Leap Auto Loans |
| United States, California |
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Consumer reviews about Leap Auto Loans |
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Jellee
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Dec 17, 2011
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Leap Auto Loans a Ripoff
I work for a major automotive finance company. When our customers' vehicles are repossessed, Leap Auto Loans has the customer to call to negotiate a payoff for a lower amount. They expect our company to write off 15-30% of the remaining amount of the loan but the customer pays double for the car once Leap becomes the lender. In many cases, it is more beneficial for the customer just to pay the past due amount and repossession costs to get the vehicle back from the finance company. Many auto finance companies do have programs in place that allow customers to get their vehicles back after a repossession. Some state laws require auto lenders to reinstate the loan even after a second repossession. I would recommend that customers weigh all of their options before signing their life away to any kind of loan contract. With the primary lender, you already owe more than the vehicle is worth. Why drown deeper in debt if you don't have to? Many customers are able to refinance their loans with a credit union for a lower interest rate. Also, I can understand why Leap would want to protect/track its collateral but you're giving up your14th amendment rights (and paying $1000) to have a GPS tracking device installed to my car. So think before you commit to any loan agreement and read carefully before you sign. Good luck to any customer during these tough times.
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WatchOut4You
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Dec 17, 2011
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Leap Auto Loans a Ripoff
Just don't pay it and let it go back to them. What they are expecting is absolutely ludicrous. It will be on your credit for seven years, but just have someone co-sign for you to purchase another one. Make them work for it and have them repossess it outside your apartment or house.
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LeapMade
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Jan 17, 2012
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Leap Auto Loans a Ripoff
My car was repossessed with me only owing $3500. I bought the car brand new and only had been paying on it for 5 years. My husband and I both had hours cut so we go behind. Leap helped me get my car back. Yes, the $3200 went to $8000 and it is stretched over a 24 month period. I can pay it off early and only end up paying about $5500 or $6000. I did notice on the contract that once the car is paid for, there is $2200 that has to be paid for me to own it. They did not tell me this. I found it when I went over the contract. The manager at Leap showed me that the $2200 was broken down over the 24 months. That is where some of the extra $4000 came from. These guys have to make money somehow and they are taking a huge risk with people that are in repossession. I would rather pay the extra money than to have a repossession on my record. Ive only had my car back for a few days so the first payment is not due yet. As of right now, I am pleased with Leap and their help. I pray that things go accordingly.
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antemortem
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Jan 19, 2012
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Leap Auto Loans a Ripoff
I'd rather not get into all the specifics, but I found this company and most of it's reps to be overly aggressive, pushy, and demanding for a business that is supposedly there to assist the public. Obviously they work on commission.
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ANATASIA HUGHES
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Feb 25, 2012
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Leap Auto Loans a Ripoff
I was told that they interrupt your car when they don't hear from you about your payment being late. They interrupt your car on the first of the month if you don't pay on time. I called a few times and made payment arrangements now all of a sudden you can't make payment arrangements. It's a rip off I feel they know people do have situations when they might be late and need to make payment arrangements I feel your car should be interruted when they don't hear from you at all. Customers who make their payments on time or stick to a payment arrangements they should be accommodated better I know they don't pay all their bills on time. They shouldn't lie to customers thats why they have a lot of negative feedback I do not recommend them to a dog.
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BLONDE BUT NOT STUPID
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Mar 4, 2012
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Fraud-bait and switch
I recieved info frm my bk attorny to go to 722redemption.com to see about obtaining a loan to keep my car. I was trans to Sweeny West in San Diego Ca. The guy I delt with only said that there was no money out of my pocket that is was a special for the month of FEB. Yes too good to be true...Of course the car I really wanted was sold and yes thinking I was desperate I settled on another... THEN I GOT THE SO CALLED CONTRACT. After reading the contract it is not a loan it is a LEASE ON A USED AUTO FOR 60 MONTH. I emailed him and said no after the 60 payments are made its ours.. I guess he thought I cant read... The Lease says vehicle return fee 250.00 and then a disposition fee of 500.00then the estimated total amount I will pay for offical licensing and fees regestration another 1894.80... OH but yes I can purchase the car I would lease for 60 months for 3023.20.. Did I tell you that the price of the car is 13k at the end of the lease would have paid 26, 952k... Seriously you got to be kidding, we need a car but I would rather rent one from Walmart!!! LEAP AUTO LOANS CAN TAKE A FLYING LEAP !!!
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leapvictim
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Jun 21, 2012
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Leap Auto Loans-BAIT AND SWITCH
After loosing my husband in an accident, I was forced to file BK and lost my only vehicle. I was recommended to LEAP Auto Loans as a way to help get a vehcile and restore my credit. When I spoke with the man at Jake Sweeny in Ohio (Ramone was his name) he assured me I was PURCHASING a great vehicle at wholesale so I could restore and rebuild my credit and would not be in a negative equity situation when I was ready to trade this vehcile. He said they would deliver the car to me in NC at no charge. There was much talk about how they were here to help me and my kids get our lives back to normal. When I got the paperwork emailed to me it said I was "leasing" the vehicle, not purchasing it as I had been told. When I questioned this paperwork I was told I was purchasing this vechicle and I could pay it off or trade the car at any time I chose and I would only pay for the time I actually kept the car and not the whole 5 year term, after reculantance I agreed and the car was driven by someone to me in NC, Once i saw the car I immediately said this is not the car I agreed to purchase, the man told me he only had 30 minutes to get to his bus and that I could call LEAP and they would work everything out with me on the car not being as it was advertised by the dealer, Jake Sweeney. I called LEAP and they refused to help me, said they have no control over that and that I am now stuck paying for this car that is overpriced for what I acutally recieved. I dont know what to do. I feel trapped into taking something I did not agree to. It has been 3 weeks since I recieved this auto and they are now calling me telling my I to start making payments on the car. DO NOT DO BUSINESS WITH THIS COMPANY!!!!!!!! THEY ARE SCAM ARTISTS AND WILL TELL YOU ANYTHING TO GET TO YOU ACCEPT THE DEAL. CLASSIC BAIT AND SWITCH GOING ON HERE. THIS IS A RIP OFF AND I WISH THERE WAS A WAY TO GET OUT OF THIS DEAL.
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