Consumer complaint received 2025-12-31 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Title loan
Issue: Vehicle was repossessed or sold the vehicle — 
Company: OneMain Finance Corporation
State: LA

Complaint narrative:
To Whom It May Concern, I am writing to formally dispute and document my concerns regarding a promissory loan I entered into with OneMain Financial. I believe this loan was issued under circumstances that demonstrate a lack of informed consent, inadequate explanation of material terms, and predatory lending practices.

At the time I entered into this agreement, my vehicle loan had only two payments remaining before being fully satisfied. I sought assistance solely for the purpose of making the final payments on my vehicle. However, I did not understand that I was being placed into a new and significantly larger promissory loan, nor were the terms, risks, or long-term financial consequences clearly or fully explained to me. 

I was rushed through the signing process and relied on the lenders personnel to accurately explain the agreement. The individual administering the loan did not adequately explain the loan structure, the termination process, or my options for paying down the principal. I now understand that the loan was structured in a way that was not aligned with my stated purpose or financial situation. 

Further, my vehicle was never appraised for its fair market value prior to the loan being issued. OneMain Financial knew or should have known that the vehicle was not worth the loan amount provided. Despite this, the loan was approved and issued without regard to the actual collateral value, placing me in an immediately disadvantageous financial position. 

When I later expressed distress and dissatisfaction with the monthly payment amount, approximately XXXX months after signing, I was offered additional money from the same loan rather than being provided with clear alternatives or an opportunity to restructure or reduce the principal balance. This further increased my financial obligation instead of addressing the underlying issue. 

Additionally, I was required to maintain full coverage insurance on the vehicle and was not allowed to apply those funds toward reducing the principal balance of the loan. This requirement was not adequately explained to me, nor did I understand that I would be prohibited from paying the principal down in a manner that could have prevented default. 

I explicitly stated during my visit to the office that I believed this arrangement constituted predatory lending, as I did not understand the loan, felt pressured to sign, and was not provided with sufficient disclosure to make an informed decision. Despite this, no corrective action or clarification was provided. 

Ultimately, my vehicle was repossessed, resulting in significant financial and personal hardship. I believe this outcome was the direct result of the lenders failure to ensure informed consent, provide transparent disclosures, and act in good faith. 

I am requesting a full review of this loan, including the circumstances under which it was issued, the conduct of the personnel involved, and the valuation and handling of the collateral. I am also requesting copies of all loan documents, disclosures, and internal notes related to this account. 

This letter is intended to serve as a formal record of my dispute and concerns. I reserve all rights to pursue further remedies as available under applicable consumer protection laws. 

Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX, LA XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation