Consumer complaint received 2017-02-12
Product: Consumer Loan — Vehicle loan
Issue: Managing the loan or lease — 
Company: WHEELS FINANCIAL GROUP, LLC. (CA)

I asked the Lender Loan Mart for a payoff amount in late XXXX 2016. I arranged for Loan Mart to charge my checking account the amount of the payoff. They charged my checking account what they said was the payoff amount. I then contacted them in XXXX 2016 to ask when my title document would be returned. They looked up my account and told me within 15 days. I called them again in XXXX looking for the title documents and they looked up the account again and apologized for the delay and said the title would be arriving any day. I get a call from Loan Mart at the beginning of XXXX and they are asking me for another payment. I check their automated system to check my balance and the system reports XXXX balance. For the past three weeks I talk to various supervisors and collection people who promise to check into the discrepancy and get back with me. Instead of getting back to me they send me notices of late payment. When I inquire about the balance they can not even tell what the amount due is. They say sure but when they actually check, apparently their system does not show an amount. In any event, the system showed a zero balance due in XXXX and all the way through XXXX. This information should be easy for them to produce. Their computer logs and recorded phone calls should be made available as they prove the system as late as XXXX XXXX said there was no balance due. Their system showed a zero balance since XXXX. On XXXX different dates. Loan Mart employees assured that my title documents are being returned because the loan was paid in full. These conversations are recorded.and should be provided bu Loan Mart. Loan Mart and other title lenders should never have been allowed to charge the interest rates. They failed to return my title documents as promised. How our laws were manipulated and changed to allow these people to take advantage of low income families needs to be investigated,. It is impossible for anyone to even understand the interest charges. When I asked them to explain, they gave vague answers and could not correlate the charge to a rate. How if they can make a mistake for three months as to the loan balance can anyone trust their very complicated interest rate scheme is accurate?. I believe most XXXX XXXX would like to know which legislators approved the legislation which allowed this travesty. It would be well worth every penny the CFPB can spend to identify which bills and which of our representatives voted to allow the changes. Is there any other form of lending in our country which allows for the effective interest rates well above a 100 %. Their definition of late is so ambiguous and it kicks in an even higher rates of interest.. I think most American Citizens would like to know what these loans really cost. I know my interest was nearly 200 %. It is criminal that they are allowed to charge over a 100 % interest rates. Again I ask who in our legislature approved these rates? I ask the Bureau to demand documentation which will prove my loan was paid in full. This information exists in their computer records because they showed zero balances and now they show a payment due. This was after XXXX different representatives looked up my balance and said the loan was paid in full and that my title documents would be sent. The ACH transaction I approved was the amount to pay off the loan. They decided the amount and confirmed the balance was paid off. How can they now send me notices that I am pass due. Never in our history has any other financial services businesses been allowed to rip off American Consumers as much as the Title Lenders. This level of greed is unprecedented.