FirstBank of Puerto Rico Consumer Loan Complaint

FirstBank of Puerto Rico Consumer loan department,

Vehicle loan Managing the loan or lease Florida

A couple of years ago I helped a friend and cosigned a vehicle. He and I purchased an - -. Now that my friend is now struggling to make payments, a lot of late payments has affected my credit. I have educated myself on learning more and more about credit repair and have been doing whatever I can to maintain good credit. Unfortunately my friend, - who purchased the car with me, has been struggling to make payments. It was my fault for not properly reading the documents and just signing on the line. I now am trying to help him payoff the vehicle and I tried to get the vehicle refinanced. Unfortunately I was denied twice due to the vehicle being a negative equity. As I read the payoff balance, and I now understand interest rates I believe this bank did, and has been taking advantage of the low income population. - and I have been paying a 17 % interest rate on a - loan. And from the document I see they are charging $7.00 dollars of interest a day. I do not think this is a normal tactic. I 've reached out to Firstbank countless time for


is not a normal percentage of interest, and because of the value of the vehicle, and the interest rate, and the term of the loan, this was without a reason of a doubt, destined to become a negative equity, and the bank knew this from the beginning. Not surprisingly I was promised lower interest rates after 6 months of payments and that never happened. I see no end to this loan, I will be repaying this for the rest of my life. The bank has the control, and refuses to help my situation. Although payments were late, we are up to date, and it 's extremely unfortunate of the sleezy tactics these financial institutions use. I 'm only - years old, and am contemplating bankruptcy, something I do not want to do.