Consumer complaint received 2025-04-18 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Problem with signing the paperwork
Company: Skopos Financial, LLC
State: WI

Complaint narrative:
- Initially I was pre approved for a {$2500.00} secured loan for Reprise Financial through XXXX XXXX. When I spoke to Reprise Financial, they said they could not fund me {$2500.00}, instead would have to fund {$20000.00} to cover the {$2500.00} pre approval + {$17000.00} balance owed towards vehicle. 

- Reprise financial did not properly explain the whole process to me over the phone. They only asked for pics of my vehicle, copy of my insurance card, and if approved they will send the money to me via direct deposit. Thats all. 

- During signing of the contract, nothing was explained to me as to what I was signing. They only asked for my signature and that was all. They said a copy of the contract would be sent to me. I know I shouldve asked questions, but I assumed it was all explained to me by the representative in the beginning, so I signed in good faith that nothing was left out. This was on XX/XX/year>. 

- After it was signed, less than 24 business hours later, I was told by Reprise Financial that they were going to write a check to pay off my loan with my current lender, and I would be paying them moving forward. I genuinely thought the process was that I was to continue to pay my currently lender, with the same monthly cost of {$420.00}. If I fall behind in payments thats when they would step in and they would reprocess my vehicle ( my understanding is that Reprise Financial would pay off the remaining balance of my vehicle and I would have to pay Reprise Financial the $ XXXX/monthly if I wanted the vehicle back ). After finding out this information, I told Reprise Financial there was a miscommunication, a misunderstanding, and I made a mistake. I requested to be released from the contract since nothing was in motion yet. My current lender did not receive a check from Reprise Financial yet, and I could return the {$2000.00} loan that was transferred to my bank account. 

- I was on the phone with them for hours. Called them every day for maybe 3 days straight. They refused to cooperate or try to understand where I came from. They said there was nothing they could do, even though nothing had happened yet. 

- With help from an attorney I hired in a Freelancer website, I e-mailed Reprise Financial a formal letter of rescission. I have included a copy of that letter for your records. I have also attached copy of the e-mail correspondence with Reprise Financial. 

- I have requested a copy of the phone calls between me and the representative so I can obtain proof nothing was properly explained to me over the phone. They have not given me what I requested. 

- I agreed to a secured loan because I was desperate and Reprise Financial was the only company that was able to pre-approve me for a loan. I needed the money to pay for rent, food, gas, past due medical bills, and other loans I had. I was vulnerable and felt stuck, and even with all this I mind, I still took the time to understand what I was signing away. Unfortunately, what I thought I understood was incorrect.

Company response to consumer: Closed with explanation