Consumer complaint received 2024-02-15 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: FC HoldCo LLC
State: NY

Complaint narrative:
Ive never received my loan paperwork from Flagship Credit Acceptance. The loan company has recently updated the website and changed the account numbers. As Ive been making payment the payoff amount and payment vary. For months I was never able to access statements of any kind. Recent that feature has been given to me and my statements show random fees that have no explanation. I took a screenshot of my pay off amount in XXXX. I paid on my due date. The payoff amount was {$19000.00}. I took a screenshot of my payoff amount today XX/XX/XXXX ( my payment date ) the payoff amount is $ {$20000.00}. I dont know what my interest rate is because I have never received my loan paperwork. The dealership told me that the loan company would send me the signed paperwork in a couple of days. They never did. I was told my payment amount and the dealership told me verbally that my interest rate was 13 %. My original loan amount was around {$23000.00} in XXXX. Despite making XXXX payments my pay off amount has never dipped below {$18000.00}. Ive used online calculators to try to figure out when I would have my loan payed off. I was never told by the dealership how long the loan was for but I saw on a credit report that it was a 7 year loan. When I ran the calculation to estimate what my loan payment would be for a {$23000.00} ( this amount includes taxes, title and tag fees ) I get a number around {$400.00} not the {$610.00} Ive been paying monthly. As of now I have no way to verify what the original loan amount was nor my interest rate since I dont have any of the paperwork and its not available in my online account. In all of my previous auto loans Ive always been able to access this type of information and Ive always received my paperwork. Ive had an issue with Flagship before about incorrect charges. I had to call them and let them know that my monthly payment was {$610.00} not the inflated amount that they showed on my dashboard and they corrected it in their system. I didnt have the same issue again until recently. Now they sometime show my payment due as lower than {$610.00} but I always pay {$610.00} because I dont trust them and the only thing I have from them is an email that says my monthly payment is {$610.00}. Furthermore, I dont believe they have an accurate list of my payments or the amounts that I have actually given them. Im in the process of collecting all of the screenshots and XXXX I take when I make a payment but I know for a fact that I have already paid them more than the original purchase prices of my car. I called them today to ask about how to do a voluntary surrender of my car and that said that it was an application process that is approved on a case by case basis. The person on the phone said it is approved if the person who is reviewing the application wants it to be approved.

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