ComplaintsforKinecta Federal Credit Union

• Initial Complaint

  10/22/2021

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I PURCHASED A NEW CAR ON 6/28/21 KINECTA WAS THE FINANCE CO I WAS TOLD BY THE DEALER WOULD BE FINANCING THE CAR TOTAL LOAN $********* 83MTHS @3.99% PROBLEM(S): KINECTA SAYS FINANCE CHARGE IS $*******, ON MY CONTRACT SAYS FIRST PYMT DUE 9/26/21 $437.50 BEFORE THIS PYMT WAS DUE I CANCLED GAP $861, NESNA $3200, NESNA $199. WHICH WAS CREDITED TO MY PRINCIPAL TOTAL $4,261 PAID TO KINECTA ON 8/25/21 WHICH BROUGHT MY LOAN DOWN TO $****** I PAID MY FIRST PAYMENT PER MY AUTO CONTRACT ON 9/26/21 I PAID $450. ON TIME! KINECTA CREDITED MY ACCOUNT $240.81 FOR INTEREST AND $$209.19 TO INTEREST AND ONLY MINUS FROM MY OVERALL TOTAL THE $240.81 NOT THE AMOUNT OF MY FULL PAYMENT WHICH IS WHAT EVERY CAR I EVER PURCHASED HAS EVER DONE I CONTACTED THEM THEY SAID I OWED THIS INTEREST SINCE 7/2021 BECAUSE I MADE NO PAYMENT I REMINDED THEM I HAD NO PAYMENT DUE UNTIL 9/26/21 WHICH I PAID ON TIME WHAT ARE THEY TALKING ABOUT? BASICALLY BRUSHED OFF THEY CONTINUE TO INSIST THEY ARE RIGHT SENDING ME THERE COMPUTATION PAGE WICH ONLY MAKES ME ASK MORE QUESTIONS SUCH AS WHY DID THEY PUT MY PAYMENT AS "LATE PYMT" 19 DAYS? NOT ONLY ON THE 1ST PYMT BUT ALSO MY RECENT PYMT WHICH WAS ALSO PAID ON TIME. RECENT PYMT 10/26/21 $437.44 $89.65 INTEREST AND $347.79 TO PRINCIPAL AND AGAIN ONLY MINUS THE $347.79 FROM PRINCIPAL THIS IS WRONG FIRST OF ALL, THEY ARE SUPPOSE TO CHARGE FINANCE BASED ON BALANCE OF LOAN RIGHT? SO HOW THEN COULD I OWE THE AMOUNTS THEY ARE CHARGING ME THEY SENT ME A FINANCE CHARGE CHART WHICH SHOWS THE INTEREST THEY WOULD BE CHARGING ME ON 9/26/21 WITH BALANCE AT $******** WOULD BE $312.92 REMEMBER ON 9/26/21 BALANCE WAS $ ******. ON THERE SAME CHART SHOWS BALANCE AT AROUND $********* INTEREST WOULD BE $94.77 ? ONCE I REQUESTED MY LOAN APPLICATION I FOUND OUT THEY ACTUALLY APPROVED ME FOR APR OF 3.4% BUT IM BEING CHARGED 3.99% I DONT UNDERSTAND ANY OF WHAT IS GOING ON BUT I ONLY KNOW IT DOESNT SEEM CORRECT I REALLY NEED HELP I DONT THINK BIG CO.SHOULD BE ABLE TO TAKE ADVANTAGE OF US

  Business response

  11/08/2021

  Business Response /* (1000, 6, 2021/11/08) */ Dear *** *****: I was so disappointed to hear about the experience you had when you secured a Kinecta auto loan through the car dealer who sold you the vehicle. It's important to us that you fully understand the details of your loan and it seems that didn't happen at the car dealership. I asked our Member Service Concierge to reach out to you directly to address your concerns. I'm pleased to hear those one-on-one discussions have been productive and that we've been able to answer your questions about that loan and how payments are calculated and applied. It was most gratifying to hear that our Kinecta concierge was able to work with you to understand your concerns, examine your financial situation, and get you a different loan at a better rate that will even reduce your monthly payment. We at Kinecta are delighted to have you in our Credit Union family and look forward to meeting your financial needs for many years to come. Please let us know if we can be of further assistance. Sincerely, *************** President Consumer Response /* (3000, 13, 2021/12/28) */ ***Document Attached*** the company told me i needed to refinance the loan i still have issues with the amount of interest they charged me. i have other issues such as my last loan before refinance was ******** (which i feel is wrong) and the newly refinanced loan began at ******** how in the world could this be? how can i refinance at a even higher loan amount? i have contacted them multiple times no one has responded to me as of to date. I feel like im being screwed again i remember asking kinecta in the begining of the loan your my finance company wont you help me? because i have researched information regarding financing a vehicle now i can clearly see that kinecta and the dealership have an obvious "deal" between them not once was i offered any other options to be financed by any other lender even though when i bought 2 cars just 5 months earlier at that time another dealer that i purchased the 2 cars from both within a weeks time so i have good credit i was given multiple choices to pick from why at this dealer no other mention of any other lender? because they are in business together it does not seem right to me as a consumer and now i cant get help from no one its making me regret the purchase of the vehicle i cannot even enjoy driving my new car because of the feeling im being so disrespected by this lender i wish i could pay off today and be done with all the cheating Business Response /* (4000, 15, 2022/01/13) */ Dear *** *****: I am very sorry that we have not been able to connect with you directly to address the additional questions you have about the refinance of your auto loan. I have been following our team's efforts to reach you by phone and asked them to continue reaching out in hopes of ensuring all of your questions are answered. In the meantime, I wanted to address the questions in your follow up to our initial response. 1. You expressed concern about why you were not offered additional financing options by the dealer who sold you the car. Unfortunately, that isn't a question we can answer. There is nothing in our arrangements with car dealers that would prevent them from offering other financing options, so you would need to contact the dealership to find out why they did not offer you other options. 2. You also asked about why the loan amount for your refinance ($*********) was higher than the payoff ($*********) of your original loan (original financed amount of $*********). As I understand was explained to you at the time you signed the refinance loan documents, the difference of $76.71 was the interest that had accrued during the time between your last payment on the loan and the refinance. I sincerely hope this response answers your questions about your auto loan refinance, and apologize for any misunderstandings about the details of your loan or the refinancing process. We care deeply about the financial wellbeing of our members. As such, I hope that you will respond to our team's calls to you and give us the opportunity to ensure you fully understand and are comfortable with your loan. Sincerely, ************* Chief Operating Officer

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