Product: Vehicle loan or lease

I purchased a car in XX/XX/XXXX for my son who had just moved to XXXX from XXXX. He was unemployed and needed to find a job but needed a car to get around for interviews and then to work. He found a job and the plan was to refinance the car in his name once he was stable in his job and had consistent income. 

We went to XXXX XXXX XXXX in XXXX XXXX, XXXX to see a used car that had been advertised at about {$14000.00}. We test drove the car and after driving it, weren't very impressed with it so the salesman showed us a XXXX XXXX XXXX that was for " about the same price ''. We test drove it and liked it so we went in to do the financing part of the purchase. 

I had walked in with a pre-approval from XXXX XXXX and told them the payment range we would be comfortable with. After going back into the office, the finance manager came out and said that although it was approved with XXXX XXXX, he recommended another lender who would sell us the car at a lower interest rate, so of course, I said, yes, do that. At one point he came out and asked that I fill out a paper with personal contacts and when I objected, he said that it is required of the lender and that it was just a formality. I did do it, although looking back, I realize that I should have known that something wasn't right at that time. After sitting there for about 2 hours, I finally signed all the papers and we left with the car. 

At the end of XXXX I was contacted by LGM Financial telling me that I was " in Collections '' because my payment was due THAT VERY DAY. I had received no coorespondence or contact from them prior to that day. No account number, no instructions where to make the payment, no interest rate, no due date, nothing. When I objected REPEATEDLY stating that I would not " pay them over the phone '' and to send me loan details, they finally sent an email with my account number and payment amount with a link to pay online as well as a generic welcome letter dated as XX/XX/XXXX but it still had no detailed loan information contained in it at all. The email and letter is attached. 

Although very upset, I made the first payment. My second payment I made on XX/XX/XXXX instead of XX/XX/XXXX because of the timing of my paycheck. I went through 3 days of relentless calls. Even after I said it would be paid the XXXX, they kept calling and not only that, once again I asked for a statement on the account so I could see the details of the loan. They never sent it but I did pay. This cycle has been repeated over and over ever since. Constant calls ON THE DUE DATE and anything thereafter. Not just one, it doesn't matter if you say I will pay it in a couple hours after work, they call and call and call. They also like to send text messages. In the history of my loan, I have actually paid early 6 times, been 2 days or LESS late 5 times due to my paycheck falling after the XXXX. Twice I paid on the exact date and twice I was legitimately late. Once for the XX/XX/XXXX payment which I spoke to them and told them I would be late and went through this pushy barrage of personal questions. I finally just said I would pay it by the XXXX and hung up. They continued to call. This last time I was late was because I REFUSED TO MAKE A PAYMENT UNTIL THEY SENT ME A STATEMENT showing all of my payments and how they are being applied along with a payoff for the car. The would not email it to me and said that it had to be mailed via regular mail. They still constantly called and texted, even after they agreed to do it, the harassment never stopped. If they would have emailed it to me, I would have paid that day ( which I told them ) but they refused. Once I got the statement, I made the payment as promised. It still does not clearly state the interest rate anywhere and the prepayment penalty is not spelled out either other than I can see if I payoff the loan, I owe more than the balance states. This was another eye opener for me. 

When I got the statement, it became clear to me that I have a prepayment penalty on the car. When I went back and checked the paperwork I signed, it does say that there is a prepayment penalty. After the long hassle of doing the financing at the Dealership, I just signed the papers. It NEVER occurred to me that I would be penalized for paying off the car sooner than planned. Had I realized this, I would have NEVER signed those papers. It was never even mentioned to me. It isn't like I went to a " Buy here Pay here '' place. I went to what I thought was a reputable " XXXX '' car dealership with a PREAPPROVAL IN HAND from a REPUTABLE LENDER. The Pre-Approval letter was for up to {$53000.00} ( see attached ) and the car ended up being {$19000.00}. Substantially lower than my preapproval. It was the financing manager 's suggestion to use this lender. When I walked out of there, I didn't even know who the lender was but I thought I would get something from them in the mail or email. Typically that is what happens. I actually wonder if the finance manager or dealership made a commission off of my loan? Did XXXX XXXX not approve the financing for that car because of the Loan to Value ratio? It just doesn't make sense why they would have me use a predatory lender other than one of those two reasons. 

