Payday loan, title loan, personal loan, or advance loan -- Problem when making payments -- Complaint #12867683
Complaint Overview
Complaint ID: 12867683
Company: Model Finance Company
Product: Payday loan, title loan, personal loan, or advance loan
Sub-Product: Installment loan
Issue: Problem when making payments
State: Texas
ZIP Code: 78626
Date Received: 2025-04-07T12:00:00-05:00
Date Sent to Company: 2025-04-07T12:00:00-05:00
Company Response: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I am filing a complaint against the original lender of my motorcycle loan, Model Finance Company, for improper handling of my account and inaccurate reporting. The loan was closed and sold to another company XXXX XXXX XXXX without prior notice or communication. I was never informed that the account had been sold or that my payment schedule would change. When I purchased the motorcycle, I missed the first payment after the transfer and was marked late, as I had not been provided any account information or a bill to make the payment. I have since made consistent, on-time payments, but the account now reflects multiple late payments and negative marks. I believe these are the result of the companys failure to provide timely billing statements or adequate transition information. To clarify, the account has never been marked late while it was open and has been closed for a few months now. These derogatory marks appeared only after the sale of the loan, and I was not given an opportunity to remain in good standing due to poor communication from the lender. This is a smaller lender, and I have attempted to resolve the issue directly. However, they have not corrected the inaccurate reporting or acknowledged the lack of proper notice. I believe this constitutes unfair and inaccurate credit reporting and request that it be reviewed.
Frequently Asked Questions
What is Complaint #12867683 about?
Complaint #12867683 was filed against Model Finance Company regarding Payday loan, title loan, personal loan, or advance loan specifically about Problem when making payments. It was received by the CFPB on 2025-04-07T12:00:00-05:00.
How did Model Finance Company respond to this complaint?
The company responded with: "Closed with non-monetary relief". The response was 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 (Payday loan, title loan, personal loan, or advance loan) and describe your issue in detail.
Can I see other complaints against Model Finance Company?
Yes, visit the Model Finance Company company profile at readthecomplaint.com/company/model-finance-company 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.