Auto Repo

[Anonymous]

First of all, letme say these things again because its getting past some people.  This bank is not a big company.  The dealership, which is located in Greensboro, NC, is tied with this mom and pop type bank that prey on ppl like me.  NOTHING is auto generated with this company!  i asked because I was wondering the same, why there had been NO letters sent or nothing.  They ahve refused to provide me with the address they have on file, which goes to show that they are screwy with ppl.  And as far as them not making money off of a repo, these people did.  When my vehicle was repoed I called 911 they gave me the number of the repo man.  I called and he told me his fees were 200!  When talking to the finance co the fees were 570.  When the car lot and the bank are owned by the same family they make money.  As soon as it was repoed I went online about 2 weeks later and my SUV was on their lot for swle $200 more than what the orginal price was when I bought it.  There are no records of them on BBB and I have contacted everyone that I could possibly on this issue.

Me buying a house....my personal bank has offered me 6.15% FIXED, I have been a customer with them for 10 years.  I have checking and savings and time on my job.  I dont believe that I would even try to secure financing with anyone else right now.   

[Anonymous]

Oh and no I am not worried about getting the vehicle back.  It was worth $8K but this is enough of a headache for me unless something arises out of this then I wont bother with it.

[Anonymous]

What you just described is similiar to what I was trying to point out.  It seemed like a scam.  They find a reason to repo, sell it back to the son's car lot, and then the car is re-sold again for full market price.  Each time they do this they get a down payment, a few payments on their books, and some fees.  First time you are late or something gets screwed up they pounce.  On top of that, they probably charged you a ridiculous rate for the loan and price for the car.

Sorry to hear that.  At least you local bank is wiling to look over that.  Most banks would not even look at your file with a recent repo showing for a house loan right now. 

[sekada]

Man, that is a scam-a-lam-a-ding-dong if ever I heard one.  Call the AG TOMORROW, that's MONDAY, and tell them they should be embarassed that these people are still doing business.  The state should be prosecuting them -- AFTER they shut them down. 

If you have any spare money at all, or know any good lawyers (the key word here is good, not another scammer) then your best bet is to sue.  Filing a suit should cost about $300 plus atty's fees and that gives you the right to all this info they won't give you -- including who the car was sold to and for what price, etc.  Once you have that info I think you'll have a much better chance.  I doubt they'll let it go to court, because it's not in their interests.  You can always drop the suit once you have the info, if you really want to.

Finally, get your ducks in a row with this paperwork and keep an eye on the dealership... stay in touch with the AG's office, too. If the state does decide they're thieves and goes after them, or if they go under like a lot of dealerships are, you might as well file as a creditor.  They may owe you $8k.  If you can get even a fraction of that back it'll be worth the effort. 

I know it's a pain, but remember, that's what they're probably counting on.  People like this prey on those who haven't got a lot of money, time or energy.  So take whatever you have and throw it at them, and they might back down.

[Anonymous]

Ok, so I think I found this company on BBB.  I was looking in the wrong territory.  I have found this company, Federal Financial Services(listed as this<--) aka United Financial Group is listed under 3 different locations.  What I found, they specialize in consumer loans BUT I cannot find their location.  I put in the phone number on BBB site and do a number search in their territory but find nothing.  If this co is the one that has other locations, they have an outstanding reputation with the BBB, no compaints, etc.  So now I;m like aaaarrrrggggghhhhh!  Why Why Why!!!  I could give a rats a*s about getting any monies at all out of this, I just want this off my credit.  I would be willing to pay these people to take it off.  I will just keep making phone calls,sending emails and letters and hopefully soemthing will come out of this.

[Anonymous]

There could be numerous companies doing business under that name licensed in different states.  I would not put any faith on way or another that you foudn the right one unless you match an address or a name.  That whol situation just sucks. 

[Anonymous]

I would also file complaints with the BBB and the AG and state for your desired outcome that you wish for the entire account to be removed from your CR and a letter stating that the account is resolved and will not be sold off to any collection agency.

[Anonymous]

I have followed all the proper steps in filing a complaint with anyone under the sun.  I have also requested from them the proper resolution, which would be removal from my CR. Now I just have to wait until I get a response.  I will give them a week to 2 weeks to respond and then contact them again.  Companies like this really need to be put out of business.  They get by with this because they think ppl with bad credit are idiots and dont know where to go for info or how to pursue whats right.  Well after being treated like this they will wish they had never crossed my path!  Like I said this is a small bank, so small even since June they still knew who I was....

[llecs]

Like so many others suggested, contact the BBB and AG. Also consider sites like planetfeedback.com and ripoffreport.com to publicly list your issues with the financing company. In a sec, I'll jump to ripoffreport to see if there's anything there to help you.