Consumer complaint received 2020-12-15
Company: Yamaha Motor Finance Corporation USA
State: FL
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Problem with the interest rate

Complaint:
On XX/XX/2020 I bought one bike for {$7100.00} with 11.99 % interest rate and a minimum monthly payment of 2.24 %. {$160.00} On XX/XX/2020 I bought another bike for {$5200.00} with a 10.99 % interest rate and a minimum monthly payment of 2.19 %. {$110.00} -When I received my statement in XXXX we were very surprised to see we are being charged a 20.99 % for what should be a 10.99 % interest rate with a payment for {$400.00} due when our payments should only be no more than {$270.00} a month. 
I called Yamaha and spoke to customer service they stated the account was right from what they could see that I needed to get with the dealership to have this issue fixed to get the XXXX rate. 
I spoke to the dealership and they stated they sent over everything correctly to Yamaha. 
I called Yamaha back and was told they needed to do an internal audit of our account and for me to call back in 14 days. I have to make my payment that is shown due until Yamaha can work this situation out. 

-When I received my XXXX statement we are still showing a 20.99 % interest rate and now with a subject balance of {$7200.00} for the second bike. A monthly payment of {$360.00} due. 
I called Yamaha to get an update on this internal audit and why my account is still showing these figures. They couldnt give me an update and stated that they dont have access to that side and they would put in another request for another internal audit review and to call back in 14 days again for an update. Nothing they can do to help me. I tried to escalate this issue and they stated again I needed to get with the dealership about this issue. I stated I have spoken to the dealership about this and they sent over the paperwork with all the correct information on it. I asked to please pull this information and have this issue corrected they stated they do not have access to the paperwork only servicing does but I cant talk to servicing. I seem to be given misleading information with no hope with a resolution. 

-XXXX XXXX when we received our statement we are still showing the 20.99 % and now with a subject balance of {$8500.00} on the second bike and a monthly payment due for {$400.00}. 
I called Yamaha asking for an explanation why my balance keeps rising and what the outcome of my account audit review because I can not go another month with this issue and high payments that I have to pay that is out of my control. The customer service rep put a supervisor on the phone and they couldnt explain the charges and my balance either. They stated a manager would be giving me a call to go over this within 24hours. I received a call from the Manager and they were very pushy that I was wrong and this is my payment and the system is correct. I stated that I will stay on the phone as long as it takes to get this situation resolved. I called the dealership and had them verify to the Manager at Yamaha that all my information is wrong on the account and that they sent over the correct information with the 10.99 % and my payments should only be {$110.00} plus the {$160.00} for the other bike. The Manager then got the servicing department on the line and they tried to get caught up on my account. I believe His name was XXXX in Servicing who tried to help us. He agreed that Yamaha has the paperwork showing the 10.99 % and that it needs to be fixed. A couple days later I received a call stating that the interest rate is fixed and that they are working on trying to figure out how much I am owed on my account and once they figure that out my account will be refunded from Yamaha and will be correct. 

-I have now received my XXXX statement after I was told that everything is resolved and that they are just waiting to figure out how much my account should be credited and instead my XXXX statement is showing the following a monthly payment of {$340.00} due. 
20.99 % with a {$2400.00} balance. 
11.99 % with a {$2100.00} balance. 
10.99 % with a {$3800.00} balance. 

I am being told the issue has finally been resolved and I wont be able to truly tell if it is until my next statement. As of right now it looks like I am being charged an extra {$1000.00} in interest and my balance keeps going up. This process has been very misleading Yamaha has switched my rate, false advertising, and also bait and switch. I am desperately just asking for help I have been cooperating and paying what is asked of me.

Company response to consumer: Closed with explanation