Consumer complaint received 2024-08-03 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Title loan
Issue: Charged fees or interest you didn't expect — 
Company: OneMain Finance Corporation
State: TX

Complaint narrative:
Misrepresentation and Fraud : a representative of the company falsely told me that purchasing the add-on insurance was necessary for loan approval, this could be considered misrepresentation or fraud.Unfair or Deceptive Acts and Practices ( UDAP ) : Many states have laws prohibiting unfair or deceptive acts and practices in consumer transactions. Misleading you about the necessity of the add-on insurance could potentially violate these laws.Truth in Lending Act ( TILA ) : This federal law requires lenders to provide clear and accurate information about the terms of a loan, including any add-ons or insurance products. The lender failed to do this, they might be in violation of TILA. 


Dear XXXX XXXX XXXX XXXX, '' XXXX, I am writing to address a significant discrepancy in the handling of my loan account with your company, as well as to express my deep concern regarding the unethical practices I have encountered. 


Since XX/XX/XXXX, I have paid per month towards my loan, with a portion of cash allocated to an unnecessary add-on. As of XX/XX/XXXX, I have paid a total close to {$10000.00} towards the loan, with a quarter attributed to this unnecessary add-on. 


***I was explicitly informed by one of your employees that obtaining this add-on insurance was necessary for loan approval. Subsequently, I now discover that this was not the case. This misinformation has resulted in me paying a substantial amount towards a product that I did not require and was misinformed about. *** As a XXXX veteran, I find it deeply troubling that your company would engage in such deceptive practices, particularly targeting individuals who have served our country. I demand a full refund of the total amount paid towards this unnecessary add-on, rather than mere credit to my account. Furthermore, I request that all debts with your company be cleared, and the title to my car be transferred to my name promptly. 


Additionally, I am deeply concerned by the closure of the location where I initially acquired the loan. This action raises suspicions of potential attempts to conceal or misplace information related to my loan. Such behavior is unacceptable, especially within an institution serving the military and veteran community. I intend to escalate this matter to the Consumer Financial Protection Bureau to ensure transparency in resolving this issue. 


Furthermore, considering the unethical practices I have experienced, I strongly advocate for your establishment to be blacklisted from military use, as it does not uphold the standards expected of institutions serving those who have served our nation. 


In conclusion, I urge your prompt attention to this matter and request a comprehensive resolution that includes a full refund of the unnecessary add-on payments, clearance of all debts, transfer of the car title, and appropriate measures to address the unethical conduct observed. 


In reviewing the correspondence exchanged thus far, I can not help but express my disappointment in the lack of acknowledgment and resolution of the fundamental issues at hand. While I appreciate the effort made to provide explanations and address certain aspects of my concerns, it is evident that the core issues remain unaddressed. 


As a XXXX veteran who has proudly served our country, I must reiterate the immense emotional distress and financial strain caused by OneMain 's deceptive practices. The verbal assurance given by a OneMain representative that purchasing the add-on insurance was necessary for loan approval was a betrayal of trust and a grave injustice. It led me to believe that I had no choice but to acquire these unnecessary products, thereby exacerbating the financial burden placed upon me. 


Furthermore, the failure to fully acknowledge and rectify the undue hardship imposed on me as a result of OneMain 's actions is deeply disheartening. As an institution operating within the United States, I implore you to consider the values of integrity, compassion, and fairness that define our nation 's character. 


In light of the undeniable evidence of misconduct and the profound impact on my well-being, I urge OneMain to demonstrate moral responsibility and compassion by forgiving the outstanding balance of my loan. Such an act would not only provide much-needed relief but also signify a commitment to upholding the principles of justice and fairness. 


I appeal to your sense of decency and humanity in addressing this matter with the urgency and seriousness it deserves. The decision to forgive my loan is not just a matter of financial relief but a moral imperative that reflects OneMain 's commitment to accountability and integrity.

Company response to consumer: Closed with explanation