Newscast Financial - Can't Do Basic Math?

[WillyB]

We are using the Escape Promoted Newcoast Financial for our loan but I am very concerned with the math on the documents they sent me to sign off on.

I just spent the past 2 hours reviewing their paperwork and here is what I found:
** Wrong Net Price on the Title Application by over $110.
** Wrong Dispersement Amount to Escape by under $2,000.
** Wrong Wire Transfer amount requested by under $2,000.

It's not like they just typed a 5 instead of a 6 on the keyboard. They seem to be completely random numbers that are sort of "in the ballpark".

Geez, for a stiff processing fee I'm shocked by someone calling themselves "Financial".

Has anybody had this problem with Newcoast Financial?

[cpaharley2008]

Not familiar, nor have heard of them......

[WillyB]

I went with them because Escape promoted them and their rates were good.

Per Escape's website:
"USA Finance
We have partnered up with NEWCOAST Financial Services. Quick and easy process."

[WillyB]

After communicating the specific errors on the finance documents sent to me from Newcoast Financial they emailed me another 38 pages of which was supposed to be a corrected document.

Somehow the clowns still can't get things right. Not big things but incorrect things such as dispersement of funds to Escape Trailer. They were close this time but it appears they simply can't do things correctly. It's small but it's a legal document!!!!!

After explaining things in very specific detail on the phone they are going to send me another 38 Pages so I can now triple check their work.

For those who have used Newcoast Financial, were they this bad?

[Boot Lady]

Has anyone used USAA to finance a trailer? I'm having problems with everyone I've talked to. We have 2 other offers so not committed with them.


Other suggestions?

[TTMartin]

Originally Posted by WillyB

We are using the Escape Promoted Newcoast Financial for our loan but I am very concerned with the math on the documents they sent me to sign off on.

I just spent the past 2 hours reviewing their paperwork and here is what I found:
** Wrong Net Price on the Title Application by over $110.
** Wrong Dispersement Amount to Escape by under $2,000.
** Wrong Wire Transfer amount requested by under $2,000.

It's not like they just typed a 5 instead of a 6 on the keyboard. They seem to be completely random numbers that are sort of "in the ballpark".

Geez, for a stiff processing fee I'm shocked by someone calling themselves "Financial".

Has anybody had this problem with Newcoast Financial?

I suspect the $2000 discrepancy is because of the $2000 deposit.

Also, the $110 is the amount of US import fees as I recall.

[Centex]

Originally Posted by WillyB

After communicating the specific errors on the finance documents sent to me from Newcoast Financial they emailed me another 38 pages of which was supposed to be a corrected document.

Somehow the clowns still can't get things right. Not big things but incorrect things such as dispersement of funds to Escape Trailer. They were close this time but it appears they simply can't do things correctly. It's small but it's a legal document!!!!!

After explaining things in very specific detail on the phone they are going to send me another 38 Pages so I can now triple check their work.

For those who have used Newcoast Financial, were they this bad?

I'm sure you've considered the possibility that these struggles might be indicative of struggles during the servicing life of the loan, particularly if one anticipates slightly 'out-of-the-normal' things like making occasional additional principal payments or similar (e.g. payments often requiring manual ledger entries unlike the typical automated processing of monthly P&I payments).

Nope, I've never dealt with this lender, but I have (once) had the unfortunate experience of entering into a loan based on attractive initial rates and terms only to struggle with the lender's 'accounting / arithmetic / fund allocations' during the service life of the loan. Never want to have a repeat of that.

Good Luck!

[oldwave]

I once had a credit card from a company in the 90’s that would pull this trick. You send a 1000 dollar payment they would credit you 100. This happened for two payments in a row a week apart, one for 1000 on for 1500. Credited 100 and 150 respectively. It took two months for them to fix it with repeated calls. They were later sued in a class action and lost. It was deliberate. Caveat Emperor. By the way it was one of the largest credit card companies at the time.

[sofmerc]

Newcoast I believe