My story of the abuse of banks in the US.

Let me start off by saying ive been a hard working american since i was 15 years old. I have always paid taxes,always obayed the law with the exception of the occational joint(no harm there except to myself), and always payed my bills. A few years ago I lost my job and had to collect unemployment to help pay the bills and support my family. Although this was a great help and greatly appreciated it still was not enough. I found myself getting burried in mountains of debt that had no end.

3 years before I lost my job my car died and had to purchase a new car asap, so i could continue to work and not have my job be in jeopordy because I did not have a car due to it dying. Now when I was looking for a car my credit was good, but the problem i encounterd was that many banks were restrciting there lending due to the failure of the housing market, after spending every minute when i was out of work searching for a suitable car I found a 08 used Scion TC, which was a great car!

Now when I purchased this car they gave me some BS intrest rate and my payments were 500/month, which they claimed was due to the banking crisis. I had to settle, i needed to work, i knew i got a bad deal but it was not to much of a concern, i was making alot of money.

Then i lost my job and that bill was huge, i had been paying for my car for 3 years. The amount that i had borrowed from the bank was 20k total. I had payed in 18k for the car so far and i could not afford to pay for food, other bills and take care of my family...so the reposession people came eventually and i lost my car, now in order to get my car back i would have had to pay 1500 bucks for back payments( 3 paymets no BS) a repo fee of 500 bucks and any fees for the holding per diem. I could not afford that , and if i could my car would not have been taken in the first place.

So then the Bank sends me a letter saying that they will sell my car at auction and what i owe to them will be paid to them from the auction and anything left over is mine. I was like Awesome, i should score at least 6 grand, i owed them 2k more and i should be able to get another car with that money. The car was in prestine condition with only 70k miles on it.

It sold at auction for 9k wooot i was excited, so i called the bank and they went over all the fees and stuff from the auction. Then this bank prick continued to tell me that all the left over money was to be awarded to the bank becuase i owed them intrest for 3 years 2012, 13 and 14.......this TOTAL CAME TO 16K!!!!! I was so upset i could have cried, so this bank got , 18k in payments, my #ing car(which they sold for 9k) , all the money from the auction and i still owe them 9k more dollers. Then they had the balls to ask me for a payemnt over the phone, i was like if i had the money to give you i would have given it to you so you wouldnt get my car!!!!!

The banks break you take advantage of you when you are in need and when they are done with you they bury you in so much debt you cant crawl out of it.

The high payments that i was making was a reflection of there poor judgement from giving other people bad loans. This is not the American dream, this is an American Nightmare!

reply to post by TheMur


Just wait. They will wait 6 years before they report the non-payment to the credit agencies. Then after 6 more years, they will sell the debt and the new holder will file with the credit agency. This will continue forever. This is how they screw people and their credit scores. I liked it better when you dealt with a local bank, people you knew and they made the decisions and there were no credit scores.

I'm so sorry. The bastards are gonna pay. One way or another. Though I don't want to bring up OWS, because I cannot decide what it is all about, whether it's a government plot or truly of the people. I can say, they will get their due. One good thing about current events is that people are finally aware of what the Banksters and the rest of TPTB are up to for once. Even if there is more going on then we know of at least most people can admit that TPTB and their Globalization scheme are a way to enslave our whole race.

reply to post by haarvik


yeah, when i bought my first car, i went threw a local bank and all was great, low payments, no BS never missed or a late payment. Then when i bought the scion, that bank was not lending what i needed. Which made me have to deal with the new bank....its sickening.

And if i ever want a good credit score again ill have to pay them what i owe them.....the intrest for time that has not passed.

reply to post by TheMur

Now when I purchased this car they gave me some BS intrest rate and my payments were 500/month, which they claimed was due to the banking crisis. I had to settle, i needed to work, i knew i got a bad deal but it was not to much of a concern, i was making alot of money.

Then i lost my job

Hopefully this situation will be a learning experience, for a few reasons. If you find yourself making a lot of money again in the future, also make sure you find yourself putting back a good chunk in savings to avoid ever having to take out a $20K loan on a used car that's only around $18K brand-new (I'd honestly suggest looking for older used cars as well - WAY too much depreciation to go in any newish vehicle). Maybe I just don't look at a lot of high-end cars, but I've NEVER heard of a $500/month car payment, personally. That's my mortgage with a bit left over, there!

But yes - banks (generally) DO NOT seem to care about people anymore - they are for-profit businesses, and when they've got a Federal Reserve system and willing government protectors to fall back on in the event of trouble, they will do things in as risky a fashion as they can. Screw 'em. No looking back since I've switched to a small local credit union, they pay my ATM fees, offer very low interest rates, and are beholden to ALL their members as compared to a group of shareholders intent on gouging their customers for all they can.

