Consumer complaint received 2020-05-31
Company: Lendmark Financial Services
State: NC
Product: Payday loan, title loan, or personal loan
Sub-product: Title loan
Issue: Can't contact lender or servicer

Complaint:
I obtained a loan ( Loan # XXXX ) from Lendmark Financial Services using my XXXX XXXX XXXX XXXX vehicle as collateral on XX/XX/XXXX. A few years later, I was made aware by Lendmark that they have a Buy-Back program where I could purchase my vehicle title back from them ; all I had to do was make an offer by sending an email to : XXXX. Per their request I took the time to submit pictures, odometer readings, and buy-back offers. Once I submitted my first offer, I never heard back from Lendmark, so I decided to follow-up. When I called them, they told me that they don't respond to offers ( which is odd because they don't provide clear instructions on how the Buy-Back program works ) ; they said that I had to call them to find out if it was approved/declined. My first offer was denied. A few months later I submitted another offer. I called 1 week after submitting the offer and was told that it was denied once again. I then waited a few months to save more money to place an offer, I called one week later and was told that it was denied for the third time. Please note that Lendmark doesn't counteroffer, so I am left in the dark as to what they are willing to accept. Once I send the email, I have to wait a few days, call them, and get pushback - it's a game. They don't provide an amount that they are willing to negotiate. A couple of years ago I went through some medical issues and fell behind on my payments, but I am caught up and pay them every month. They don't send monthly statements, nor do they have a website where I can review my monthly balances. They leave you in the dark about your loan balance, payment confirmations, and the status of your Buy-Back loan offer. It's a very backwards system that doesn't benefit the customer. They take your payment, yet have no interest in communicating with their customers. Whenever I have been able to reach someone on the phone, they've advised me to continue making Buy-Back offers, but the person who decides whether they'll accept it or not, always rejects it and doesn't communicate with me on a Buy-Back amount that they will accept. I believe that their business practices are questionable and need to improve. Their customers should be their # 1 priority and should receive the courtesy of communication, whether it be via phone or email. Not letting the customer know what they are willing or not willing to accept as a Buy-Back offer, doesn't help me. Asking the customer to submit a Buy-Back offer via email, but not responding to the email, doesn't help me either. I've complied with their requirements, sent them pictures of the vehicle, odometer readings, and my buy-back offers, yet they continue to decline my offers. I would like to know what it will take for them to accept my offers. My original loan amount was {$6300.00}, and I have paid them over {$7200.00} between interest and principal. Why offer a Buy-Back program that they don't intend to honor? It makes no sense.

Company response to consumer: Closed with explanation