Consumer complaint received 2024-03-19 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with the interest rate
Company: Bridgecrest Acceptance Corporation
State: NC

Complaint narrative:
I got my vehicle in XXXX XXXX my payments are {$520.00} a month but I am paying {$260.00} biweekly. This is my first time getting a car from a dealership and I did not know that an APR rate of 28 % was terrible. XXXX XXXX/Bridgecrest knew my vehicle was worth way less than my loan amount and that is something that I was not aware of. I was making payments on my car and then the cars transmission went out a little over a year later. Just a few months ago my engine went out also and I had to pay {$400.00} and change for the parts that were not covered under my warranty. Each time I would make a payment I noticed that my principal is remaining balance would still be the same so I am confused as to why all of my money is going toward the interest and not the principal. I feel that is why my principal is still at a balance where it looks as if I havent touch it because all of my payments are going straight to interest even when I first started making payments. I have asked XXXX XXXXXXXX XXXX and bridgecrest to refinance my loan for my cars Value is worth less than the actual loan its self but they say they do not offer refinancing at all. They threaten to repossess my car if I did not make a payment I now have an interest wall up of {$1800.00}. I had to defer {$800.00} worth of payment from when I was out of work due to an injury that I did not get compensated from. Even before I deferred my payment, I still had accumulated interest from them but applying hardly anything to my principal and I was told a deferred payment would help me avoid repossession so I took that option because they made it seem good. When I add up all of my total payments that I have made since I received my car, it adds up to around $ XXXX {$13000.00} which should leave a balance of {$6000.00} to {$7000.00}. Why is my remaining principal still at {$17000.00} for the whole two years that I had my vehicle almost now three? Even though Ive made my {$260.00} payment evXXXX XXXX weeks it seems as though I havent made a payment at all since I had the vehicle. I dont mind surrendering the vehicle, but when I offered to surrender it, they threatened that I would still be responsible for the balance after they sell it, and whatever interest that has occurred. I lost my job back in XX/XX/XXXX being that I could not fulfill my job duties from an injury that I suffered in XX/XX/XXXX. I recently went homeless XX/XX/XXXX and I asked if I could possibly have a pause on my payment, give the vehicle back with no ties, or other options that could help me save my vehicle and or credit and no one has been trying to work with me at all. I have been in hardship for quite some time now, and I am just looking for other options out of this loan that they knew was upside down with the negative equity. I am in desperate need of someones help out of this upside down loan.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation