Product: Vehicle loan or lease

In 2016, I purchased a vehicle from a car dealer who used Regional Acceptance to finance the transaction. The loan was for {$34000.00} for a brand new XXXX  XXXX XXXX. Also, I had less than perfect credit which explains the subprime lender, Regional Acceptance who financed my car loan for a whooping 22 % APR. I was given the promise that if I pay the vehicle for six months, on time, I will be easily refinanced by XXXX because they will see that I made the payments and established a XXXX relationship. The salesman agreed that the monthly payments ( {$830.00} ) were astronomical, and this was the necessary plan. I made my payments on time each month for six months before I inquired about refinancing with XXXX, I went to the same dealership. I was flat out denied and told that I could not seek any refinancing because my car loan was upside down in the amount of {$10000.00}. I asked how could my vehicle be upside down for that amount when it was purchased brand new, six months prior and I was told explicitly that I was given the full amount of value for the car I was trading in ; therefore, I was making a purchase for the new vehicle alone. Apparently, this was not the case and Regional Acceptance was well aware, I went over my sale contract with a fine tooth comb just as when I signed it, I did not see any details noting that {$10000.00} was being added into the new vehicle. In fact, the contract detailed all the fee items and the cost, no where stating an inclusion of {$10000.00}. After paying on this vehicle for two years, the principle balance did not go down, I was stressed with the payment each month because it was equivalent to a mortgage payment. I could not find suitable housing because I was exhausting my debt to income ratio, I could not get refinanced because my XXXX scored suffered from debt to income ratio even more, and no one would refinance the amount I continued to owe on the loan. I was not in the position to work extra hours because my job does not allow it, and when I tried to get a second job it provided additional money for gas and tolls, nothing close to providing additional income to pay down this loan. Regional Acceptance would not refinance the terms, although I begged and pleaded with them to help. They just told me to keep paying. I was so stressed I couldnt sleep, I couldnt think straight, I started to fall into despair because I was trying to make ends meet and still pay the car loan, because if I didnt I would be flooded with collection calls, and an even worst credit report/score, I had no sign of relief. I was so desperate, despite the upside down, I went to other dealers who laughed in my face once they saw the details of my dilemma while some had such a look of pity that I had been taken advantage of and there was nothing they or I could do in this situation. The only remedy I was ever provided was to come up with a {$10000.00} minimum or {$12000.00} down payment to allow me to apply for another car without the negative equity. I have yet to mention, that I am a single mother of three children, living in a metro area of New Jersey. I was severely depressed at this point that I called Regional Acceptance and told them that I wanted to voluntarily surrender the vehicle. I made several phone calls and each one, the representative tried to get me to a apply for an extension instead ; I advised them that I am aware if I do that then I will just be adding onto my current bill in finance charges further putting me into a debt that is already egregious. I also stated that if they would seek to help me than explain to me how they were able to include {$10000.00} into my new car loan without providing any statement of fact or details in the contract, as well as refinance options since I have been a customer for some time and they have been receiving payment. They refused to provide explanation or help but continued to advise me to apply for an extension. I immediately advised them to prepare for my voluntary surrender and to process it in a timely manner as I had already made my monthly payment and did not want them to try and start reporting me as delinquent. I arranged for them to pick up the vehicle and asked that they provide me a written statement stating that I am voluntarily surrendering, I was advised that it doesnt matter because it will still be negative on my credit report. I felt as though they were using tactics to keep me bind in their services. I asked if I could transport the car to the designation to not incur the additional {$900.00} transport fee but they told me I can not and said someone will be in touch. I got a call a few days later from an individual who advised me that I can just leave the keys in the mailbox of my home. I stated that this does not feel secure and Id like to be present to ensure the vehicle is picked up and receive the companys information as well as my letter from Regional Acceptance. The individual told me that Regional Acceptance did not provide any letters and I advised that no one would be able to pick up the vehicle without acknowledgement of receipt that expressly states that it is a voluntary surrender. Another day passed, and the individual stated that he asked for the paperwork from Reg. Accept. and we made arrangements for the vehicle to be picked up by his company. Literally, one week passed and I received two letters within days apart, ( 1 ) telling me they intend to sell the vehicle at an auction, ( 2 ) they sold the vehicle for {$11.00}, XXXX. The second letter detailed that minus the sell of the vehicle, I now owe them a whooping {$23000.00}. I then received phone calls from a collection company, the manager of my account, Ill never forget because he insisted that I make a payment for more than I could afford, at this time I was drowning in my debt from trying to ensure that the car was paid when it was in my possession and paying minimum to other creditors. The manger told me and I quote I was a fool to believe that my little $ XXXX/m payment was anything and I was even more foolish for asking for any bills or letter detailing this arrangement. I sent a certified letter to Regional Acceptance letting them know what was said to me and how I was being treated and they never responded, I called them as well and there was nothing they could do. I asked if I could pay them directly to avoid this verbal abuse every time the manager calls me about the account and they said I had to work with him they do not have my account. Within this time, another collection company called me about the account. I immediately told Regional that two companies are calling me non stop about this same account and they just blew me off. Time has passed ( four years ) and I contacted Regional Acceptance about my account as no one was providing where the account was held but they are the ones reporting each month on my credit reports. Again I asked if I could pay them directly and they gave me a number to call a collection agency which didnt answer the phone, when I advised of that they just told me to keep calling the collection company. More time passed, and Im in year five of holding this blemished account. I was now in a worst position than before because the home I was renting in, was facing foreclosure so I had to leave in short notice. Yet, again, I was denied apartments or mortgages because of this looming account of {$23000.00} from Regional Acceptance. I spent all those years cleaning up my credit, paying down debt, paid off debt, paid accounts on time, and joined government and private programs to help me secure a home through financial budgeting and planning strategies ; everyone once again told me the car loan was a problem for my debt to income ratio. I made a final attempt to contact Regional Acceptance and asked for an IRS form to write off the amount of the debt and be responsible for paying the taxes, they refused my request stating that my account was ineligible for the form because an account has to be with six collection agencies before they could send me the letter. I know this information is untrue, they have been avoiding me for years despite my numerous attempts to rectify this debt. Since, I was now facing a possible homeless situation I had no choice but to file bankruptcy just to get rid of the debt from Regional Acceptance. This was the only way that I could even attempt to apply for another apartment. However, after five years of battling this financial dilemma, filing bankruptcy has caused me to turn in every account and vehicle I had in good standing and I am forced to deal with not a voluntary repossession but a tarnished credit profile for an additional ten years due to the bankruptcy. Regional Acceptance is not just a subprime lender but their practice of providing loans at the expense of the consumers hardship is rather malicious and predatory behavior. They are not allowing an individual a chance to rebuild their credit while acquiring a vehicle, they are providing unaffordable, unfair loans to consumers that are at a high risk of defaulting with the slightest change in their finances. In my case, the loan to car value was clearly high to this bank and the car dealership. The amount of my monthly car payment was extremely high compared to my monthly income, the interest rate of 22 % was excessive, and the constant advisement of applying for an extension which places fees on the backend of the loan is detrimental to the consumer but highly profitable for the bank. In this way, Regional Acceptance should be investigated for their unscrupulous practices and lending. As a consumer I understand my part in being more knowledgable, at least now I do, but there is a difference between being informed and asking tons of questions, which I did, but the consumer is not behind the scenes with the salesman talking as one with the bank, giving consent to deal with certain banks and not others, we the consumer sit in a dealership for hours on end waiting for a response that usually is a back and forth as if we are truly negotiating, unbeknownst to the consumer you are not a part of the real negotiations behind the veil. Your only power is when you walk into a dealership with money in hand. I learned that the hard way, but no one should have to be taken advantage of, this is not a scrape on the knee it is a precursor to ones financial ruin because the lasting affects are truly damaging to ones ability to move forward in so many areas of their life.