Consumer complaint received 2021-03-26
Company: United Consumer Finance, Inc.
State: MA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Problem with the interest rate

Complaint:
In XX/XX/XXXX a person totaled my XXXX XXXX XXXX XXXX. I paid XXXX over 72 mos and was in last year when it was totaled. I never missed a payment and only had two late payments entire time. They reduced my interest to 5 % over life of loan. After my car was totaled, I was searching desperately for another XXXX, XXXX shave XXXX kids, and could not find XXXX. I panicked on the last day of my rental and bought a car from XXXX XXXX in XXXX for {$8900.00}, the internet sale price XXXX XXXX XXXX. I filled out a credit application. I didn't even think to check the interest rate because of my history. I have no idea why they didnt use XXXX. They set loan papers to sign and and I asked what my interest rate was going to be and they said 21 %. I was absolutely stunned. I had perfect payment history. They would not change the loan agreement and I was stuck and on the way home from driving there that check engine came on and it has not gone off in over 2 years since then. They refuse to lower the interest rate they harass and call me constantly for payments and Im so angry that I wont pay the bill. I thought I financed {$6700.00}, tax/fees included, plus interest. During life of loan I paid approx. {$4300.00} in payments with the {$3000.00} down=XXXX paid until XXXX XXXX. They refused to pay citing I had no money. So, for many months I didnt hear from them. I recently requested a payoff amount from XXXX and he returned the pay off amount as a charged off {$5900.00}. That is - {$800.00} from the original principle. They listed all payments on my credit incorrectly. FURTHER, I was not notified of a right to cure with any type of communication nor did I receive a notice of any type of the charge off. I found out about what the charge off truly was because I didnt understand it never heard of it, when I had my credit run at the dealer. I then requested my loan documents for minimum fourth time. Two weeks later I received a very poorly scanned copy of my loan document but I had found them the day previously finally and they had charge me an actual 40 % interest-rate throughout the life of the loan. So it is my understanding that they are unable to repossess the vehicle which is in my possession unless theres more than {$2000.00} owed on the principal and interest of the original agreement. However because of my amazing credit worthiness with XXXX, The actual amount of the interest during the life of my loan shouldve been approximately 5 %. Furthermore, from my report it appears they never ran my credit even though I filled out the credit application. They will not remove the charge after my credit unless I pay them {$5900.00} which is absolute highway robbery and fraud. This is their scam, they know exactly what theyre doing and I have all the documents to support this claim including their loan program where they dont run credit but they add XXXX insurance into the loan paperwork without my and others knowledge. Included in my application and in my payments was a {$390.00} insurance that I had never heard of nor did I understand that I had purchased because I was distraught and not focused. They then attempt to get the borrower in default and claim the XXXX insurance for payout. Which would probably cause my title to be salvaged under default nonpayment. I now own a car that I dont own and unless I pay {$6000.00} they want me to pay, theyve already received payment probably through the XXXX insurance and my credit is absolutely torched, but I already paid almost the entire loan which means they can not repossess the vehicle. If you calculate what I have paid on the loan, the amount of interest payments, which should cap approx {$2400.00}, at the time of the default and charge off I had paid 40 % interest and only 60 % principal through last XXXX. XXXX. Not only are they greedy, but theyre life wreckers, they took {$3000.00} cash, between {$4000.00} - {$5000.00} in payments, financed an extra {$600.00} or more in undisclosed useless fees, added fraudulent {$20.00} in the tax assessed, and they over charged, they rolled it all into a supposed to be around {$10000.00} and came out to well over {$12000.00} of math is correct, to defraud me of all my money and happiness and deprived my children of a vehicle for school transport. Then when I refused to work with them and pay it because I was so angry they charged it off of my credit and decimated my credit without any warning or knowledge of doing so, and they knew where I live. They claim to have sent me notice, were aware I moved but sent notice my old address knowing I wouldnt receive it ( I moved in to my current place XXXX, XXXX, XXXX. ) Avenue on two letters on two different dates however my address has been updated at the registry and they sent a man to my house to collect payment already at XXXX XXXX XXXX it last XXXX so its complete and total lie because they sent this notice in XXXX and of course I never received it because it was probably never sent but it went to somewhere else my old address which they knew was defunct And now their car in a hard spot because they cant collect the vehicle cause I paid off almost the whole thing. Add a minimum I paid off almost the entire maximum interest amount that they were to be paid for the life of the loan. And the car is still a piece of junk. And I complained about the lemon law driving home the day I bought it. First month I had to put {$800.00} into it, it broke down five times in last year and I have had to pay XXXX or so into the car to keep running barely. I would like this to be completely repaired on my credit immediately. I would like to have my documents reviewed for all of the fraudulent transactions within that the original loan and I would like to know if they pulled my credit and what percentage rate. And I have a feeling this is what they do to everyone who has financed through XXXX XXXX. I have the dealer contract and it kind of implies this entire process.

Company public response: Company disputes the facts presented in the complaint
Company response to consumer: Closed with explanation