Consumer complaint received 2017-11-26
Company: CNG HOLDINGS INC
State: CO
Product: Payday loan, title loan, or personal loan
Sub-product: Personal line of credit
Issue: Charged fees or interest you didn't expect

Complaint:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX, CO XXXX XX/XX/XXXX Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX XXXX, Iowa XXXX Re : Consumer Complaint : Predatory Loan form tempoe To whom it may concern, On XXXX XXXX I took my XXXX XXXX XXXX to XXXX XXXX and XXXX XXXX XXXX at XXXX XXXX XXXX XXXX, XXXX, CO XXXX. Initially when my car broke down, I called several locations to obtain an estimate. Upon calling XXXX they stated they could pick up my vehicle from my job and run a diagnostic on it ; which I agreed. After they picked it up XXXX at XXXX informed me I needed my transmission rebuilt and the cost would be anywhere between $ 2400- {$2800.00}. I told him I did not have that type of money and asked if he would be willing to work any type of payment with me. It was then that XXXX informed me of their loan through XXXX. I gave him authorization to run my information and check if I qualified for the loan. XXXX called back and told me I was approved for {$2400.00}. I said Ok, then lets go ahead and get the transmission rebuilt. We went over the monthly payments and he informed me I would need to make a downpayment of {$600.00}, which I did, and then my payments would be {$410.00} a month for 5 months. When going over the contract with XXXX, I reiterated that all I would have to pay is {$600.00} down and {$410.00} a month for 5 months. He confirmed I had understood everything and signed the loan. Additionally, I was told the initial lender was XXXX XXXX and when I contacted XXXX XXXX regarding my payments they told me the actual lender was a company named XXXX and gave me phone number XXXX XXXX to contact them. I called XXXX to confirm the due dates and the date of the payment. They also verified that I had XXXX payments set up at {$410.00}. XXXX has actually been running {$420.00} each month from my card and I never complained. 

On XX/XX/XXXX, I called XXXX and spoke to a XXXX. I called to move my final payment of {$410.00} out 2 weeks due to an unexpected emergency and ensure he would not run the card on file. He begins to tell me I owe them another {$1200.00} for handling my loan and stated it was a leasing option. I asked him what he meant and he stated I would have to buyout the lease from XXXX for my transmission. I clarified with him that none of this information was told to me by XXXX ; which is where I agreed and signed the paperwork at. I feel this is a predatory loan as I was at no time was I ever told by XXXX or other employees at XXXX that I was leasing my transmission repairs or that I had the option to buy my repairs. XXXX stated that information was somewhere in my paperwork and I told XXXX I had clarified with XXXX at XXXX the conditions of the loan and the amounts due and was never told I would be leasing my transmission or that I would have an option to buy. By neglecting to provide me with the information, I feel XXXX was purposely deceptive because had they informed me upfront of the additional {$1200.00} leasing/buy option, I would not have agreed to the loan and I may not have ever fixed the truck as it is not worth the amount spent. XXXX should disclose the leasing option, up front, along with the documentation showing your monthly payments instead of placing the information regarding the lease on a separate page ; that was not shown to me. The only page they go over with the customer, at least myself, was the first page with the monthly payments and total of the loan ; which does not include any leasing fee of {$1200.00}. Nobody tells you about the additional lease/buy option and that is mis-leading. That a very important info for a consumer to know upfront. The first time anyone brought up the leasing fee was XXXX and that was after I called to finalize my last payment. 

Last, when speaking with XXXX, I specifically made sure he would not run the card number they had on file and asked him to confirm. He guaranteed me that they did not have my permission to run the card and the card would not be run. On XX/XX/XXXX my wife realized XXXX had charged her card, the card XXXX specifically stated he would not run, and my wife had to file a dispute through her bank. I called XXXX that Saturday morning and requested to speak with the manager. I told the representative what it was about, she placed me on hold, then came back stating the Manager was refusing to talk to me. Their practices are extremely deceptive, unfair, and predatory from the beginning to the end. I hope you truly look into their predatory loan practices as I can not be the only person this has happened to and would not want any other person to have to go through this. 

I look forward to your reply and resolution to my concerns. As a resolution, I am seeking not to have to pay the additional {$1200.00} that was not explained to me, nor did I ever agree upon and my account be considered paid in full. Additionally, they should be required to thoroughly inform consumers there is an additional {$1200.00} leasing fee. Please feel free to contact me at the above address or by phone number ( XXXX ) XXXX. 

Thank you in advance, XXXX XXXX

Company response to consumer: Closed with explanation