Complaints

This profile includes complaints for Autobank Financial LLC's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  Autobank Financial LLC

  2310 N Cicero Ave Chicago, IL 60639-3330

• 

  Autobank Financial LLC

  1700 N Western Ave Chicago, IL 60647

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:12/19/2024

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I put a down payment on a car Dec 6, 2024. Within a week the vehicle started to break down. I ran a diagnostic, which threw code P0229 meaning the turbo in the car was failing. I took it back to the dealer they claimed nothing was wrong with it. I began to drive again and the car started to show transmission fault service now and refused to move. The car also continues to *** high to rpm 2 when no gas is given. I had it towed to the dealer. Since then they havent contacted me. I went there Dec 17, 2024. I was told to go to both locations, just to be told the finance manager was out. Then I was given another contract and set an appointment to meet with both finance managers, *** and ***** the following day. I was supposed to meet Dec 18, 2024 at 9:00 am. I was called 15 min before, it was ***** the finance manager. She stated to have tried to call me last night, she says she has to get word from the bank to see if they could swap my car, which were all lies. She said she would contact me the end of the day and didnt. This business is Buy her pay here, meaning there is no bank. The new contract given had over $5000 extra in total costs, which were not presented to me at the time of signing. The car is 213 **** escape with 181, 500 miles on it. It also has leaks, and cosmetic damage that poses safety hazards. They claimed they were all listed and will be fixed. They said I had a 30 warranty to bring the vehicle back with a clause that it it breaks down I can pay a 500 deductible and get a new car. They have scammed me and other customers, where they have recently got cars and they are failing on the road due to simple things like engine oil. I dont want any business with they and they need to be checked.

  Business Response

  Date: 12/19/2024

  Hey ******,  

  Thanks for bringing this complaint to our attention.  We have noticed that you have already worked with the service team and they repaired all issues you have pointed out. Our Service team has a repaired a small leak and filled up the transmission with the proper amount of fluid.  This is why you were showing the transmission code.  Also, the mechanic checked for Turbo code which was not there.  Sometimes one issue could trigger other codes, yet I am not sure if this is the case in your predicament.  nevertheless, we have 2 different mechanics who took the vehicle for a long test dive and everything came OK.

  Furthermore, we have discussed your issues internally with our management team and it looks like we have approved you  to replace the vehicle with another one that is similar in cost.  Please understand that all sales are final and you have signed a contract which obligated you to pay.  AutoBank did it's part and fix all issues and is still willing to give you another 30 days of free warranty in case something else will come up with any powertrain component.  Please respond to our team member's messages and let us know how would you like to proceed?

   

   

   

   

• Initial Complaint

  Date:11/17/2024

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I, ***** ****, financed a vehicle from ********* Dealership on February 19, 2024, with a $1,500 down payment, paid in installments. My monthly payment was $495.78, including insurance. As of November 16, 2024, I've paid $4,535.80, leaving $11,674.85.Soon after taking the car, the engine overheated, and the radiator cap melted. I had it fixed elsewhere. A few weeks later, the check engine light came on, and I paid $200 for a vacuum hose repair. Then, the serpentine tensioner belt needed replacing, costing another $200. I was told my timing belt was fixed too, but the receipt only listed the serpentine ******* June 2024, the starter failed, and I paid $1,000 to replace it. Despite these repairs, the car continued to have issues. I had Heart Auto of Evanston perform a full inspection, which revealed the car needed a new timing chain kit, timing belt, rear suspension, and lower control arms. Since my 6-month warranty expired, I must cover these costs myself.The dealership failed to disclose these issues at purchase and did not honor the warranty properly, leaving me to pay for repairs they should have addressed during the warranty period.

  Business Response

  Date: 11/18/2024

  Hi, thank you for bringing this to our attention.  We deeply sorry about your experience with some mechanical issues.  As you have stated, you did have a service contract for 6 months or ***** miles (whichever comes first) and it was expired.  We have special coupons for issues like the one you have experienced.  Those coupons were given to you on the day of the sale (please refer to your email and see the deal jacket).  I will attached them again to this email. 

  We give those coupons to all of our financed customers as we all know, that vehicles have many moving parts and will need maintenance and each part has a day that it might need to be replaced.  We give deep discount to AutoBank Customers because we KNOW, repair cost can be expensive. 

  Further more, we have done an expensive repair for you and changed the Alternator, Battery and Replaced a seal ******** Leak) for only $311.00 (this was $2,000 total cost in repair).  The timing code came because your engine was very low on oil due to a bade leak.  Also, the company gave you a payment deferment and your account is still ****** past due at the moment. 

  Please let us know if there are any issues as we can still help you out.  We understand your frustration and that you don't appreciate the good service so far and we would like another opportunity so help you out. 

   

   

   

   

   

   

  Customer Answer

  Date: 11/19/2024

   
  Complaint: 22569083
  
  I am rejecting this response because:I am writing to formally reject the response provided by ********* regarding my complaint. While I understand their position, I must reiterate that the issues with the vehicle I financed from their dealership are significant, numerous, and were not properly disclosed at the time of purchase. The car has had multiple, costly mechanical failures, which were not addressed during the warranty period or before the sale, leading to financial hardship.
  The business's rejection fails to take into account the following key points:
  1. Undisclosed Issues: The vehicle had multiple mechanical problems shortly after purchase, including the engine overheating and the check engine light coming on, which were not disclosed by the dealership at the time of sale. The inspection from Heart Auto of Evanston later revealed even more critical issues, such as the need for a new timing chain kit, timing belt, and rear suspension, which should have been addressed during the warranty period leaving me with an unsafe driving experience. 
  
  2. Failure to Honor Warranty: I paid for a warranty when purchasing the car, and I believe that the dealership failed to adequately address the vehicle's issues under that warranty. The dealership should have taken responsibility for these mechanical defects during the warranty coverage period.
  
  3. Financial Burden: I have incurred significant out-of-pocket expenses for repairs, including the starter replacement ($1,000), vacuum hose repair ($200), and serpentine belt replacement ($200), and now face even more substantial costs. The dealership's failure to address these issues has caused an undue financial burden on me.
  
  4. Consumer Protection Laws: I believe that my case falls under consumer protection laws, as the dealership failed to disclose the condition of the vehicle accurately and did not honor the warranty terms. I am requesting either a full refund of the amount paid to date or compensation for the repair costs I have incurred.
  
  
  I kindly ask that the Better Business Bureau continue to advocate for a fair resolution on my behalf, as I am not satisfied with the current response from [Business Name]. I am open to further mediation, but I do expect to be compensated for the numerous issues with the vehicle that should have been handled by the dealership.
  Thank you for your continued attention to this matter. I look forward to your assistance in ensuring that the business takes responsibility for the issues at hand and offers an appropriate resolution.
  
  
  Sincerely,
  
  ***** ****

  Business Response

  Date: 11/21/2024

  Thanks for your response.

  We have record to show that we have helped you along the way when you were out of warranty.  We went great lengths to make sure you were happy and did good will repair that should have cost you well over $2,500.00 and charged only $300.00

  Please make an arrangement to pay the deficiency on your account.  

  We encourage you to read all paperwork delivered to you on the day of the sale. 

  Thanks again,

   

   

   

  Customer Answer

  Date: 11/21/2024

   
  Complaint: 22569083
  
  I am rejecting this response becaue 
  

  
  

  
  

  To Whom It May Concern,

  
  

  I am submitting this report to formally express my dissatisfaction with the vehicle I purchased from *********** and to bring attention to several issues that have caused significant financial strain, inconvenience, and undue stress. Despite my repeated attempts to resolve these matters with the dealership, the lack of transparency regarding the true condition of the vehicle and engine, as well as failure to properly address ongoing issues, has left me with no option but to seek a resolution through the Better Business Bureau.

  
  

  1. Lack of Transparency Regarding Vehicle Condition at Point of Sale

  At the time of purchase, I was not provided with an accurate and thorough disclosure of the vehicles true condition, particularly the engine. The dealership failed to inform me of existing or potential mechanical issues that would require immediate or future attention. This lack of transparency is critical, as it directly affected my decision to purchase the vehicle. Had I been made fully aware of these issues, I would have reconsidered my purchase or taken additional steps to ensure that the vehicle was in acceptable condition.

  
  

  2. Failure to Provide a Full Inspection During Warranty Period

  During the warranty period, I specifically requested a comprehensive inspection of the vehicle to identify any underlying problems that might not have been immediately visible. However, despite my repeated requests, I was not given a full and detailed inspection. This failure to adequately assess and address the condition of the vehicleparticularly the enginehas resulted in ongoing mechanical issues that were not resolved during the warranty period. 

