Consumer complaint received 2024-08-19 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — High-pressure sales tactics
Company: FC HoldCo LLC
State: OH

Complaint narrative:
Subject : Formal Complaint of Predatory Lending Practices Dear Consumer Financial Protection Bureau, I am writing to formally report and seek assistance regarding what I believe to be predatory lending practices that I have recently experienced with XXXX XXXX XXXX and Flagship Credit Acceptance. 

On XXXX XXXX XXXX  in XXXX, I purchased a XXXX XXXXXXXX XXXX XXXX XXXXXXXX XXXX XXXX, enticed by their advertised " XXXX  discount. '' As a XXXX  who XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX and as the daughter of a 100 % XXXX XXXX XXXX  who is XXXX  100 % XXXX through the XXXX, I entered this transaction with the expectation of transparency and fair dealing. The purchase was motivated by my need for a vehicle that could more comfortably accommodate my fathers XXXX, replacing my XXXX XXXX XXXX. My father and I went to the dealership due to the advertised 'XXXX  discount ' the car dealership was marketing. 

However, the transaction quickly deviated from my expectations. I was pressured to make an immediate purchase to secure the " military discount, '' which resulted in a purchase price of {$44000.00} for the XXXX XXXX, accompanied by a 20.5 % interest rate. I was also compelled to purchase various service programs and extended warranties. The loan was structured as bi-weekly payments, misleadingly presented as a temporary arrangement until I could refinance through my local credit union. 

Despite repeated efforts, Flagship Credit Acceptance has declined all my requests for a reduction in the interest rate. The dealership has been unhelpful, advising me to continue payments for a year before attempting to refinance. Currently, I am left with a loan balance of {$46000.00} on a vehicle now valued at only $ XXXX refinancing unfeasible and trapping me in an economically damaging cycle. 

It is clear from these practices that XXXX XXXX XXXX did not act in my best interest. This situation has left me financially compromised, and I believe that the actions of the dealership and the lending practices involved qualify as predatory. Therefore, I request a thorough investigation into their methods and for appropriate actions to be taken to address this grievance. Furthermore, I urge that measures be implemented to protect other consumers from similar predatory tactics. 

I have also filed complaints with the FTC and contacted XXXX XXXX XXXX for support in advocating for stronger consumer protection regulations. I am asking for your assistance in resolving this issue, potentially through a buyback of the vehicle and adjustments to the loan terms, to rectify the financial harm inflicted upon me.It is clear from these practices that XXXX XXXX XXXX did not act in my best interest. This situation has left me financially compromised, and I believe that the actions of the dealership and the lending practices involved qualify as predatory. Therefore, I request a thorough investigation into their methods and for appropriate actions to be taken to address this grievance. Furthermore, I urge that measures be implemented to protect other consumers from similar predatory tactics. 

I have also filed complaints with the FTC and contacted XXXX XXXX XXXX for support in advocating for stronger consumer protection regulations. I am asking for your assistance in resolving this issue, potentially through a buyback of the vehicle and adjustments to the loan terms, to rectify the financial harm inflicted upon me. 

Thank you for your attention to this serious matter. I am hopeful for your support and intervention to ensure that justice is served and that future consumers are safeguarded against such unethical practices.

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