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I have had a loan for a car with this company, after repossesion of the vehicle things started to get bad. the sold the car for around $6000 and are still trying to collect $14,000 when the original purchase price of the car was only $13,00 and i made payments for 2 years befor i lost my job and had to self surrender the car.

they have spoken to my husband befor we were married about such dept without my permission, they called him telling him that they were from drivetime trying to verify employment to get my new employer's information. they have also called him claiming to be a potential employer to see if i was interested in a job only to to continue to ask him where i currently work. they have called my mother claiming to be Bank of America, whom i have no accounts with, trying to get her to confirm who my employer is. they have called my former employer multiple times and even spoken with coworkers trying to get information about me.

they even continued to call me at work even after i told them i couldn't recieve calls.

This company is the worst i have ever delt with and because of them i have to watch my every move as they are currently trying to garnish my wages and get about $700 amonth directly from my employer. i would never use them again and would tell anyone that if that is your only option for auto financing then to save your money up and take the bus till you can just pay cash.

Location: Phoenix, Arizona

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Guest

John q, you are a misleading person and I do believ you work for prestige; what you propose is impossible because no Finance company will finance a 5k car for 13k that is like 260% LTV???. If they received a 1099C that means that the debt has been not only charged off but discharged and they no longer have to repay it and that is way now it will be counted towards income! In order for someone to get a garnishment the following needs to happen:

- Prestige needs to provide you with proof of how much the car sold for at a public auction (have in mind that if the price falls outside the fair market price of the car, you can ask the judge to have that into consideration if it gets to a situation of a deficiency judgement)

- You need to be sued for the deficiency, you need to receive a summons from the court and be sued!!! if you are served do go to court and ask them to present you with all the information pertinent to your loan, if their records are not complete or clear, the sales price of the car is way below fair market value you might end up having the case desmissed or having the deficiency reduced.

- If they win the law suit, they have to ask the court for wage garnishment or to be able to take the assets from your bank account which is an additional step. They will notify you if this happens and there are laws in regards to this that vary by income type and income levels. If you are a head of household with 2 children and making less than 30k you might be in the clear. To be honest prestige might not even bother to sue you, why you might ask? fiance companies study the risk of you declaring bankrupcity, being declared incapable by the court to repair the debt or simply if your income is derived from SSI urngarnishable. DO YOUR RESEARCH! KNOW YOUR RIGHTS!

Guest

After paying all the fee's to get my vehicle back from repo..they won't release the vehicle or tell me where its at. Before payment was sent they kept calling me and now that they have my money they won't answer or call me back after I've left voicemails.

Guest

looks like butt head and john q are either friends or the same person

Guest

First of all I had never heard of PFS til about an hour ago and in no way am I affiliated with PFS.

John Q Public, you're right on most fronts,...

These people AGREED to a certain term, rate, payment and probably this harrasment in fine print, which no one reads properly. I am guilty of this in my early years.

Furthermore, the real problem does not have to do with PFS, it has everything to do with these folks not being able to manage cashflow effectively. After all, if they possessed this skill, they would not have to go to a lender such as PFS in the first place.

I'm tired, as it seems you are too, of people constantly blaming others for their lack of financial prowess. It's not PFS fault that these customers are in the financial situation they are. In fact, these people should be pleased to even GET a loan.

On the flip side, PFS certainly could get a lot more "bees with honey" than with their currently collection behavior and fair-poor customer service. Although PFS is not breaking any usury laws, their current interaction with customers is leaning heavily towards a "gray" area of what is legal.

Most companies are VERY aware of where the law starts and stops with regard to their behavior, and consumer (customers) are legally required to be informed of the above by these companies at the time a business transaction takes place.

However, a person has to play devils advocate here and ask, "Is there a possiblity that these high-risk credit customers are in this very situation (needing a loan from PFS), because their past financial history is wrought with "fire from the hip," knee *** reactions and last minute or implusive decisions? Could it be that, much like their past, they merely skipped over reading the "fine print" of their PFS contract (or possibly didn't understand it) in an effort to stay within their financial "blue print" of poverty?

I don't know...I'm just saying....

Guest

So whats your excuse for the harassing phone calls and the pretending to be another company. is this how prestige operates?

that to me doesn't sound very good for buisness or ethical. that right there says that they don't give a *** about any of their customers just their money.

Guest

Alright,

Common issue here.

So the car was Repossessed and then sold at auction.

They got 6k for it at auction and you owed 13K(Giving you the benefit there)

Legally YOU still owe them 7K for the car.

To make it easier for you. Say you trade in the car. You owe 13K and the Dealer gives you 6K. They roll the 7K into the new loan payment. Make sense now? You still owe the remainder regardless.

Now the fun part is you probably have already gotten a 1099-C for the 7K which you will need to pay the taxes on.

I will tell you however State laws vary about Garnishment and they are only allowed to take a certain percentage of what you make each month. I would check with your state regarding this.

Honestly it may have been better for you to get the Money for the backpayments and gotten the car back and then traded it in for a cheaper car. Assuming you could have found something for say 5K.

Good Luck.

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