Vehicle loan or lease -- Managing the loan or lease -- Complaint #8966571
Complaint Overview
Complaint ID: 8966571
Company: Dakota Financial, LLC
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Managing the loan or lease
Sub-Issue: Problem with fees charged
State: Texas
ZIP Code: 75023
Date Received: 2024-05-08T12:00:00-05:00
Date Sent to Company: 2024-05-08T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Hello, I hope this letter finds you well. I am writing to file a complaint regarding the exorbitant interest rates and unfair practices associated with a commercial XXXX XXXX XXXX XXXX XXXX ) loan that I have obtained from Dakota Financial. I believe that the terms of the loan are unjust and require your immediate attention. On XX/XX/2022, I entered into an XXXX loan agreement with Dakota Financial to finance the purchase of a commercial vehicle. The loan amount was {$55000.00}, and as per our agreement, I made a substantial down payment of {$23000.00}. However, to my dismay, this down payment was not properly applied to the value of the vehicle, as it should have been. This discrepancy has resulted in an inflated loan balance and has placed an undue burden on me as the borrower. Furthermore, I recently requested an early payoff quote from Dakota Financial, and to my surprise, the quoted amount was significantly higher than what was originally agreed upon. This discrepancy is deeply concerning, as it suggests that the lender is imposing unjustified charges and fees, which are not in line with the terms and conditions of the loan agreement. To date, I have already made total payments of {$47000.00}, which includes the down payment and subsequent monthly installments. Despite this considerable sum, it appears that the loan terms have been structured in a manner that unfairly benefits the lender, with an effective interest rate of 100 % or higher. Such exorbitant interest rates are neither reasonable nor compliant with fair lending practices. I kindly request that the Consumer Financial Protection Bureau thoroughly investigate this matter and take appropriate action against Dakota Financial for these unfair and deceptive practices. I urge you to ensure that the lender revises the loan terms to reflect the proper application of the down payment, provides an accurate early payoff quote, and rectifies the excessive interest charges. I have attached copies of relevant documents, including the loan agreement, down payment receipts, and correspondence with the lender, for your reference. I trust that the CFPB will act promptly and diligently to resolve this matter in a fair and just manner. Your intervention will not only protect my rights as a borrower but also serve as a deterrent against such unethical lending practices in the future. Thank you for your attention to this matter. I look forward to a favorable resolution.
Frequently Asked Questions
What is Complaint #8966571 about?
Complaint #8966571 was filed against Dakota Financial, LLC regarding Vehicle loan or lease specifically about Managing the loan or lease. It was received by the CFPB on 2024-05-08T12:00:00-05:00.
How did Dakota Financial, LLC respond to this complaint?
The company responded with: "Closed with explanation". 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 (Vehicle loan or lease) and describe your issue in detail.
Can I see other complaints against Dakota Financial, LLC?
Yes, visit the Dakota Financial, LLC company profile at readthecomplaint.com/company/dakota-financial-llc 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.