Consumer complaint received 2021-03-12
Company: Yamaha Motor Finance Corporation USA
State: TX
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Billing problem

Complaint:
I purchased a new XXXX boat for {$77000.00} with a {$2000.00} down payment financing {$75000.00} for 240 months on XX/XX/XXXX from XXXX XXXX XXXX in XXXX XXXX, TX. I accepted their financing at 10.49 % interest because they said it was a luxury purchase and even banks would be that high. I later found that not to be true from my own credit union. But this is not my primary issue. 
I received my 1st statement dated XX/XX/XXXX from Yamaha Financial XXXX and made 1st payment on XX/XX/XXXX of {$740.00}. 
On my 2nd statement dated XX/XX/XXXX ( payment made XX/XX/XXXX ) it reflects {$210.00} to principle and {$530.00} to interest. Not a problem. 
On my 3rd statement dated XX/XX/XXXX ( payment made XX/XX/XXXX ) it reflects {$19.00} to principle and {$740.00} to interest. Starting to be a problem. 
Somehow, according to customer service at XXXX there was a glitch that sent out another statement on XX/XX/XXXX reflecting all the same figures as 3rd statement. Starting to get confusing now. 
On my next statement 0n XX/XX/XXXX ( payment made XX/XX/XXXX ) it reflects {$120.00} to principle and {$620.00} interest. 
Somehow, again, I received a second glitch statement XX/XX/XXXX reflecting same figures as above. Im not understanding this. 
Then, again, another statement for XXXX dated XX/XX/XXXX. This time the numbers dont match above XXXX statements. It reflects {$0.00} to principle and {$740.00} to interest. Now we have a real problem. 
On my next statement XX/XX/XXXX ( payment made XX/XX/XXXX ). Again, reflects {$0.00} to principle and {$740.00}. Now I cant handle the confusion any longer so I call XXXX  and get a total run-around from customer service. They would not allow me to speak to someone with more knowledge and ability to look into my account. I demanded my account to be looked into and to get a call back. It never happened. 
On my next statement of XX/XX/XXXX it reflects {$0.00} to principle and {$0.00} to interest. What happened to my payment on XX/XX/XXXX. 
I never received a XXXX statement, and its not in my online XXXX  account. I made a double payment of {$1400.00} on XX/XX/XXXX trying to stay ahead of this mess with no help from anybody at XXXX. I will be listing some of the contact names below. 
On my XX/XX/XXXX statement it reflects {$0.00} to principle and {$0.00} to interest. WHAT, after a double payment! 
On my XX/XX/XXXX statement it reflects {$0.00} to principle and {$740.00} to interest. ( Payment was made XX/XX/XXXX ). 
Now I have made numerous calls to XXXX and spoke with several customer service repsXXXX XXXX, XXXX and XXXX. Who, to a person, could not understand or even follow, much less explain whats going on with my account. 
I last spoke with XXXX on XX/XX/XXXX and she said she would send this up to a higher level because she agreed this is messed up. She said she was off on XX/XX/XXXX and would be on vacation for the following week and would call me back on Monday XX/XX/XXXX. Well, that didnt happen either. Nobody has contacted me. And I clearly explained to XXXX I would not be making another payment until I get answers and she agreed with me. 
I have now received my XX/XX/XXXX statement reflecting {$0.00} to principle and {$0.00} to interest. And, its claiming a payment due of {$1400.00}. Also, when I spoke to XXXX on XX/XX/XXXX she said their system says I owe over {$1000.00} in interest just to get current. 
From the beginning of the loan on XX/XX/XXXX to now ( as I can decipher ) {$540.00} has actually gone to principle. 
My biggest concern is there is no way to understand the statements and nobody to explain whats going on. When XXXX dollars are going to interest this loan will never be paid off.

Company response to consumer: Closed with explanation