Consumer complaint received 2022-02-22
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Problem with the payoff process at the end of the loan — 
Company: OneMain Finance Corporation (FL)

I am filing a complaint on Onemain Financial for unethical business practices. I was provided fraudulent information and deceived in making a very hefty financial decision. 
I have had numerous loans with Onemain, dating back to XXXX, so in considering this most recent loan, in XXXX of XXXX, I felt comfortable in considering the options given to me. 
On XX/XX/XXXX, I received an offer with Onemain Financial to refinance my loan and consolidate other loans. When I called my local branch at XXXX XXXX XXXX XXXX XXXX ; XXXX, FL XXXX, on XX/XX/XXXX, I spoke an agent who ran my credit and came back with a few different offers. I, honestly, do not remember all the options currently, but I do know that there were at least 2 that did not include my car loan with XXXX XXXX, and 1 that did. I was on a road trip during our conversation, and I asked him if I could take the weekend to consider them. 
On Monday, XX/XX/XXXX, I was still unsure of what loan would work best for me. I strongly expressed, repeatedly, my number one goal was to be able to trade in my car. I had spent 6 years upside down in the loan with Ally, and at that time, I only owed {$10000.00}, and a trade in was possible because I was no longer upside down. 
The agent informed me that this isnt the right time to trade in a car, with all of the chip shortages and inventory issues. He encouraged me to include XXXX, use my car as collateral in this loan of {$26000.00}. He informed me that after 6 months of a good payment history, we could untether my car, refinance the loan and possibly finance the new car. That, honestly, was the selling point for me, his assuring words of being able to trade in my car in six months, XX/XX/XXXX. 
For the last six months, I have paid my monthly payment of {$690.00}, on time. I began my search for my new car, saved a down payment, I have increased my credit score to over 700, and was ready to proceed. I called Onemain Financial on Friday, XX/XX/XXXX, and spoke with an agent, who informed me that everything I was told, was not feasible. 
She informed me that my current balance on loan is {$24000.00}. In the state of Florida, any loan over {$15000.00} must be a secured loan with collateral, my car. She informed me that I would have to pay my loan under {$15000.00} ( approximately {$10000.00} ), have my credit ran to see if I qualify for an unsecured loan. She said that even under {$15000.00}, an unsecured loan isnt guaranteed. Im not able to finance a new car, because even if I found a {$15000.00} car, it would take my loan to upwards of {$40000.00} and that didnt seem likely. She soberly informed me that I have no options.

So, here I am, six months later, still having to pay {$10000.00}, with no guarantee. All I have wanted is to trade my car for the last few years. I was so close to achieving that goal and was swindled into this huge mistake. I have no options and no recourse. I am saddened and sickened that this type of business is permitted to be practiced. I really trusted him and had faith that I would be able to achieve my goal of getting a car.