Consumer complaint received 2021-06-08
Company: OneMain Finance Corporation
State: FL
Product: Payday loan, title loan, or personal loan
Sub-product: Title loan
Issue: Charged fees or interest you didn't expect

Complaint:
In XX/XX/XXXX, I entered in an agreement that I know now to be fraudulent and predatory. I needed the money to escape a bad marriage and secure housing for myself and my daughter. The loan amount was XXXX  of which I personally received XXXX. As of today, the remaining alleged amount due is XXXX. How after 3 years is the balance still close to the original balance? Additionally, I entered into this loan agreement by having to secure my auto title and releasing it to One Main financial. In XXXX, the car became inoperable, it had been sitting in my driveway for some time because I could not get One Main to release the lien on the vehicle so I could sell the car and obtain a new one to get to and from work and get my child to school. After several calls and multiple emails which are attached, they finally agreed to release the lien on the vehicle. I had even asked at one point that they remove the reporting of the transactions to the credit bureaus and was told they were obligated to report it. I tried to secure a new loan with them to assist with financial difficulty the entire situation had caused, my loan request was denied as well. So, they had violated, 15 usc 1605 determination of finance charge ( a ) Finance charge defined Except as otherwise provided in this section, the amount of the finance charge in connection with any consumer credit transaction shall be determined as the sum of all charges, payable directly or indirectly by the person to whom the credit is extended, and imposed directly or indirectly by the creditor as an incident to the extension of credit. The finance charge does not include charges of a type payable in a comparable cash transaction. The finance charge shall not include fees and amounts imposed by third party closing agents ( including settlement agents, attorneys, and escrow and title companies ) if the creditor does not require the imposition of the charges or the services provided and does not retain the charges. Examples of charges which are included in the finance charge include any of the following types of charges which are applicable : ( 1 ) Interest, time price differential, and any amount payable under a point, discount, or other system or additional charges.

( 2 ) Service or carrying charge.

( 3 ) Loan fee, finders fee, or similar charge.

( 4 ) Fee for an investigation or credit report.

( 5 ) Premium or other charge for any guarantee or insurance protecting the creditor against the obligors default or other credit loss. 
( 6 ) Borrower-paid mortgage broker fees, including fees paid directly to the broker or the lender ( for delivery to the broker ) whether such fees are paid in cash or financed.

( b ) Life, accident, or health insurance premiums included in finance charge Charges or premiums for credit life, accident, or health insurance written in connection with any consumer credit transaction shall be included in the finance charges unless ( 1 ) the coverage of the debtor by the insurance is not a factor in the approval by the creditor of the extension of credit, and this fact is clearly disclosed in writing to the person applying for or obtaining the extension of credit ; and ( 2 ) in order to obtain the insurance in connection with the extension of credit, the person to whom the credit is extended must give specific affirmative written indication of his desire to do so after written disclosure to him of the cost thereof.

( c ) Property damage and liability insurance premiums included in finance charge Charges or premiums for insurance, written in connection with any consumer credit transaction, against loss of or damage to property or against liability arising out of the ownership or use of property, shall be included in the finance charge unless a clear and specific statement in writing is furnished by the creditor to the person to whom the credit is extended, setting forth the cost of the insurance if obtained from or through the creditor, and stating that the person to whom the credit is extended may choose the person through which the insurance is to be obtained. 

( d ) Items exempted from computation of finance charge in all credit transactions If any of the following items is itemized and disclosed in accordance with the regulations of the Bureau in connection with any transaction, then the creditor need not include that item in the computation of the finance charge with respect to that transaction : ( 1 ) Fees and charges prescribed by law which actually are or will be paid to public officials for determining the existence of or for perfecting or releasing or satisfying any security related to the credit transaction.

( 2 ) The premium payable for any insurance in lieu of perfecting any security interest otherwise required by the creditor in connection with the transaction, if the premium does not exceed the fees and charges described in paragraph ( 1 ) which would otherwise be payable.

( 3 ) Any tax levied on security instruments or on documents evidencing indebtedness if the payment of such taxes is a precondition for recording the instrument securing the evidence of indebtedness.

( e ) Items exempted from computation of finance charge in extensions of credit secured by an interest in real property The following items, when charged in connection with any extension of credit secured by an interest in real property, shall not be included in the computation of the finance charge with respect to that transaction : ( 1 ) Fees or premiums for title examination, title insurance, or similar purposes. 
( 2 ) Fees for preparation of loan-related documents.

( 3 ) Escrows for future payments of taxes and insurance.

( 4 ) Fees for notarizing deeds and other documents.

( 5 ) Appraisal fees, including fees related to any pest infestation or flood hazard inspections conducted prior to closing.

( 6 ) Credit reports. 
( f ) Tolerances for accuracy In connection with credit transactions not under an open end credit plan that are secured by real property or a dwelling, the disclosure of the finance charge and other disclosures affected by any finance charge ( 1 ) shall be treated as being accurate for purposes of this subchapter if the amount disclosed as the finance charge ( A ) does not vary from the actual finance charge by more than {$100.00} ; or ( B ) is greater than the amount required to be disclosed under this subchapter ; and ( 2 ) shall be treated as being accurate for purposes of section 1635 of this title if ( A ) except as provided in subparagraph ( B ), the amount disclosed as the finance charge does not vary from the actual finance charge by more than an amount equal to one-half of one percent of the total amount of credit extended ; or ( B ) in the case of a transaction, other than a mortgage referred to in section 1602 ( aa ) [ 1 ] of this title, which ( i ) is a refinancing of the principal balance then due and any accrued and unpaid finance charges of a residential mortgage transaction as defined in section 1602 ( w ) 1 of this title, or is any subsequent refinancing of such a transaction ; and ( ii ) does not provide any new consolidation or new advance ; if the amount disclosed as the finance charge does not vary from the actual finance charge by more than an amount equal to XXXX percent of the total amount of credit extended. 
Additionally, under 15 usc 1681b Permissible Purposes of Consumer Reports ( a ) IN GENERAL ( c ) any consumer reporting agency may furnish a consumer report under the following circumstances and no other : ( 2 ) in accordance with the written instructions of the consumer to whom it relates. 
I, XXXX XXXX, have never provided written permission to any credit reporting agency to report any item on my consumer report. 
I am demanding payment for all interest and payments made on this account and payment for all violations of federal law as it relates to this account as well.

Company response to consumer: Closed with explanation