Consumer complaint received 2024-10-23 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with the interest rate
Company: Arivo Acceptance, LLC
State: TX

Complaint narrative:
ARIVO ACCEPTANCE LLC without notice to me ( purchaser ), deferred several car payments by adding these payments to the end of my auto loan, which increased the interest rate on my loan and also extended the term of the loan. The lender completed the deferment without informing me that this significant action had taken place on my account. XX/XX/XXXX and XX/XX/XXXX, ARIVO ACCEPTANCE took the liberty to voluntarily force a deferment on my auto loan by placing XXXX, and XX/XX/XXXX late payments to the very end of my loan. ARIVO ACCEPTANCE never informed me that this action was taking place. I ( purchaser ) found out XX/XX/XXXX, after calling the lender for a different reason, that ARIVO ACCEPTANCE without my knowledge or consent raised the interest on my loan and added the mentioned additional payments to the backend of my loan. When I spoke with ARIVO ACCEPTANCE LLC on XXXX XXXX, XXXX, my account manager XXXX XXXX admitted that ARVIO ACCEPTANCE LLC completed a deferment of my late auto loan payments without my knowledge or authorization. I informed the ARIVO ACCEPTANCE LLC account manager XXXX XXXX that I am in objection to the car payment deferment that was conducted against my will. I, in good faith, explained that I can not afford a higher interest rate, in addition to the lender lengthening the term of the auto loan, as this a huge financial burden on me, that I'm simply unable to manage, especially being that I did not request a deferment. The vehicle that is under contract with ARIVO ACCEPTANCE LLC is a XXXX XXXX XXXX The XXXX XXXX was purchased on XX/XX/XXXX, sales price {$27000.00}, 18.18 % interest rate, with a finance charge of {$18000.00}, The original auto loan term was for 72 months. I did not agree to a deferment on my account of any payments in the year XXXX, especially any time after XX/XX/XXXX. Although I informed ARIVO ACCEPTANCE LLC that I do not agree to the deferment, and that I want the deferments that I did not authorize removed from my account and for the payments to be restored to the original position in the order of payments. ARIVO ACCEPTANCE LLC refused to remove the deferred payments. ARIVO ACCEPTANCE LLC does not have my explicit permission to defer the late payments. A higher interest rate and extended loan terms is a significant burden to my financial wellbeing and livelihood. ARIVO ACCEPTANCE LLC is not responsible for paying the higher interest rate and longer contracts terms, therefore I do not agree to be forced into a position by the lender to pay a higher interest rate for a deferment that I did not request. Placing payments to the end of the loan raises the already high interest rate. It is more affordable to pay late payments than it is the pay the additional interest on deferments. ARIVO ACCEPTANCE LLC is forcing me into financial struggle by not acting in the best interest of me. ( consumer ). A deferment is a strain on my financial health especially since my vehicle is currently {$26000.00} underwater. I am being forced into higher an interest rate by ARIVO ACCEPTANCE although I did not request the deferment and did not find out until 5 months later after the lender forced the deferment that this action took place. ARIVO ACCEPTANCE LLC took no effort to inform me that a deferment was forced on my account. The deferment is causing me undue financial hardship. I do not agree to the deferment. ARIVIO ACCEPTANCE LLC acted in bad faith by forcing me further into debt unnecessarily.

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