The car was also not " close to the same price '' as the one we originally went in to test drive. As stated previously, we went in for a car listed around {$14000.00}. There was no window sticker on the car so I had no idea that there was a {$6000.00} difference in price. I realize the argument can be made that I signed the contract, but there should also be a level of good faith. He just pointed and said sign here, sign here, sign here ... .., and I did. I assure you this is a mistake I will never make again. Nevertheless, the behavior both in the lender situation and the price of the car was deceptive in nature. 

I now have a car that IS NOT WORTH EVEN HALF of what is owed on it. I can't prepay it, can't refinance it in my or my son 's name because of the Loan to Value ratio, can't sell it, and obviously can't trade it in so I am stuck for the next XXXX XXXX years dealing with the harassment of the lender. If I was seriously delinquent several times, I might understand the agreesive nature of getting payments made but I have been a good, reliable borrower and the rude, harrassing calls began day one as did the reluctance to provide transparent details on my account. To my knowledge a person is not considered in " collections '' ON the due date. There is typically a grace period of a few days, which as I said, I have not been more than 2 days late with the exception of the 2 times explained perviously. One of those was only because it was the only way to get a statement of my account from them so only once was I legitimately late and I did contact them about it and did not act irresponsibly. I have never had a debt that was addressed in this manner, EVER. 

The last straw for me is now, less than 2 weeks after withholding my payment just to get an account statement, I got online to make my next payment early and see that I suddenly have a new {$200.00} charge for apparent insurance. I HAVE insurance on the car. I asked why and they inform me it's because my coverage amount is not acceptable. They can call me a dozen times a day for a payment, send me text messages and emails, but they can't communicate to me that my insurance is now, suddenly, not acceptable. Instead they try to milk me for another {$200.00}. I have attached the email correspondence, initiated by ME regarding the charge. They are incapable of having normal converstaions and coomunication. I am an employed, conciencious, borrower. I can not imagine what people go through who have set backs in life that cause them to be late on payments. I can assure you, they are NOT trying to work with anyone. They are rude, cold, and have no interest in cultivating relationships with customers. Rather, they are PREDATORY lenders who prey on people trying to get an auto laon so they can go to work and support thier families. I have no doubt about this. 

Now that I have finally done some research on this lender, I see multiple compalints just like mine about them. WHY ARE THEY STILL ALLOWED TO CONDUCT BUSINESS? The stress that they cause is debilitating. They call during work, weekends, holidays, it doesn't matter. XXXX forbid that they actually call my family that I wrote down! Up to this point no one has said anything but I would not EVER want to subject them to the pushy, rude, collectors who clearly FULLY enjoy what they do. Let alone, if they would call my work... it could cost me my job or at the very least, the respect of my managers and peers which is EXTREMELY important in my field of work. 

I am XXXX XXXX XXXX and fed up with being taken advantage of and even though I do struggle to make ends meet, this has been undeserved. I can't get this car out of my name and into my son 's as originally planned and my credit has taken a huge hit because of all of the debt I am carrying. This was supposed to be a temporary solution but because of the circumstances, it has turned into a very big problem for me. My son has good credit and a good job. He could easily go out and buy another car, but then I am still stuck with this one. If I give the car back or stop making payments, it will permanently destroy me for ever utilizing credit again. Even my insurance premiums have increased because my credit score has gone down. The truth is, it is business practices like XXXX XXXX XXXX and LGM that keep people in compromised financial conditions. The answer to helping the working class is not more government programs, rather it is leveling the playing field for them and protecting them from predatory lenders and businesses. 

My complaint is against both XXXX XXXX XXXX and LGM Financial. I have attached documents supporting my statements. Please keep me informed of any next steps or actions that can/will be taken. 

Thank you.