Consumer complaint received 2026-01-13 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Title loan
Issue: Struggling to pay your loan — 
Company: WHEELS FINANCIAL GROUP, LLC.
State: FL

Complaint narrative:
Company names involved : LoanMart ( servicer ) and XXXX XXXX Bank ( originating lender ) Loan number : I am a Florida resident who obtained a vehicle-secured installment loan originated by XXXX XXXX XXXX and serviced by LoanMart. The loan carries an APR exceeding 118 %, resulting in repayment obligations of more than three times the amount financed.

I am submitting this complaint due to concerns regarding unfair, deceptive, and abusive acts or practices ( UDAAP ), unconscionable loan terms, and potential evasion of Florida consumer protection laws through the use of a bank-rate exportation structure. 
Specifically : The loan is secured by a XXXXtitled vehicle, issued to a Florida borrower XXXX and serviced and collected primarily by XXXX, yet the contract claims Utah law applies to justify a triple-digit APR that would otherwise be unlawful or unconscionable under Florida standards. 
The interest rate and total cost of credit are grossly disproportionate to the risk and amount financed, creating a debt trap that threatens essential transportation for a relatively small principal balance. 
The structure of this transaction raises true lender concerns, as the non-bank servicer appears to control servicing, collection, and borrower interaction, while the originating bank relies on federal preemption to bypass state-level consumer protections. 
The loan agreement itself characterizes the product as a HIGH COST LOAN, yet meaningful alternatives or protections were not available at origination. 
I am concerned about servicing practices, including payment application, daily interest accrual, required notices, and repossession risk, all of which magnify the harm of the excessive interest rate.

I am requesting that the CFPB review this loan for compliance with federal consumer protection laws, including UDAAP standards, and examine whether the banknonbank arrangement improperly circumvents state consumer protection laws.

Resolution requested : Review of the loans legality and servicing practices Interest rate reduction and/or principal adjustment Rea
sonable payoff or settlement option Suspension of repossession activity during investigation Written explanation of how the APR and total cost comply with consumer protection requirements I am seeking a fair and lawful resolution and am submitting this complaint in good faith. 
What to upload as attachments Upload : The Installment Loan and Security Agreement The Truth in Lending disclosure page showing 118 % + APR Any recent billing statements or payment history ( If you want, I can tell you exactly which pages to upload. ) What happens after you file ( important ) CFPB sends this directly to LoanMarts executive response team They usually have 15 days to respond Repossession activity often slows or stops during review This dramatically improves settlement leverage Next move options ( you choose ) : Draft a follow-up demand once LoanMart responds Prepare a lump-sum settlement strategy ( exact numbers ) Add a Florida Attorney General complaint for extra pressure Build a repossession-defense plan Tell me what you want to do next, and Ill walk you through it step by step.

Company response to consumer: Closed with explanation