Vehicle loan or lease -- Managing the loan or lease -- Complaint #6783937
Complaint Overview
Complaint ID: 6783937
Company: Mercedes Benz Financial Services
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Managing the loan or lease
Sub-Issue: Billing problem
State: Arizona
ZIP Code: 85023
Date Received: 2023-04-01T12:00:00-05:00
Date Sent to Company: 2023-04-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I got a car loan of XXXX purchase price with interst rate of 11.99 % upon making my first payment this month i found incorrect amount in interest rate. I am supposed to pay monthly payment of {$1200.00} total where 11.99 % ( {$140.00} ) goes to the interest and the rest of ( XXXX ) should goes to the principal so i should see on my account a balance of {$68000.00}. Instead of that i have seen that the {$1200.00} payment {$950.00} went to the interest and {$270.00} to my principal and it shows a balance of {$69000.00} which is incorrect and that was not the interest of XXXX that we agree. It is an amount that they put in there and morover on the statement it didnt even shows the amount of the interest rate. I have the prove. I call mercedez finance dept and they told me to contact your dealer so he has to rectify because they were only doing what they got on paper they also told me to file a complain against the dealer. I went to the dealer and sit with the finance rep and seems nervous when i told him the situation he was trying to justify himself by saying the more you pay the intdrest rate will go down. I ask him the question that the contract interest rate was 11.99 % not down no up. And i ask him to call mercedez finance while we are together they should have that call registred a lady picked up and she stated assissting us and when i ask her what is the loan amount that i am paying she stated corect {$69000.00} and then i asked interest rate on the acoount she said XXXX $ then i asked her to do the math and give us the amount in dollar for that as it is wrong on the account she is hold while calculating then she hang up on us. For that reason i am filing a complaint and i have their voice registred. I stated that if they didnt correct that they can take their car back and never hurt my credit score of me.
Frequently Asked Questions
What is Complaint #6783937 about?
Complaint #6783937 was filed against Mercedes Benz Financial Services regarding Vehicle loan or lease specifically about Managing the loan or lease. It was received by the CFPB on 2023-04-01T12:00:00-05:00.
How did Mercedes Benz Financial Services respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Vehicle loan or lease) and describe your issue in detail.
Can I see other complaints against Mercedes Benz Financial Services?
Yes, visit the Mercedes Benz Financial Services company profile at readthecomplaint.com/company/mercedes-benz-financial-services to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.