Consumer complaint received 2025-10-02 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Struggling to pay your loan — Denied request to lower payments
Company: WHEELS FINANCIAL GROUP, LLC.
State: AR

Complaint narrative:
XXXX XXXX XXXX XXXX - 2nd Complaint - They were not forthcoming on total cost, I'm XXXX and XXXX by XXXX XXXX. I was forced to retire in XXXX of XXXX and after a year of struggling just to get by I find myself a victim of what I would call a predatory loan. I fell behind on everything waiting for my social security to kick in and ended up being 6 months behind on my rent. I would have been evicted, but luckily I rent from a good friend. I told him that I once I got my car paid of that I would pay him the back rent. I've gone through a lot of things over this past year including the death of my girlfriend and now it looks like I'm going to lose my car as well. I bought my car new with the intent of paying it off before I retired, so I would have a good car without any payments when I retired. After having to retire early just getting by monthly has been a challenge. 

I was to have my car paid of in XXXX of XXXX, but it took me until XXXX of XXXX to pay it off and get rid of the {$600.00} a month payment. That was about the same time my girlfriend suddenly passed away, so the time was really hard on me. In XXXX of XXXX things weren't much better, but I decided I needed to get my affairs in order. I signed up with a debt relief firm to get my financial situation from retiring resolved and I started looking for a place where I could get a loan on my car so I could pay my back rent. 

I figured that using my car as collateral that I could get a loan with an interest rate of 10 % or less. If I borrowed {$4500.00} for 36 months my payments would be less than {$150.00}. That's when I found Loan Mart ( 800loanmart.com ). Their website lead me to believe that they would loan me the needed money even though my credit rating had taken a hit over the past year, so I contacted them and started the loan process. We went back and forth getting them the needed document, getting things completed, and finally getting me the money. It took 5 days instead of 1 or 2 days like they indicated. I had promised to pay the loan back earlier, so somewhere in the process there was a misunderstanding, miscommunication, or something because instead of a loan for 36 months with payments less than {$150.00} I ended up with a loan with payments of {$480.00}. That meant I would end up paying them about {$18000.00} on a load of {$4500.00}. My car is only worth between {$7500.00} and {$9500.00} depending upon who you ask, but either way only a fool would agree to a loan like that. 

But I guess unknowingly I must be that fool. I must have trusted them to much and when I had to sign the paperwork it was done electronically over my phone. During the signing process you just clicked here and there through page after page immediately go from one place to another. It was impractical to try and read everything because it was small and on my phone. Plus, they were waiting for me to finish and I was trying to hurry. it was only after I got the money and had paid my back rent that I found out that instead of the 10 % that I was expecting that the interest rate was 119 % with payments of {$480.00}. Once I found this out I contacted Loan Mart back and told them there was no way I could afford paying the {$480.00} a month. I tried to get them to amend the loan without any success, then I tried to find another loan with a reasonable rate to payoff the Loan Mart loan, but I couldn't. I reluctantly made the first payment, now the second payment is due and I either pay it or the rent, but I can't do both. Last month I skipped paying my utilities in order to pay the car note. 

I done some research and found that being a senior and XXXX that there are some additional laws that protect me like the Elder Financial Exploitation act, the American Disability Act, and more. 

That's where I found your a firm and I'm praying that they can help me because I'm at my wits ' end, totally stressed out, and have no one to turn to for help. I just feel totally helpless and hopeless. 

Sincerely, XXXX XXXX : - )

Company response to consumer: Closed with explanation