- Report: #118557
Complaint Review: TranSouth Finance Corporation - Minneapolis Minnesota
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Author Not Confirmed
Why?
TranSouth Finance Corporation
www.transouthfinance.com Minneapolis, 55440-1437 Minnesota, U.S.A.
Phone:
888-872-6768
Web:
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TranSouth Finance Corporation ripoff Minneapolis Minnesota
I was a customer to TranSouth finance for a period of time up until I was in a car accident. The car was claimed to be a total loss. There was nothing to do until I recieved contact from my insurance agency.
When I was finally contacted, I was informed that the insurance would not pay the total balance and that I would have to pay the rest. I immediately began paying what I was usally paying as if I still had the car, but there was a problem because the time that passed while awaiting the insurance agency; I was being charged for it.
I continued making my payments on time but I was still being threatened that this would be passed to a collection agency and my credit would be affected by it. Now,this is a no longer a threat. The balance was sent to a credit bureau and my credit will be affected by it.
Jason
SUMMERTON, South Carolina
U.S.A.
When I was finally contacted, I was informed that the insurance would not pay the total balance and that I would have to pay the rest. I immediately began paying what I was usally paying as if I still had the car, but there was a problem because the time that passed while awaiting the insurance agency; I was being charged for it.
I continued making my payments on time but I was still being threatened that this would be passed to a collection agency and my credit would be affected by it. Now,this is a no longer a threat. The balance was sent to a credit bureau and my credit will be affected by it.
Jason
SUMMERTON, South Carolina
U.S.A.
1 Updates & Rebuttals
Doc
Newton,North Carolina,
U.S.A.
Know what you are doing before you sign a Contract
#2Consumer Comment
Fri, February 22, 2008
I had a car financed with Transouth. On a 1988 Ford. My wife at the time had filed a BK a few years before. We did the deal with the car lot and the only finance company the would touch us was them. The rate was higher that we expected but we took the deal. We did not have gap or was not offered the gap program at the time of sale. We did buy an Extented Warranty and Transouth financed it with the car. Good thing... Transmission went within 6 months and the Warranty paid for it. We paid on the loan for 3 years + on a 4 year contract. We sold the car and made money from the sale. Transouth was happy... We were happy. So I would strongly suggest that anyone being financed by a subprime lender buy a Warranty and Gap and have them included in the financing.
