Consumer complaint received 01/29/2018 about Vehicle loan or lease (Loan) with LOBEL FINANCIAL CORPORATION (NM).
Issue: Managing the loan or lease
Sub-issue: Billing problem

Complaint: On XX/XX/XXXX I stopped at a used car lot in XXXX XXXX Texas to purchase a used car. The outside of the car lot had signs that read {$500.00} dollars down payment which is why I chose to stop there. I went inside the car lot to ask about buying a car. The car lot offered a XXXX XXXX they said that was the vehicle I qualified for. I offered {$500.00} dollars down and received a contract that stated that the balance due on the car was {$5600.00}. After I dropped of the first and second monthly payment of {$280.00} to the car lot I was told I had to start sending the payments to the finance company Lobel Financial. I then sent the first payment to Lobel Financial in form of money order and in return Lobel Financial sent a billing statement in Spanish which i didn't understand so I called Lobel Financial and asked to send my statements in English which they never did although the request was made again several times in the future by phone call and in written form on the return payment slip. After I made payments from XXXX to XXXX which is almost 2 years I suddenly receive a call from Lobel Financial in a very rude manner from some representative named XXXX. He demanded I pay him immediately a payment of {$580.00} and said I was behind on my payments. I asked him what payment was missing since I had sent in my monthly payments as agreed. He was never able to tell me what payment was missing therefore I asked to speak to the supervisor.I was referred to a woman named XXXX. After several attempts to resolve this issue I was told the payment missing was from some time in XXXX but was never told for what month.In XXXX the following month Lobel Financial finally sent me a payment statement and told me to figure out what payment was missing. During this issue I found out Lobel Financial had charged {$1900.00} as finance charge. I was surprised and upset since this amount was not included in the price of the car which stated my balance was {$5600.00} dollars. I was now stuck with a contract I didn't agree to and car that went up in price to {$7600.00} dollars. I was told the account would be placed on hold until the problem was resolved however 3 days later Lobel Financial sent for the car XX/XX/XXXX XXXX to get repossessed. I was never given a reason or an option to resolve this. I spoke to XXXX again the next day as I work morning to night it was impossible to talk with XXXX at her time and convenience. She demanded I pay her {$580.00} immediately if I wanted my car back. I told her I didn't have the full amount but she never tried to work something out with me she just very rudely said nothing could be done. I received a letter on XX/XX/XXXX saying the XX/XX/XXXXXXXX had been auctioned for {$1100.00} which is below the fair market value required by law and that I have a balance of {$2400.00} that Lobel Financial is demanding. After reviewing the contract I received at the car lot I saw it was made with a {$900.00} dollar payment I only gave {$500.00} dollars down. The contract is a fraud. Paperwork is attached to this complaint including the down payment receipt.

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