Update by user Aug 24, 2017
Also filed my complaint with the CFPB a government agency which sends my complaint to the company for response. I don't think they have any more involvement than that.
Anyway, perhaps coming from them, I thought, would produce results and I was right.
The company did respond to me with an update and a clear explanation of how the accounting was done which I did agree with. Company could have eliminated my grief along with negative publicity for them had they been more transparent in the process in the first place.
Original review posted by user Jul 25, 2017
I called on 7/24/2017 for a payoff amount on my 2015 KIA. I was given an amount that would have had me paying over $400.00 more then owed.
When I asked to have it explained to me all they would say is I had to pay the payoff amount they showed and I would get a refund after overpaying. Loan details was for 36 months at $338.10 per month for a total of $12,171.60. I made 34 on time payments of $350.00 thinking I would cut approximately one payment. I overpaid $404.60 in total which I come to find out they don't take that amount from the principal but for some reason a portion is applied to some form of unearned interest.
I'm unable to get my brain around this and the rep along with the supervisor would only say I had to overpay and trust them to return any excess. I have no idea if I have any recourse but to overpay?
Product or Service Mentioned: Kia Motors Finance Auto Loan.
Reason of review: Problems with payment.
Preferred solution: Let the company propose a solution.
I didn't like: Policy, Billing practices, Finance through kia motors.