FC HoldCo LLC Consumer Loan Complaint

FC HoldCo LLC Consumer Loan department,

Vehicle loan Taking out the loan or lease Virginia

This complaint is about Flagship Acceptance -, LLC and the predatory lending practices and being underwater with my vehicle loan. On - -, -, I purchased a - - - SV from - of -. The - - was not my first choice however, I did not want my payments to be no more than $350.00 a month. When it was time to discuss the financing, the account manager claimed that Flagship Credit Acceptance was the best option for me. The total purchase price was $19000.00 with a 13.49 % interest rate payments of $390.00 per month with a 72 month loan term. I was told by the account and sales manager that after 6 months to 1 year they would help me with after 6 months. After 6 months of payments that began - -, -, I asked the sales and account manager and was told they could not request financing because the - - - is considered a used vehicle and to contact Flagship Credit Acceptance about refinancing. I was told by a representative that Flagship never changed the terms of the loan I applied with a credit union for refinancing of the - -. When I applied


would be late and I had major - and was trying to catch up with my bills. The representative then asked me what body part was -. I told the representative that this was a - violation. The representative told me that per the supervisor there is a questionnaire for all clients 7 days late with their payment. On - -, -, A complaint with the Consumer Financial Protection Bureau on Flagship Credit Acceptance and - -.was filed and. - - from Flagship Credit Acceptance responded to CFPB. I disputed - - 's response about the call that she was unable to locate. I left a message to - - and I received a call from the office of - - and was told they could not pull up the call and understood my frustration after listening to some of my calls. I explained that I was upside down in this vehicle loan because of the 13.9 % interest rate and I was requesting to lower the interest rate and monthly payment. The representative from - - 's office stated that she would have to submit the request to the underwriting/loan department. I received another call a few days later and was told that they agreed to lower the interest rate to 8 % and reduce the monthly payments to $330.00 per month. On - -, - I filed through my attorney Chapter - bankruptcy. When I contacted Flagship to tell them when I was making my payment, I was transferred to the bankruptcy department. I asked the representative about the loan the value of the vehicle and was told that I already had an 8 % interest rate and Flagship would not go lower than that. I told the representative that I was hesitant of reaffirming with Flagship because if something happened to the vehicle, I would be responsible for the value of the loan of $16000.00 and the value of the vehicle is much less than that. My Attorney received a reaffirmation agreement from Flagship agreeing to lower the interest rate from 8 % to 4 % and lowering the payment from $330.00 to $330.00 with a 60 month term. Then on - - at - pm, I contacted Flagship on -/-/- and was transferred to the bankruptcy department. The representative on the phone identified herself - who yelled at me and said changing the loan is not happening.Flagship makes their money by their high interest rates making it impossible for customers to get out of their loan.