Prestige Financial

[Anonymous]

Has anyone got a new loan with Prestige Financial recently? I've read a ton of really awful reviews, but I worry they may be one of the only ones willing to finance me after BK7. 

[bstone]

We did last weekend.  Haven't made the first payment yet.  I'm really not too concerned with their customer service as I have every intention of refinancing with NFCU within 6-12 months, so I wasn't all that concerned with reviews.

Be mindful though, all the reviews start with "I was late on my payment..." or "I needed to be late...", no one complains about being on-time and having issues.  It's a simple interest loan, make your payments on time and X will go to interest and Y will go to principle.  If you are on time each month it will be paid off on time.  If you're late, well, the compounding interest will kill you.

BTW, our loan is at 16.49%, we financed just under $21K.

[Anonymous]

Did you have to have a down payment?

[bstone]

Nope.

[LynGene]

I've been with them for over a year, and I've had zero hiccups.  I did not have a downpayment.  Whatever the dealer rep & Prestige did was seamless as I never heard a peep from the time I initiated the process through trustee approval.  I kept waiting for the other shoe to drop.  I am not sure if this program is still around, but every quarter I keep up with timely auto-pay payments they reduce the interest rate a small % up to 2% I believe.  That has come through without me initiating anything, and once I hit the 1 year anniversary of loan payments I got an email saying I'll never have a late fee charged because of the good history.

I have no idea what basis the reviews are on, but I've had nothing but a stellar, low maintenance relationship with them. 

[LynGene]

I believe I started with a 14% on a 28k SUV.

[TRC_WA]

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@bstone wrote:

We did last weekend.  Haven't made the first payment yet.  I'm really not too concerned with their customer service as I have every intention of refinancing with NFCU within 6-12 months, so I wasn't all that concerned with reviews.

Be mindful though, all the reviews start with "I was late on my payment..." or "I needed to be late...", no one complains about being on-time and having issues.  It's a simple interest loan, make your payments on time and X will go to interest and Y will go to principle.  If you are on time each month it will be paid off on time.  If you're late, well, the compounding interest will kill you.

BTW, our loan is at 16.49%, we financed just under $21K.

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Your sig says you filed Ch 7 on 10/9 but financed a car last weekend?

[bstone]

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@TRC_WA wrote:

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@bstone wrote:

We did last weekend.  Haven't made the first payment yet.  I'm really not too concerned with their customer service as I have every intention of refinancing with NFCU within 6-12 months, so I wasn't all that concerned with reviews.

Be mindful though, all the reviews start with "I was late on my payment..." or "I needed to be late...", no one complains about being on-time and having issues.  It's a simple interest loan, make your payments on time and X will go to interest and Y will go to principle.  If you are on time each month it will be paid off on time.  If you're late, well, the compounding interest will kill you.

BTW, our loan is at 16.49%, we financed just under $21K.

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Your sig says you filed Ch 7 on 10/9 but financed a car last weekend?

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Yeah. We spoke with our attorney about some options and he felt this was not necessarily the absolute best option, but the best for us.  The interest rate is lower than we had and the payment is lower as well, so even if the trustee questions it we did the financially responsible thing.  It's not like we went out and picked up a $50k SUV, we got a minivan.

We will actually make our first payment before our 341 meeting.

[0REDSOX7]

Let us know how that works - are you disclosing it to the Trustee that you obtained new credit after filing?  I would think you need to update your petition to state the fact since you will be asked if your petition is correct to the best of your knowledge...

[bstone]

We obtained this after filing, it doesn't fall under the BK. This is why we have an attorney, to ensure we do the right thing.