Consumer complaint received 2024-01-12 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with fees charged
Company: LOBEL FINANCIAL CORPORATION
State: OR

Complaint narrative:
Lobel Financial does not seem to want to acknowledge my XXXX insurance policy. They have not, despite it being sent multiple times through multiple mediums. I have emailed it, I have communicated it over the phone, I have faxed it, and yet they can't seem to acknowledge that I have insurance. Because they won't acknowledge my insurance policy, they believe they have the right to impose a Loss Damage Waiver fee of {$63.00} per month on my bill, which they state that they require only in the absence of insurance. I am already paying insurance premiums to have the coverage that meets their requirements. 

Here is a chronological listing of relevant events. 

XX/XX/XXXX, I received letters from Lobel Financial, dated XX/XX/XXXX, stating my first bill, {$210.00}, and notice of the threat of imposition of a Loss Damage Waiver fee should I not provide them with proof of insurance within 10 days of the date of the letter. 

XX/XX/XXXX, a Tuesday, I called Lobel Financial customer service to provide my insurance information. The customer service rep stated that they could not take it over the phone, and instructed me to email it to them. I emailed the information as they requested, with the subject line " Client ID XXXX '', the required information in the body of the email, and an insurance certificate attachment which I retrieved from my insurance company 's website. The customer service rep told me that it would take three days to process, and that I should call back Friday. 

XX/XX/XXXX, a Friday, I called Lobel Financial customer service to ask if they had received my insurance information and updated my account. They had not. The customer service rep told me that it would take 5 days to process and that I should call back next Wednesday. 

XX/XX/XXXX a Monday, I received letters from Lobel Financial, dated XX/XX/XXXX, stating an updated first bill, {$270.00}, and notice that they had now imposed the loss damage waiver fee. 

XX/XX/XXXX, a Tuesday, I called Lobel Financial customer service to ask if they had received my insurance information and updated my account. They had not. The customer service rep told me that it would take 5 days to process and that I should call back Wednesday. 

XX/XX/XXXX, a Thursday, I called Lobel Financial customer service to ask if they had received my insurance information and updated my account. They had not. I told them that it had been 5 days. They simply stated that it was not in their system. I asked for their supervisor. After being disconnected, they called back, stating that their supervisor was busy would schedule a call. They never specified a time or date for the call, only that it would be scheduled. 

The customer service rep also told me during this call that a couple weeks prior, specifically on XX/XX/XXXX, they received a letter from my insurance company stating a cancellation of my insurance policy. 

Right after the call with Lobel, I called my insurance company, XXXX, to ask if that that had happened. It had not. XXXX informed me that they have not done that or anything like that. They like me. I like them. I am paid up in full through XXXX, when the policy renews. My account is in good standing. 

And I faxed the insurance policy from XXXX 's online portal to LobeXXXX, in a last-ditch effort to make sure they receive the information. 

That's the summary of events thus far. I will refile and update my complaint as necessary. 

The fact that the customer service representative stated they received a cancellation notice from my insurance policy indicates that either they mixed my account up with someone else 's, or they are lying. 

I believe Lobel Financial is intentionally failing to recognize my insurance policy in order to charge additional fees. From the reviews I've read about them online, it's the most probable conclusion I can draw. 

Aside from overcharging me, the fees of which would also accrue additional interest, this has the potentiality to hurt my credit. I am trying to build credit. This is my first loan. All I want to do is make car payments. I don't want to be beaten like a pinata by a company that just wants to see how much money can come out. 

I have read reviews of this kind of treatment happening to many others, some of which have stated that Lobel has not managed to recognize their insurance policy in months. Some statements have indicated far worse treatment. 

I'm about month into this loan, and I want to nip it in the bud before it gets any worse. This kind of treatment, incompetence, and outright lying is inexcusable.

Company response to consumer: Closed with explanation