   

  THE CAR IS UNSAFE TO DRIVE AND STILL IS 

  
  

  3. Repeated Visits for Unresolved Engine Issues

  Since the purchase, I have brought the vehicle in on multiple occasions, specifically to address engine-related problems. Despite my efforts and the dealership's assurances, these issues have not been effectively resolved. I have been forced to return again and again, only to encounter the same or worsening engine-related concerns. This ongoing cycle of unsuccessful repairs has caused considerable inconvenience and further highlights the dealership's failure to address the vehicles true condition at the time of sale.

  
  

  4. Financial Strain and Request for Refund

  The lack of transparency, failure to provide proper inspections, and inability to resolve the engine issues have caused significant financial and emotional strain on me. I have already invested a considerable amount of money into this vehicle, and I continue to bear the financial burden of ongoing repairs. Given the circumstances, I believe a full refund is the only fair resolution. I request that the dealership return all the money I have paid for the vehicle, including any fees for repairs, due to the serious lack of transparency regarding the vehicles condition and engine performance.

  
  

  This situation has not only caused considerable inconvenience but has also placed an undue burden on me financially. It is my expectation that this matter will be addressed promptly, and that I will be provided with a satisfactory resolution, including a full refund of all payments made.

  
  

  Thank you for your attention to this matter. I trust that the Better Business Bureau will assist in facilitating a fair and just resolution

   

  
  Sincerely,
  
  ***** ****

  Business Response

  Date: 11/21/2024

  Thanks for replying,

  AutoBank has done nothing wrong. Out of bank has fulfilled all of its commitment and obligation per papers signed. Out of bank went out of its way and did some Goodwill repair and save you a lot of money. We have not found the check engine when you came to visit and the vehicle was driving very well. 

  We're not looking for you to agree with anything as we don't think you get it. Please look at the paperwork you sign and let us know of any flaws or any violation such as compliance or anything else. You may consult with your attorney. Our attorneys will contact you very soon to collect on the remaining debt that will be owed after we close the account. Collection will send you a 21 days redemption letter. After that it's out of our hands.

• Initial Complaint

  Date:05/28/2024

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I am not liable for this debt with AUTOBANK FINANCIAL LLC.I do not have a contract with J.R.S-I,INC ,they did not provide me with the original contract as I requested.

  Business Response

  Date: 05/29/2024

  Hi,
  Please contact the company who sent you the letters.  We are sure there are some instruction for you to follow as they provided with the letter. 

  We could not read the attachments you have provided as the file was so small and the resolution of the picture was blurry.  Please submit a better picture 

   

  Customer Answer

  Date: 05/30/2024

   
  Complaint: 21770991
  
  I am rejecting this response because:
  
  Sincerely,
  
  *******************************

  Business Response

  Date: 05/30/2024

  Hi,

  if you are who you say you are (*******************************)... We see a repossession and a balance left over after repossession.  Account was sold to collection agency and you will have to deal with them.    You may hire an attorney and or represent yourself in court.  We have supplied everything we had (pay history, contract, bill of sale.  We have more information that we can't share with you as it's all private information. 

  At this point, this debt is not perused by AutoBank Financial LLC.  as I have mentioned above, it was sold to a Collection Agency.   

• Initial Complaint

  Date:05/20/2024

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I put a $2,500 down payment on a 2015 **** escape. Day 1 of usage the driver side wheel was making a loud noise, I bring it back into the company just for them to tell me nothing is wrong. Loud noise persists. Day 3 of usage the same wheel was smoking on the express way in which when checked I was told it was the caliber. On top of that the vehicle would not accelerate on the expressway which caused me to pull over into the emergency lane so no one would hit me. Additionally I took the car in to check the engine and was provided with the information that the vehicle is not emissions ready and something is wrong with the transmission. I was sold a vehicle that is not driveable and the company is refusing to refund and wants to report at repossession even though its within the 15 day/500 mile warranty and this was on them. The sales rep gave me no information on anything wrong with this vehicle even though I asked multiple times.

  Business Response

  Date: 05/21/2024

  Hi

  Thanks for sending us this complaint and brining it to our attention.   We have offered you a replacement vehicle and you have rejected it.  We are still offering a replacements vehicle if that's what you want.  

  You do have a warranty on the vehicle and according to the paperwork you have signed, the warranty is up to 6 months and covers all powertrain issues.  The paperwork you have uploaded from ******** says that everything is OK.  It will not pass the emission because the computer systems are not ready.  As it's stating in the paper, you need to drive it for 50 miles on the highway and after that all systems should be ready. 

  If check engine is on, then we will know that there is an issue.  

  Also, 
  

  We noticed that all you friends are shaming us on social media and giving us bad ****** reviews.  I wanted to bring this to your attention that our attorneys might be taking action against you and any friend who participated.   

