Consumer complaint received 2024-06-14 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Struggling to pay your loan — Denied request to lower payments
Company: Bridgecrest Acceptance Corporation
State: MI

Complaint narrative:
My auto loan company BRIDGECREST is a LOANSHARK. I would have gotten a better loan deal from the XXXX. This company is purposefully stealing from me. I took out a car loan with Bridgecrest in XXXX. It was not explained to me that this was a simple interest loan or what that means for interest payments. My contract said I would make XXXX payments at {$350.00} per month and 25 % interest. Due to XXXX I fell behind on payments. I requested extensions for 2 payments so I could be brought up to date. Bridgecrest denied me that request ( even during the pandemic ) and offered me only one extension. When I explained this one month extension would not help me get caught up completely and would leave me in a perpetual behind status that I could not get out of, they still only would give me one extension, so I took that cause that was all there was and my car was about to be repossessed. Fast forward three more requests for two extensions and only being allowed one extension each time, my account remains behind. I have told the company each time that one extension will not help me and because of COVID I need two extensions to get caught up completely. This is on purpose by Bridgecrest -- they have been told I can not get caught up without two extensions, yet will only give me one extension ( bridgecrest reps have told me on the phone they can give two extensions at once per company policy, but they won't do so ) Because of my behind status EVERY SINGLE PAYMENT I MAKE GOES 100 % to INTEREST and I have built NO EQUITY on this loan, none. This has been going on for 4 YEARS> I HAVE PAID MORE IN INTEREST THAN I BORROWED ON THE CAR AND I OWE MORE NOW FOR THE CAR THAN WHEN I BOUGHT THE CAR. I recently got up with the company again and requested two extensions so I can get out of this cycle of paying forever on this car. I have been told an absolute no. I then asked to lower my payment amount due to financial hardship so I can get caught up in that way and was also told no. I explained to the rep that I have been paying nothing but interest for over four years and owe more on the car now than when I bought it and that I felt Bridgecrest purposefully put me in this position. The company knew I was low income and XXXX when I got the loan, they know I can not pay two payments I got behind on due to XXXX to get caught up. They are purposefully loan sharking me, technically forever. I either have to give up the car to repo and lose my credit rating forever, or continue to pay nothing but interest for the rest of my life or until I win the lottery. I have paid nothing but interest for XXXX and XXXX years. I deserve a break by Bridgecrest and some help here. This amounts to purposeful legal theft and is ridiculous. The entire loan balance for this company should investigated. I have looked online, I am not the only person suffering like this due to falling behind years ago due to XXXX. There are thousands of others.

Company response to consumer: Closed with explanation