Consumer complaint received 2024-03-20
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: Innovate Managed Holdings, LLC (AL)

I recently filed a complaint with the XXXX XXXX XXXX XXXX XXXX XXXX regarding an issue I have with a company located in XXXX XXXX, TX. There was no response from the organization and I was referred to the Consumer Financial Protection Bureau to possibly try and get a resolution. The contact information for the organization I am having issues with is : INNOVATE Loan Service Corp. 
XXXX XXXX XXXX XXXX XXXX, TX XXXX In XXXX of XXXX, I refinanced my current vehicle through INNOVATE Loan Service Corp. Since re-financing my vehicle, I have had nothing but trouble w

ith INNOVATE. There are several reasons for my filing of a complaint. INNOVATE has not reported my loan once to any of the credit bureaus. When I call, the automated system always says that my vehicle is paid in full, and nothing is due. However, if able to speak to a representative, I am obviously told an amount that is due. The amount never seems to lower. I have requested several times a breakdown of my payments to see where my payment has gone. Until recently, nothing was ever received. 

Ive had another couple issues the last few months. Currently, when I make my payment, the online system does not update and will continually say my payment is due on the due date. On the due date it then changes to being due the next month. This first occurred in XXXX and when it happened, even though no indication on what I can see online, I started receiving phone calls saying I was past due. The amount theyd say I was past due, wasnt close to what the monthly payment typically is. I paid what was told due at the time, and then told I was paid up until XX/XX/XXXX. In XXXX, I made payment, no change again to the due date until due date passed. I contacted Innovate ans was told that my payment had been received, posted, and nothing was due again until my XX/XX/XXXX due date. The monthly payment due used to change based on what I paid for the previous month. ( Example, XXXX due, pay {$500.00}, the system would then say {$400.00} was due next payment. ) I normally pay more than required. Now monthly payment always stays the same regardless of what I paid the month before. 

When I made my payment on XX/XX/XXXX, the online system once again did not update. However, this time I received a statement by email showing my payment received and that a payment was still due on XX/XX/XXXX. When I called and spoke with a representative, this time I was told that I had missed XXXX and XXXX payments. I have never been called, told, or informed that payments in the past have been missed. To my knowledge, I have never missed a payment. 

As an update. I recently emailed INNOVATE and asked if there was a way that when I make my payments, I could see the adjustment of the due date and how much is due. The response was No! And the reason given was The payment system is a third-party system and is not connected to your account. We do send out monthly statements via email each month. If the payment system isnt even connected to my account, how do they have any idea whats going on and where my payments go? And sending out monthly statements also is an invalid statement. In fact, several people have written about this in their complaints to the Better Business Bureau. 

I have tried numerous times before to refinance my vehicle again so I can end my communication with INNOVATE Loan Service Corp. However, using the pay-off that I occasionally obtain, Im told I owe way too much to be able to refinance it. One reason why Id like a breakdown of my payments to INNOVATE. I feel that not all my payments have been posted correctly. Reading other individuals complaints to the XXXX, apparently there was a time when INNOVATE had an issue and lost several individuals information and did not correct the issue, consumers data lost. 

Prior to filing my complaint, I found some documents from when I refinanced my vehicle. Too add to the issues I have had ; it appears that I have been charged interest rate of 10.69 %. The paperwork that I completed during my refinancing, says the interest rate should have been 10.00 %. 

Thank you