Consumer complaint received 2017-11-28
Company: SECURITY FINANCE CORP
State: NC
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Problems at the end of the loan or lease
Sub-issue: Problem related to refinancing

Complaint:
I work for XXXX XXXX XXXX XXXX and have been working diligently to help our member, XXXX XXXX pay off XXXX XXXX XXXX for his XXXX XXXX XXXX. XXXX vehicle was recovered on Saturday, XX/XX/XXXX by XXXX XXXX XXXX, their office is located in XXXX, NC. This was due to failure to provide proof of full coverage insurance. The vehicle had full coverage, but XXXX states they did not have record of it. XXXX phone was stolen in the months preceding this incident, so they were unable to contact him by phone and he has not received any notification by mail regarding the problem. The recovering agent advised that he had the opportunity to seize the collateral on Monday, XX/XX/XXXX, but he waited to do so until the weekend. This resulted in XXXX XXXX not being able to take any action until two days later when the office was opened, and likely accruing storage fees during this time. Had the agent recovered on Monday when he stated he was to pick up, XXXX could have handled the situation same day with no delay or accrued fees. XXXX XXXX XXXX XXXX offered to pay XXXX XXXX XXXX in full in order to release collateral to our member. They were advised of severity of him being without transportation and that all we needed was the amount of payoff, as well as recovery expenses to be paid before they would release it. XXXX began calling the office on Monday at XXXX. He gave oral and written authorization for XXXX to speak with XXXX, and we have been more than compliant in every request they have made. Their office has been extremely negligent and disrespectful in trying to resolve, including hanging up on me when calling for follow-up information. I have provided every document they have requested via fax, email, and by phone. The manager, XXXX XXXX, has screened my calls on multiple occasions and has refused to be compliant despite our efforts. XXXX signed an authorization to release information to us, as well as a notarized POA, along with his DL photo, proof of insurance showing XXXX as lienholder with the lienholder address they provided to him. This business uses predatory lending to take advantage of customers who arent aware how badly they are being taken advantage of, and they have basically refused to accept payment for the balance of loan. They are not reporting to credit bureaus and continue to charge fees along with unfair interest rates that are unfair and deceptive, I am sure it is a subprime loan. There has been no evidence of good-faith business practices here, nothing short of illegal, theyve been immoral and unethical to say the least. I have requested an itemized statement as to what is owed to verify that there has not been evidence of loan churning and they have refused. Every time a document has been requested, we have complied, and then they give a different request to comply with, which again, we provided as requested. After escalating from the local branch to Customer Relations Coordinator, I received noticed that they were waiting on another bill from the towing company before they could give me the total amount owed. The tow company had already advised they had sent the bill to the office. They provided me with an additional copy nevertheless that I forwarded to XXXX. However the local office advised they could not provide payoff today, but had to wait until following day to do so. There is three hours of driving time needed for him to go to their office in XXXX and the storage facility in XXXX. Hes already made arrangements with his employer to take time off every day trying to resolve this, putting him in a tough position with employer as well. As a lender and consumer alike, I have been more than offended by the practice with this office.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation