Consumer complaint received 2017-12-14
Company: PRESTIGE FINANCIAL SERVICES INC
State: TX
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Billing problem

Complaint:
We financed an auto using Prestige Financial Services , Inc on XX/XX/XXXX. At that time, we were provided with a Truth in Lending Statement which disclosed the following : - 20.40 % APR - {$17000.00} Finance Charge - {$23000.00} Amount Financed - {$40000.00} Total of Payments - {$550.00} Amount of Payment - 72 Payments During tough financial times, we were unable to make the monthly payment and they added 3 payments to the back, extending the mature date of the loan out 90 days.

As of today, we have made 71 successful payments but have been told we still have a balance of {$6200.00}. We have been informed that the balance is due to us paying late and additional interest that has accrued over the course of the loan. I have requested, NUMEROUS times for an amortization schedule which would show how much of each payment was SCHEDULED to go towards interest and principal. I have only been provided with an Account and Fee Statement. It does show all the activity on the account including how much went to the interest and principal. However, the amount that was applied to interest and principal was very inconsistence ; thus, which lead to my request for an amortization schedule because it does not look as if they were following a schedule of any kind. 

I understand that at the beginning of the loan more goes towards interest than principal. However, as it stands we have no idea when we will be done paying for this loan. Based on their calculations and how they applied payments, we have paid : - {$21000.00} Interest ( Truth in Lending stated we would ONLY pay {$17000.00} ) - {$17000.00} Principal ( Amount financed was {$23000.00} ) If interest, from our payments, would have been applied to the set amount of {$17000.00}, as disclosed to us in the Truth in Lending Statement and the rest towards principal then we would only owe about {$1400.00} towards principal and {$580.00} in fees for a total owed of {$2000.00} instead of the {$6200.00} that Prestige Financial Services, Inc states. 

Another important detail to note, is that the Truth in Lending Statement figures are based on 20.40 % APR. During repayment, our interest rate was reduced two times to 20.15 % ( XX/XX/XXXX ) and then again to 19.90 % ( XX/XX/XXXX ). Thus, this should have also reduced the amount of the Finance Charge that was to be paid back. 
Without any amortization schedule, we could be paying for many more additional months! Most recently I was told by XXXX XXXX, Asst. Team Leader on XX/XX/XXXX,  that they ( Prestige Financial Services , Inc ) are unable to access my account and the amortization schedule since we are delinquent. That makes NO sense! Prior to XXXX, I have been in communication with XXXX XXXX who is a Specialize Account Manager. Our account was transferred to XXXX because we were affected by Hurricane Harvey and lost almost everything. One day, in XXXX absence, I spoke with XXXX XXXX, XXXX Customer Service, who provided me with a letter stating how much was needed to bring our account current. 

Over and over I have been told that late payments is the reason why I have to pay more. However, they have not been able to show me an amortization schedule that will support their claim which has resulted in almost {$6000.00} in additional interest.

Company response to consumer: Closed with explanation