Consumer complaint received 2017-08-03
Company: Presto Auto Loans, Inc.
State: AZ
Product: Payday loan, title loan, or personal loan
Sub-product: Title loan
Issue: Charged fees or interest you didn't expect

Complaint:
to who may concern My name is XXXX XXXX and I am a victim of presto auto loan malpractice and false advertisement, last years I was in search of a loan, to help me maintained the course of my business, I took out a loan of {$10000.00} on XX/XX/XXXX and used my XXXX XXXX XXXX to secure the loan the advertisement that I saw on TV, and also was told my a presto customer service was that Presto will loan you the money half of the regal rate of 5 % APR, so I done my application online qualify, signed a bunch of document that I failed to read, trusted the explanation of Presto auto customers service. On XX/XX/XXXX a payment of over {$900.00} plus was made in cash On XX/XX/XXXX a payment of over {$900.00} plus was made in cash On XX/XX/XXXX a payment of {$2000.00} was made with my debit card On XX/XX/XXXX My XXXX XXXX was missing, when called the police department, I was told that my vehicle was repossessed by Presto auto loans, called presto auto loans consumer service and was told that, the repossession of my vehicle was a mistake, that my vehicle will be back at my house in 24 hours, I missed worked for two days, got my vehicle 48 hours later, with a front end damage, a formal complaint was submitted to presto auto loan, and never received an answers. On XX/XX/XXXX my wife had file for divorce, a request for a payment history and remaining balance of the account. It was requested by me and my wife so that the account will paid in full, but presto auto never provided the information I was told such information can not be giving to me, but instead to make my XX/XX/XXXX payment, so I told the customer service that they will be no more payment unless I received a payment history showing the principal, and how the payment have been apply into the loan, Once again the information was never received. On XX/XX/XXXX XXXX XXXX XXXX file a law suit case number number XXXX, claiming that the account have been in default, and requesting my XXXX XXXX charger. On XX/XX/XXXX after a hearing, I requested that the judge order presto auto loan to provide me with a payment history on account, Presto auto lawyer provided me a ledger card showing a Balance of {$13000.00}, not showing the two payment in cash, what catch my attention is the {$1100.00} interest charge on the for the month of XXXX. the ledger card does not show the APR, does not show how the XXXX Presto auto loan calculated those interest. ( please see attachment ) I when online to see if others people have victim of Presto Auto loan Scam, I find out that they just recently have been fine $ XXXX by Financial Protection Bureau, and when I brought it to presto auto auto loan lawyer attention, he respondent that those was just hearing. I need help for not only to keep my vehicle but also to bring justice to everyone that have been victim of presto auto loan, because it sound to me that they did not learn from the fine and keep doing those malpractice A class action Law suit may be more suitable to bring justice to everyone, and suspend Presto auto loan license for future damage. Thanks XXXX XXXX XXXX

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation