Vehicle loan or lease -- Managing the loan or lease -- Complaint #10763144
Complaint Overview
Complaint ID: 10763144
Company: Lendmark Financial Services
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Managing the loan or lease
Sub-Issue: Billing problem
State: Texas
ZIP Code: XXXXX
Date Received: 2024-11-11T12:00:00-05:00
Date Sent to Company: 2024-11-11T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: No
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On numerous occasions I have reached out to Lendmark Financial via telephone, In-person, and online for help to either be denied or ignored. The statements for my car are coming in my husbands ( soon to be ex due to XX/XX/XXXXXXXX name ) and I am the only one making payments for the car. ( I can provide receipts ). He pays for his own separate car. I have been requesting that they change the statement to my name but it is usually met with rejection or me being told I have to apply for refinancing to remove his name. The problem with this is that I am already having issues trying to refinance, and Lendmark stated that I cant apply for another loan if I already have one open. From the beginning I should have known not to do business with these people due to the reviews but gave them the benefit of the doubt. Total price of car was close to {$8000.00}. I made a {$3000.00} down payment after hearing the ridiculous amount they wanted me to pay each month for a used high mileage vehicle. I also traded in my XXXX XXXX XXXX and was told by dealership that they credited {$200.00} for it. On none of Lendmarks statements or websites do I see a price breakdown of what was applied and where it was applied. In addition to that they stuck me with an interest rate of a little over 21 % even after the down payment. My payments come out to {$230.00} a month which does not seem fair given the down payment and my credit. Since XX/XX/XXXX of last year I have been making payments directly drafted from my bank account to Lendmark for the car. With that said and what has been calculated I should be close to paying off the vehicle but it still reflects that I owe them a little over {$10000.00}. Something seems really off about this. I also felt like they were preying on me being a new car buyer and were not very transparent in their loan processes. I recently saw an news post about customers filing a possible class action due to not being transparent about fees. After calculating I made a {$2600.00} down payment for a {$7000.00} loan. Offered trade-in $ XXXX {$2800.00} ( 12 months of payments ) = {$5600.00} paid to them since last year. Why would I still owe over {$10000.00}? And why am I being told that statements can not be applied in my name if Im the one paying for it? This all seems shady and unfair.
Frequently Asked Questions
What is Complaint #10763144 about?
Complaint #10763144 was filed against Lendmark Financial Services regarding Vehicle loan or lease specifically about Managing the loan or lease. It was received by the CFPB on 2024-11-11T12:00:00-05:00.
How did Lendmark Financial Services respond to this complaint?
The company responded with: "Closed with explanation". The response was not timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Vehicle loan or lease) and describe your issue in detail.
Can I see other complaints against Lendmark Financial Services?
Yes, visit the Lendmark Financial Services company profile at readthecomplaint.com/company/lendmark-financial-services to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.