Consumer complaint received 2022-06-18
Company: WHEELS FINANCIAL GROUP, LLC.
State: CA
Product: Payday loan, title loan, or personal loan
Sub-product: Title loan
Issue: Problem with the payoff process at the end of the loan

Complaint:
In XXXX of 2022 I took a loan out with loanmart. I was told I could only borrow {$10000.00} and nothing less. In XXXX of 2022 I attempted to pay off the loan so that I didnt incur interest ( this loan is set at 388 % ) I authorized a first set of transfers and apparently some of them didnt go through. So I authorized another set of transfers that should have paid the loan off. Also please remember they are charging me {$5.00} per transfer and they are charging me 388 % interest per day this entire time. So I assume all of the transfers go through. I stop watching after the first few. Apparently the last transfer did not go through ( found out later the bank thought it was fraud because of the amount {$2000.00} per day each day over several days ) so I contact them to get it resolved ( a couple of weeks later when I catch the mistake ) and now they are charging me double the loan in interest and its their mistake. I authorized the pay off more than once. They continue to tell me this is my problem and they refuse to negotiate the amount of interest they want to be paid in full. They have stated multiple times that theyve tried to contact me and I want it to be known that they absolutely have contacted me- when they knew I was unavailable to take their calls. I will call them back on my lunch hour and no one is available to help me so theyll call back when Im in work, I work in the medical field so I cant exactly stop what Im doing to answer the phone. They are aware of this and continue to call while Im at work. And then say its my fault for not answering the phone. No, I authorized the transfers for an entire loan pay off, I shouldnt have to babysit and make sure those transfers get done on their end. I trusted them to do it and when I call them back they say I shouldnt have trusted them to do it and I should continue to check and make sure the payments get taken out. No other lender has ever said that to me ever. That I cant trust them to post the payments so its my job as the person paying to make sure it posts. So I need to do my XXXX jobs and their job?? So I paid them almost in full and the rest will be paid off soon instead of paying my rent. Just to get this loan paid off. They refuse to give an exact pay off amount. For example when I called last time and told them I would pay the rest next Friday I asked how much exactly would it be and they cant tell me. The interest is so high even they cant tell me what the loan will be next week. Currently I owe {$1800.00} still ( I have paid well over what I borrowed and continue to do so because I refuse to let them take my car ) but this is absolutely predatory lending. That loan should have been paid off before their killer interest and now they are attempting to bury me in the interest so that I can not get out of the loan which only benefits them - not me. I have also filed complaints with the XXXX, FDIC and I have contacted a lawyer that claims I am not the only XXXX in California being taken advantage of by their business practices. I thought this type of loan was illegal in California. I do not know how they are still being allowed to operate and do this. I would have never taken out this loan if it wasnt for the fact I was hit by a drunk driver and the other vehicle fled. Leaving me with the repair bill. So as you can imagine I am extra upset.

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