Definitely sorry for the trouble, and I hope you can get it sorted out - I'd suggest checking with an attorney as far as the supposed owed interest through 2014. Hopefully you documented your pre-auction conversation somehow, and if you still have the loan paperwork, I would do a lot of looking at it with a fine-toothed comb for any word of early payment penalties, interest agreements, etc. - owing future interest doesn't seem to make a lick of sense to me, and I'd like to assume an expert consultation might do you some good here.

reply to post by Praetorius


yes it was a learnng expierience, my choice of cars was not driven by flashy awesomeness, but more into the overall value for what ya get, and gas mileage. I was traveling over 100 miles a day at times, and unfortuantely Toyota makes a better car than most.Its value by blue book was still15k so it didnt depreciate to much. I have considered talking to an attorney about this matter.

Thanks for your thoughts.

Congrats bro, you did what every American does and that is try to live beyond your means. But that isn't your fault. You were braught up in a consumer oriented society where you are measured by who you are as a person by what you own. There is no bubbles, financial crisis, etc. remember that. There is only ignorant Americans wanting things they can't afford.

You could live in the unites states working minimum wage part time and support yourself with food shelter transportation and entertainment. That is working part time. Fact is the problem in society isn't that there isn't enough jobs. The problem is the jobs don't pay enough for people to live the way they want too. Like buying a 08 scion . You think it would of been smarter to buy a 01 Honda for 3000 dollars used? Nah the 08 scion was more nice and more new despite the way hefty price tag.

You shot yourself in the foot on that one. People need to wake up. If you can't pay cash for it then don't buy it. Don't buy a house and force yourself to have to work when you can rent an apartment or trailer for 310 a month or less. I pay 310 a month for a 4 bedroom apartment that includes power Internet cable and water.

Wanna know why 7.25 doesn't sound like enough? Look at your own greedy desires. Don't blame the game you choose to play!

Originally posted by haarvik
reply to post by TheMur

 

Just wait. They will wait 6 years before they report the non-payment to the credit agencies. Then after 6 more years, they will sell the debt and the new holder will file with the credit agency. This will continue forever. This is how they screw people and their credit scores. I liked it better when you dealt with a local bank, people you knew and they made the decisions and there were no credit scores.

Yeah, I know what you mean about the banks re-selling debts to a different collection agency over and over. I was a victim of Identity Theft and this same thing happened to me. Although I had a ID Theft police report on file with all three credit bureaus and the perpetraitor was caught and jailed, the collection agencies continued with their antics for a couple of years until I threatened all three credit bureaus with a lawsuit if they continued to allow the same accounts to be reported on my credit file. After I threatened them (with some mighty powerful legal mumbo jumbo) they got the point and finally blocked the accounts from ever being reported again.

Here's one for you, my sister had an old Bally's gym account from over ten years ago and they kept selling the debt to other collection agencies and they just continued to add it back to her credit. I helped her with that and they went away...at least for now.

I have found other ways to financially run my business and personal life without using a bank. It takes a little more planning and time, but I save so much money and don't worry about getting hasseled. Banks are simply put, more crooked than the most crooked road in America and I have stayed away from the banking system for years now with no plans of ever returning. You can't trust them

Sorry you are left in so much turmoil OP Things will get better for you and your family...I think we all need to re-invent our financial situation without having to "Depend" on any bank. It can be draining to say the least, but don't let yourself become just another victim...fight back! Maybe you have a case against them...I would check into it at least. Banks hate the thought of being taken to court because, one lawsuit usually ends up turning into a class action lawsuit. Also, I hate to say this, but you did kind of get yourself into this debt. That still doesn't mean that the bank can "illegally" take advantage of you if this is the case. Especially Toyota, since they have already had a class action lawsuit filed against them for the very same thing you're complaining about.

Bank of America Class Action Lawsuit
Toyota Class Action Lawsuit

I know many of you think that these class action lawsuits are a waste of money (some of them are), but when consumers are getting railroaded and ran over, swift legal action needs to be taken against the greedy bastards IMHO.

reply to post by Slavich


I agree with your post, however OP should probably look at the financial records concerning his file with the bank/collection agency to make sure he got the credit he deserved from the Repo and Sale. He/She has that right at least. There's a limit on how much the bank can charge in "Fees" and "Litigation". Most consumers never know they just got robbed and settle for whatever the papers say without verifying anything.

You pay $310.00 for rent......say what
Wish I was in your shoes....

Originally posted by Slavich
I pay 310 a month for a 4 bedroom apartment that includes power Internet cable and water.

There isnt a place in America where you can get all that for $310. You obviously dont live in the home-of-the-expensive-and land-of-the-corrupt-wealthy-theives... ahem, America...

OP, you live and learn, I guess.

Its really a shame that a person makes ONE minor innocent financial mistake in our world today, and they are made to pay for it harshly the rest of their life... paying everything away for all or most of your life to some wealthy bums who dont need a cent more for generations who live each day like a KING but need MORE and MORE and MORE everyday, without compassion for whose life it completely RUINS...

Next time, though, forget a new car and go used. The moment you drive a new car off the lot, you lose THOUSANDS in value immediately. A used reliable car is the way to go any more, and paying with CASH so that you have no future debt, other than repairs is the wisest way to do it.

Because the future for us commoners can change in a second... for the WORST...

Ah the life of a commoner, SUCKS!!!!!!!!

Let me see if I’ve got this. Three years ago, which would have been, say, late 2008, you bought a USED 2008 Scion TC (2009’s would be on sale then) for apparently more than $20,000 because that’s how much you borrowed from the bank. Today a brand new Scion TC, a 2012, costs $18,575. Of course, you can add a ton of options, including a $2K navigation system, but basically the car costs less today new than you paid for a used one three years ago. What’s up with that? How did you manage to over pay for the car so drastically in the first place?

Next you say you got “some BS interest rate.” Today used car loans are in the mid 4% range. Hard to say what yours was. Apparently you don’t even know. You say you had “good credit” so there’s no reason for you to have paid a very high rate. Looking at historical charts, the average loan rate in 2008 was about 5% Here's a chart of historical rates. Yet you said the bank wanted interest from you through 2014. That would mean you borrowed $20K for six years, 2008-2014, an extraordinarily long period for a car loan. I had thought 5 years was tops. Further, even if you plug in a 10% interest rate, your payments would be in $370 range and the average interest rate would yield $320.

The only way I can get a $500 payment is to assume 72 months at 22%. I’m just working off the information you shared. I don’t know the term or the percent rate, so I’m working backwards from your payment.

So, either you did NOT have as good credit as you claim, which would result in a high interest rate FOUR times as much as what banks were charging at the time, or you got yourself ripped off. Either way, that’s not the bank’s fault.

Today there are any number of brand new cars which cost way less than the $20K you borrowed: Honda Civic, Toyota Yaris, etc. In fact, you could have bought your own car with 70K miles on it for $9-12K.

I can almost guarantee that you never read the promissory note that you signed, which was a valid legal contract. In there somewhere you would find the terms of what would happen if you defaulted. You promised to pay the bank. You didn’t. They took the car, sold it, and paid off the loan with it. That, sir, is how it works.

What I see here is a series of very poor decisions. From what you stated yourself here, you are financially naïve. I’m not calling you names here. It’s just that you don’t appear to know what you are doing. A more frugal approach on your part and you would have had your car paid off before you lost your job.

But, yeah. It’s all the bank’s fault. And now you can blame me, too.

reply to post by HangTheTraitors


I actually live in Auburn, Alabama. Southern redneck belt of America. And yes it's 310 a month and I have to share it with roommates. But the point still stands that living in America is easily affordable off any income. The degree of our own selfishness and desires leads use to beleive that there is a lack of high paying jobs or even jobs in general. No there isn't enough jobs paying 100,000 year that let us CEO and drive around in nice brand new cars, but all that is only a distraction from our basic needs like food, shelter, normal transportation, and our gaming systems and computer, which is all easily affordable not even working full time on minimum wage. Accept this fact:

If you aren't making atleast 70 to 80,000 a year you CAN'T:

1. Own a house
2. Buy a brand new car
3. Or buy anything you would have to pay monthly payments for

Accept that fact and your life will be a lot easier. Imagine not having car or house payments and how much less you have to make in order to live your life

reply to post by Slavich


I agree with you. I see it all the time. People who don't make much, yet they have food, shelter and transportation. It kills me when MSM does a story about some out of work white collar dude who can't find another $90k job, so he sits on his ass and collects unemployment complaining about his situation.

Little fiddle plays.

There are jobs. Maybe not paying as much as you used to make, but it will help you survive. I have no problem scaling back when I have to. I went from making $125k/yr to $45k/yr overnight. Yet I did not lose anything. I spent smartly and only bought what I needed. I kept my house, and my two cars because I had paid them off. I don't keep any necessary debt for long. I don't buy new cars, I buy used, and pay cash. Sometimes they only last a few months, sometimes a few years. It is still cheaper than paying several hundred $$ a month for years. I save as much as I can so when SHTF I can still survive, and believe me it has helped more than once.