Business ProfileforIndependent Bank

I had a vehicle financed with this bank for 6 years. During this time my wife received a notice asking her if she would like to take advantage of a payment deferral, she did this 4 times during the 6 years. We have made payments on time during this loan agreement. We received the last payment notice notice this month telling me the end of the loan had come and we owe ******* as a last payment. Our normal payments were ****** per month. They would not extend the loan end date 4 months to let us keep making the 329 payment, that they offered to us with no mention this would happen at the end of the term. We had to pay the ******* out of our savings account to avoid credit issues with this loan. We just thought everyone should know how they do business. Keep up in mind we are customers that were not late on payments and never missed any as well.. the 4 times we deferred the payments, we paid the interest on that monthly payment. I called and ask for them to extend the loan 4 months so we would just keep making the 329 monthly payments and they refused to do this, forcing us to pay the *******. Anyone thinking of using this bank should read my post!

Dear ****************,We are terribly sorry to hear about your negative experience! A deferment can certainly help out when a customer is in a pinch. However, a customer is under no obligation to take advantage of the deferment. The downside to a deferment is that your interest on the loan continues to accrue, and this can trickle down and balloon your final payment. With each deferment, the bank discloses that a skipped payment will result in higher finance charges. A payoff may also be influenced by payments received after the due date or if there are extraneous fees such as late charges. We will send you a payment history for your records, and please feel free to contact the bank for any questions you may have.