7 years ago I purchased a brand new KIA Sorento from Shelor. Needless to say I did have bad credit at the time (who doesnt) however they had me sign a "Simple Interest Contract". I was never told this was any different of a contract that a normal car purchase contract. Fast forward to this year when I should have only had 2 payments left, I noticed I owed about 6000.00 when in fact I should have only owed 2000.00. In contacting the finance company Shelor set me up with (Santander - an entire other nightmare) they explained to me that the contract Shelor had me sign allows them to add a daily interest to my account (which was $2) as well as any additional interest for the loan. They then proceeded to tell me that once I mailed in my final payment I would have 30 days to come up with the rest of the interest (around 5000.00) if I didnt pay it in a lump sum I could continue making my regular pmts however the interest would still add up. So in the end I would never pay off this loan unless I paid in full.
I ended up trading my vehicle because of this and I will never purchase another car from them again, even if they are the only lot with my dream car. My advice to anyone who has bought a car from them check and make sure you didnt sign the "Simply Interest" contract because if you did you will be paying the loan for the rest of your life.
I purchased a 2007 KIA Sorento for 26,995.00 - there was 6000.00 left on the loan when I traded, close to 5000.00 of that was interest - Had I paid that in full I would have ended up paying close to 50,000.00 for this car.