   

  We are sure that if the same thing would have applied to moonchild spa (your business), you would be just as offended!

  can you sue ******* for intentional business shaming?

  Yes, you can sue ******* for defamation if they make false statements about your business that harm your reputation. Defamation can be oral, written, or both, and the statement must be false, made as a fact, and published to a third party. You can sue ******* for defamation of character, which is a civil lawsuit that can result in monetary compensation. In some states, defamation of character is also a criminal offense, but these cases are rarely prosecuted.
  

   

   

• Initial Complaint

  Date:04/25/2024

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Transaction Date Took Possession of vehicle 2015 Chevrolet Impala 4/6/24 Chevrolet Impala stop working and was returned to dealership informed transmission needed to be replaced. 4/18/24 Car returned and as 4/25/24 the vehicle has not been repaired and Im seeking to have half of my deposit return and the contract voided.On 3/30/24 I paid $1500 deposit on a 2016 Malibu but the vehicle transmission went out. That contract was voided and a new contract for 2015 Chevrolet Impala was signed and the funds for the previous contract was transferred and used as a deposit. 3/30/24 payment of $1500 4/6/24 payment of $500

  Business Response

  Date: 04/30/2024

  Hi,

  It looks like you have a warranty on the transmission.  It was ordered and we will install it.  We made an exception last time and switched you to another vehicle.   This time around, we are going to repair the vehicle.  We don't see any paperwork signed showing that we have any obligation to refund you any money.  We do see paperwork showing that you have a warranty and we will fulfill our signed obligation and replace the transmission.

   

   

  Customer Answer

  Date: 04/30/2024

   
  Complaint: 21627276
  
  I am rejecting this response because: The transmission went out in the last vehicles as well and that happened within 24 hours. The impala was my second vehicle and this seems to be a problem amongst your cars  so at this point Im not satisfied.  Since this is the second vehicle where this is an ongoing problem I would be willing to forfeit my deposit, as I just want the contract voided and the account removed from my credit.  
  
  Sincerely,
  
  *****************************

  Business Response

  Date: 04/30/2024

  We will still fix the vehicle.  

  We are expecting you to fulfill the contract you have signed.  That's why we sign papers and agree on everything that both party will commit to doing. 

  Please read tour paperwork! 

   

   

• Initial Complaint

  Date:01/30/2024

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I noticed I had late payments from AutoBank Finance on my credit report. During these months I did not receive anything stating I was late. As you can see, majority of my payments have been on time so I am requesting the removal of these late payments from my account. I am trying to increase my score to purchase a home and would greatly appreciate if you guys can submit a request to the credit reporting agencies to remove the late payments.

  Business Response

  Date: 01/31/2024

  Hi

   

  I have attached your payment history report.  The computer generate this automatically.  Each payment is coded with date and time that it was made.    

• Initial Complaint

  Date:01/05/2024

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I am currently suffering from a total loss of a vehicle that I purchased from AutoBank LLC, where me and my father were told by them that the cpi insurance that I have through AutoBank would cover the entirety of the total loss and the only thing I would have to come out of pocket for would be the $500 deductible. It wasnt until a week later where I got a notification from credit karma stating that I still have a $14,000 loan still open through them. I called autobank immediately to see what was going on where they then told me that they actually are only going to pay half which is ***** and that I will still have to pay off another *****. I expressed to them what I was told by their employees and salesman that I wouldnt have to pay anything. The woman (*****) explains to me that how it works is that their insurance company (Autobank finance) only pays off the remaining balance that I have on the car. Which I then explained that my remaining balance is way more than ***** considering the car was sold to me for $14,000 and I only paid two car notes which totals to 520 including my **** down payment so I then asked Was the car sold to me for way more than it was actually worth? She then says Not really there is more to it than that I asked her to please explain she then insists that she cannot hear me and the call drops. I called back the next day and insisted that she sends everything over in writing through my email it has been two days I have yet to receive an email.

  Business Response

  Date: 01/05/2024

  Unfortunately, you don't have a GAP insurance which covers the difference from what the insurances covered to what was your balance.   We have agreed to sell you another car regardless of the balance left, yet this balance is still due.  

  If you have something in writing, please provide it and we will follow up.    

  The good news it that we agreed to finance another vehicle, yet the balance on the last account is still due.

