Consumer complaint received 2018-05-01 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Struggling to pay your loan — Loan balance remaining after the vehicle is repossessed and sold
Company: LOBEL FINANCIAL CORPORATION
State: FL

Complaint narrative:
My problem is eerily similar to a lot of the complaints I see on here about Lobel Financial. I purchased a vehicle from a dealer that financed that vehicle on my behalf through Lobel Financial. From my first week of ownership, I consistently had problems with the vehicle. Took it back to the dealership who claimed they fixed it. They did not. Took it to a local dealership, they could not fix the problem either. The vehicle had mechanical issues that were very likely manufacturer 's defects. Having to pay thousands of dollars to fix the car and make monthly payments as well became to much for me financially. I chose to do a voluntary repossession. 

After the voluntary repossession I was sent a letter ( XX/XX/17 ) stating I still owed {$3700.00} for the vehicle. I disputed the alleged debt by certified mail within the required time frames requesting verification of the debt. Lobel Financial to date has never provided me with verification of this alleged debt. They also did not comply with FL consumer protection laws as stated on the Attorney General 's website ( XXXX ) regarding vehicle repossession. This law is stated as follows : " Once your car has been repossessed, your creditor may decide to keep the car as compensation for your debt or resell it in a public or private sale. In either case, your creditor must notify you about what will happen to the car. If the creditor decides it wants to keep the car, you have the right to demand the car be sold instead. You may choose to exercise this right especially if the car is worth more than the amount owed on the loan. If the car is sold at a public auction, you must be notified of the date in advance. If sold at a private sale, you will be notified of a date after which it will be sold. Any resale must be conducted in a commercially reasonable manner. For example, a resale price which is below fair market value may be unreasonable. If this occurs, you may have a claim against the creditor for damages or a defense against a deficiency judgment. You may also be entitled to buy back the vehicle by paying the full amount owed, plus any expenses incurred by the creditor. Additionally, you may be able to reinstate your loan by paying the amount you are behind on the loan plus your creditor 's expenses. '' Despite Lobel Financial 's failure to provide me with verification of the alleged debt, they immediately began reporting negative information to all three credit bureaus regarding this alleged debt. They also periodically falsely manipulate dates, amounts, and the status of the alleged debt in their credit bureaus reporting as well. Lobel Financial operates with a callous disregard for both state and federal consumer protection laws. There is no true protection for the consumer when a company is allowed to operate according to their own prescribed laws without accountability.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation