Consumer complaint received 2019-02-12
Company: Lendmark Financial Services
State: SC
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
I have a car loan through Lendmark Financial Services located at XXXX XXXX XXXX XXXX  XXXX XXXX XXXX VA XXXX. The loan was created XX/XX/XXXX. I am primary on the car loan and their is a cosigner-secondary on the car loan. The cosigner and I had a verbal agreement that he would be on the only driver making the payments, keeping insurance on the vehicle. If he broke the agreement. The vehicle would be returned to me. The monthly loan amount is {$300.00} ( see attached statement ). The cosigner made 1 payment. I have made 3 payments 2 in XX/XX/XXXX and one in XX/XX/XXXX ( see attached statements ). 

This loan was referred to Lendmark Financial Services by XXXX XXXX XXXX XXXX ( see attached paperwork ). When I looked up the company online today they are permanently closed. XXXX XXXX XXXX XXXX had their own group of lenders to process the car loan but, was unsuccessful to verifying the cosigners income. This is what XXXX XXXX told me. I was unsure why at the time but, later found out why. 

XX/XX/XXXX the cosigner and I had a heated argument about him making car payments as he was the only one who had access to the car and keys. He has always been the only person driving the car. I expressed that I and my references were receiving collection calls and the negative impact on my credit. The cosigner continued to refuse to make payments and would not return the car so other arrangements could be made. He admitted that his pay stubs were fake. The next day I called Lendmark and spoke to the branch manager and made her aware of this. Asking for the car to be repossessed. At this time a deferment was made to bring the payments current to XX/XX/XXXX. XX/XX/XXXX was a repeat of XX/XX/XXXX. The cosigner continued to refuse to make payments and would not return the car. I did ask the branch manager for other options. Such as they redo the loan only in my name. I could then report it as stolen. The options were to bring the car to the office to be repossessed or the cosigner would have to be present and the car loan could be done only in my name. At this time the cosigner would go to XXXX GA back to XXXX MD. I did request the car be repossessed again and gave Lendmark Financial any and all information about the cosigner whereabouts. To this day the car still has not be repossessed. The cosigner has blocked all communication with me. The car is also register in my name and my address. I have received multiple Citation Speed Monitoring Violations ( see attached paperwork ) and statements from the Maryland XXXX XXXX for running tolls ( see attached paperwork ). My name is jeopardy due to the attachment of this car, at the will of someone else. If anything happens to the car. I will experience more difficulty. I am being held hostage making payments for something that I have absolutely no access to. 

Now as a result of the above my wages have been garnished in the amount of {$490.00} ( see attached paperwork ), I have a judgement in VA against me and a charge off on my credit. 

I have had to hire a lawyer for a fee of {$650.00} and made a verbal monthly payment arrangement of {$200.00} with Lendmark Financial ( 1st payment made XX/XX/XXXX see attached ). I have been experiencing Financial, Mental and Emotional distress since the creation of this loan. And even more financial distress the beginning of XXXX, unable to pay my my mortgage due to additional income being taken from my household. 

I have verified with the clerk at XXXX XXXX District Court and Lendmark Financial Services that the cosigner has not received any garnishment. 

The reason for the complaint : At the time of signing the loan, I was not told that I could be the only person on the loan. 

At the time of signing the loan the cosigner 's income and employment was not verified. It seems as if only my income and credit were used and I had to carry the other party. Meanwhile the other party is reaping benefits for providing false information. This all occurred to me when I found out that the cosigner had XXXX XXXX XXXX as his employer on the loan application with Lendmark.  When we were on speaking terms the cosigner told me that he worked for XXXX XXXX XXXX years prior to knowing me. 

If Lendmark would have done their due diligence to me as the consumer by verifying his income. I cant see why a company as reptiable as Lendmark Financial Services would have allowed the cosigner to be added to the loan. 

With this information I could have made a better decision as a responsible consumer. Therefore, making other arrangements for the loan instead of letting it go into default and experiencing so many other difficulties. I have worked hard for everything I have and never dreamed of someone would want to take advantage of me. But this is what happened. Lendmark Financial Services has aided the cosigner with this act of fraud.

Company response to consumer: Closed with explanation