• Initial Complaint

  Date:10/03/2023

  Type:Order Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I am/was liable for this debt. I had a contract with AUTOBANK FINANCIAL LLC. which was fulfilled.According to AUTOBANK FINANCIAL LLC. This account was paid off in full and this account is closed. The final payment was ***** in total after taxes. and the payment was made on 6/26/2023.Please update the credit report and **** this account as Closed - Paid in full

  Business Response

  Date: 10/05/2023

  This account is showing as paid in full on our system.  I have attached the the pay history which shows zero balance.

  Please email up a full credit report that shows the account don't have zero balance. 

  Please don't use credit Karma or any other third party companies as they might not updated their data.  Please email me at ********************************** 

  You are entitle for one free credit report with TransUnion each year.  Please log in and let me know.

  Here is the link

   

  ***********************************************

   

  Customer Answer

  Date: 10/05/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***********************

• Initial Complaint

  Date:03/21/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I bought a car 02/25/2023 I paid the dealership $3500. They sold me a car where the transmission was bad. I went to them within my two week warranty to get it fixed 03/10/23. They then sent me to a transmission shop to see what the problem was. I went to the shop on 03/13/23 and they were telling me that they needed to see if the transmission was leaking, they will fill it up to see if that made a difference. As I kept calling they kept pushing the date of when I can get my car. Now its 03/21/23 they tell me they are ordering my transmission and waiting for it to come in when a previous sale rep said I will have my car by Monday 03/20/23 Tuesday the last 03/21/23. I just want my money back for the car at this point. They say its a no return policy but nowhere on the contract does it say that also I am within my 30 days if I wanted to give the car back.

  Business Response

  Date: 03/22/2023

  We have looked at your contract and the overall sales agreement and noticed that you have a warranty.  We don't charge any deductible on the first 2 weeks so there will not be a charge for this repair.
  Regardless,the customer service manager spoke with you and scheduled you to come this Friday to switch vehicles.   The dealer is doing it because it will take longer than expected to find and replace this transmission (the first replacement was defective).  
  Please let us know if we can further assist you in any other way! 

• Initial Complaint

  Date:01/10/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Hello, I bought a used car in October 2020 from Autobank. I have been making all payments on time. I called this past November for my car's pay-off balance. I was told it would be $5114.60 that day. So I started to pay larger amounts to pay it off and it should be less than $500 now. I paid 3 payments of $1200 then 1 payment of $1025.60 I called last week and they said it was $1400+ now. I want to know why it increased by $1000? I have called and emailed the business but I have not received any answers. Thank you

  Business Response

  Date: 01/11/2023

  Hi
  Your pay off will change daily.  You are on a simple interest loan.  Also, if you have a service contract and or CPI produced, it will change as well as those will get rebated back to the account for early payment.  We will be happy to share with you the amortization schedule which will outline the interest and principal portion of your pay off.  
  Please e-mail this request to ********************************** 
  Thanks for your feedback!

   

  Customer Answer

  Date: 01/20/2023

   
  Complaint: 18717383
  
  I am rejecting this response because:
  Autobank emailed me some stuff about my account and balance, but it seems that there is at least an extra $700+ being charged to me. I questioned this and instead of explaining the extra charges, I was told to ask an accountant. 
  I just want an explanation and details of the increase, because from what they sent me it does not make sense, even with daily interest.
   I called in November and was told my total balance was $5312.94 or $5114.60 pay-off balance for that day.
  I then paid 
  -$1200
  
  -$1200
  
  -$1200
  
  -$1025.60
  =$684.34
  This is what my balance should have resembled, but they said I still owed $1429.74
  *********************************************************

  Business Response

  Date: 01/23/2023

  We have emailed ******** all the information she needed.  This loan is simple interest and here is the email content again,  

  Hi
  I am attaching both your payment history as well as the Amortization schedule.  ALSO, LOOK AT THE SCREENSHOT AND SEE THE BALANCE AS WELL AS THE PAY OFF.  
  The balance shows ******** Vs the Payoff 1,429.74  and this is because there will be a warranty rebate of ****** if you pay off the vehicle today.  
  Also, your per Diem (it's a term used for interest per day) is **** so tomorrow the pay off will change and increase by $****
  
  
  Just an FYI
  Our software used is audited all the time by the local agency (state of IL) and it has to meet federal loan guidelines as well.   

  Customer Answer

  Date: 01/24/2023

   
  Complaint: 18717383
  
  I am rejecting this response because:

  I have forwarded everything that was sent to me in my previous message. The math does not add up and the business told me to consult with an accountant. They should easily be able to explain why my payment went up over $700. It does not make sense from the info they forwarded to me. 
  
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