Kia Sucks -- Kia=Krap Imported to America

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Date Posted: 20:45:00 11/10/10 Wed
Author: mr xxxxxx (true story read Kias Response)
Subject: Kia Sucks

Complaint Description - Posted 11/2/2010 4:03:21 PM

They been applying ridiculous amounts of my over payment to interest my payment is 345 a month and I pay 300 every 2 wks and my money is being spread out on interest however they see fit I've complained to them and they assured me this is not true but you can see in the history of payments I'm being ripped off

Complaint Summary

I�ve been sending extra payments every month to apply to principle and it hasn't i've paid 10,000 in 2 yrs and only 5,000 has gone to principle
Resolution Sought

I want my account to be credited properly this is a sham

Additional Information
Date Problem First Occurred:
11/20/2008
Product or Service: auto loan
Model Name or Number: ria
Date Purchased: 11/8/2008
Order Number: 20080905805223
Amount In Dispute: $4,590.00

Company's Response
Company's Initial Response - Posted 11/08/2010
The type of account Mr. xxxx has is called a 'simple interest account.' Only the interest that has accrued since the last payment was made is collected from each payment. Any extra funds sent in by the customer are applied to principal. The customer will see the extra amount applied as a reduction in the amount due on their next statement. Interest accrued on an account is calculated by this formula: Current Principal Balance * APR / 365. This calculates the interest per diem. That per diem is then multiplied by the number of days since the last payment was made. That interest is then deducted from the customer�s payment and the remaining payment amount is applied to principal. Mr. xxxxxx has a 20.05% APR and has made 26 of 60 scheduled payments. He has paid a total of $10074.00 on his account. $5145.10 has been applied to principal, $4906.07 to interest, $7.83 to late fees and $15.00 to NSF fees. If Mr. xxxxx would like a printed payment history or would like to discuss his account with a supervisor, he can contact one at 1-800-523-4030, Monday-Friday, 8AM-9PM EST.
Initial Response Summary
Only the interest that has accrued since the last payment was made is collected from each payment. Any extra funds sent in by the customer are applied to principal. The cust

Consumer's Rebuttal
Rebuttal

Never Ever buy a Kia

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Replies:

Re: Kia Sucks -- CF, 23:45:00 01/16/11 Sun