made it appear that the payoff was close to the amount of the original loan. That is not the case at all. They neglected to mention the $3100 in (advance payments) that they deducted from the value of my trade in vehicle, or the $3100 in payments that I made that actually increased the loan by $510.
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]
The customer [redacted] originally came to us for a request to finance a commercial vehicle on 11/**/15. I spoke to the owner [redacted] on 11/**/15 who advise that he was also looking at doing the...
financing with his local bank at 2.99% at which time I advised the customer we cannot do anywhere near that rate and he should go thru local bank to complete the financing. Then on 12/**/15 the customer called to say that his local bank would not do the deal and requested that we proceed to have the transaction approved. At no point was there any discussion of him paying off the transaction in a few months if his local bank approved - I would have told him that we would not be able to do that. The contracts for the business commercial chattle mortgage were sent to the customer which he signed and returned on 12/**/15. The transaction was commenced on 12/**/15 where the customer borrowed $76,832.54 - again at no point was there a conversation indicating that he would be paying of the transaction in 2 months. On March [redacted] 2016 (Friday) the customer called for a payoff – when we contacted the customer on March [redacted] 2016 (Monday) who at that point indicated that he would be refinancing the deal with his local bank at 2.99% at that point we discussed that the contractual payoff would be $87,125.00 and his discounted interest payoff was $80,774.81 – at that point the customer was upset – at that point he told us that his intentions were to pay it off in a couple of months. We explained to him that he had only made 2 payments and his business commercial chattle mortgage is not an interest only transaction and we would see if we could get the payoff reduced again. My accounting manager was able to reduce the payoff to $77,342.00 which we quoted to both the customer and [redacted] with the Bank of America.
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:
They were not truthfull in denying our discussion of refinancing the loan in two months. They also made it appear that the payoff was close to the amount of the original loan. That is not the case at all. They neglected to mention the $3100 in (advance payments) that they deducted from the value of my trade in vehicle, or the $3100 in payments that I made that actually increased the loan by $510.
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]