Consumer complaint received 2024-10-17 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Problems at the end of the loan or lease — Unable to receive car title or other problem after the loan is paid off
Company: FC HoldCo LLC
State: MD

Complaint narrative:
Flagship Credit Acceptance agreed to mark my account as closed, settled in full due to my settlement on XX/XX/XXXX. I was able to find a car dealership, XXXX, to purchase the XXXX XXXX XXXX at the full settlement amount of {$17000.00}. Flagship created a letter of guarantee for XXXX confirming they would receive the title to the vehicle once their payment is received. I received confirmation from Flagship and XXXX the sale was completed, and the title was sent to XXXX. I do not own this vehicle anymore as of XX/XX/XXXX. Flagship told me it may take a few weeks for my account to be closed out. I was patient and the following month I received a bill from Flagship showing an outstanding balance. I called Flagship and told them I received a bill and asked what was going on. They assured me my account was closed and settled in full and that it may take a while for it to be closed out. I was patient again but received another bill the next month. I called and spoke with XXXX XXXX XXXX. He assured me the account will be closed, and no further action is needed, and he sent to upper management for my file to be closed out. Earlier this month I noticed the account is still on my credit report. I disputed the account saying it was closed and settled in full. Instead of updating the account with the correct information Flagship updated the account saying I have not made a payment since XX/XX/XXXX and that my balance has increased. This caused my credit score to drop and caused me to be denied from a personal loan I really needed. I called Flagship yesterday, XX/XX/XXXX, and spoke with a woman who started the call by saying I had an outstanding balance and my account was past due and if I will be making the full payment today with a debit card. I do not own this vehicle, and haven't since XXXX! I had to explain my entire story again to her and then she put me on hold. She said the same thing every other representative has said " your file is being sent up to upper management to be closed out '' and that it may take 48-72 hours. She then told me there would be no confirmation of this action and that I could call back in two days to see the status. This is extremely wrong and has damaged my credit report and score and has prevented me from securing a critical personal loan. Flagship continues to falsely report my account and fail to close and settle the account in full. It has been 5 months- there is no paperwork that could ever take that long. I feel like they are ignoring my requests and pushing me around to different representatives. It is very shady and an unfair practice. I also went into my secure messaging portal with Flagship and my communications regarding this settlement have " expired ''. This is very odd and also raises red flags. I messaged with XXXX XXXX in the portal, and he sent the letter of guarantee there. Luckily, I saved the letter elsewhere and it is attached. Also attached is screenshots of the portal and communication.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation