Complaint / review text:
I purchased a 4 seat Kawasaki UTV and the loan was with Sheffield Financial. With over 11.75% interest (for a customer with a 779 credit score to boot), I decided to pay the over $18000.00 financed amount off in a few lum sum payments, rather than letting them get so much money in interest for a loan I didn't want to draw out for the full term.
I made two $5000.00 payments in a row and then another $2000 payment. Not looking at my previous statements, I had noticed that although I was paid ahead 3 years on the loan, they had taken almost $400.00 interest out of the $2000.00 payment, even though my statement clearly reads $1.72 daily interest accrues. They took 500% more interest out of my bulk payment than was due for 1 month at the current rate. My entire interest paid in 2013 was less than they took from my one principle payment.
Apparently you can't make principle payments?
They will be sued or audited after I receive my accounting. Rip off someone else you scumbags!