ComplaintsforCrossroads Equipment Lease & Finance, LLC.

• Initial Complaint

  12/21/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  Lease No. ***** I paid off the truck loan on 10/10/2023 and got a Title on 11/06/2023.At that moment the weekly truck auto payment was ON.Therefore extra $ ****** was paid to Crossroads Equipment Leasing and Finance after I paid off the loan.I was told that I would wait up to 2 - 14 business days when I asked for a refund. I called them 5-6 times about this issue, but they answered " They are waiting for the approval" The same answer.Now, it's one and a half month since I received the Title.I want a refund.

  

  Business response

  01/09/2024

  After further internal investigation we have been able to identify the issue causing the delay and expedite the process.  This customer will be receiving their refund by tomorrow 01/09/2023 via ACH credit to the account that he was debited. 
  
  We will be notifying the customer directly advising the payment was released and should be available to them within the next business day. If we can provide any further information, please let us know. 

• Initial Complaint

  03/16/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I did bankruptcy and I was discharged 11/29/21 ( case number ***************** * *s part of my filings my lawyer filed on court a reaffirmation agreement for an amount of $24.506.78 on 17 payments remaining for the remaining balance of the loan with crossroads equipment lease and finance ( account ***** and customer *******. A copy of this document was sent to Crossroads before a telephone court day scheduled it. After my discharge by October of 2022 when I was almost finalizing my payments ( last one February 2023) I received a bill where the institution included an extra amount 1987.50 $ for supposedly legal fees that they had during my bankruptcy. I contacted legal department and I spoke with a person name **** and he. Stated that was charges because they had to monitored my bankruptcy process without any further explanation . Even when I asked for a full bill as a proof I never received anything in writing other that a simple bill with the amount. I argued with him and explained that was an scam from them . My lawyer notified crossroads equipment lease and finance about my decision to keep the loan’s payment until the end . The proper documentation was filed on court and a copy was sent to them . there were no payments behind at that moment, no collection, no repo , they were notified and the court day was 10 minutes over the phone due COVID 19 . Therefore there was no reason for extra charges. Now I made my last payment of my loan but they sent my a payoff letter including the amount of $1897.50$ plus interest arriving to the total amount of 2146.08$ . They asked to pay this in order to release the title of the truck . I consider this totally unfair and made a big effort to continue making my payments all this time since 11/29/2021 all the way to the end . I’m asking BBB to intercede on this situation. I just want my title and that’s it . I’m not looking for anything else in here . Personally I don’t have any issues and I’m very satisfied with service provide

  

  Business response

  03/30/2023

  Hello ******,
  
   
  
  We reached out to the customer have come to an agreement. Please see the attached signed copy from the customer. According to customer he will be withdrawn his complaint. Please let me know if that is anything else we can assist you with.
  
   
  Best Regards,
  ******** *******
  
  Customer Care & Servicing Manager

• Initial Complaint

  01/20/2022

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I ask for a payoff quote on three different occasion on my truck I received three different amounts and each time it going higher and higher and I have it all on email the first one 12-16-21 for 55,272.30 good to 12-27-21 the Second one 12-30-21 for 55,543.70 good to 1-10-22 and the third one was 1-12-22 for 55,835.98 was the last one and that was paid off. But they took another payment that it was on auto withdraw 1-13-22 and try to tell me that was add it with the payoff quote. That not true if you do the math they owe me the 1,685.33 plus

  

  Business response

  02/11/2022

  On 12/16/2021, ***** reached out through Crossroads online website requesting a payoff quote for the purpose of refinancing with another institution. A payoff quote valid through 12/27/2021 was provided of $55,272.30 with the request to provide a current physical address for title release for the new institution to his email, no response was received from customer for this information.

   

  On 12/30/2021, ***** again reached out through the online website and requested an updated payoff quote, prior quote had expired on 12/27/2021. This request stated he was paying off account himself so title would be released to his personal address on file. A payoff quote valid through 01/10/2022 for $55,543.70 was provided to his email.

   

  On 01/12/2022, ***** again reached out through the online website and requested an updated payoff quote, prior quote had expired on 01/10/2022. This request again stated he was paying off account himself so title would be released to his personal address on file. A payoff quote valid through 01/24/2022 for $55,835.98 was provided to his email.

   

  His monthly payment was processed by autopay on 01/13/2022. Autopay information is sent 2 business days prior to the due date to customer’s financial institution. To be able to stop the autopay, his payoff funds would have to have been received at least 3 days prior to his due date, which is 01/10/2022, when his last payoff quote was valid through to ensure his autopay could be stopped for no new payments to be processed.

   

  On 01/14/2022, customer service representative generated an updated payoff quote valid through 01/24/2022, due to his payment processing the day before, for $54,112.38 and was provided to the customer by email.

   

  Payoff funds were sent by the customer by wire on 01/18/2022 in the amount of $55,835.98. This amount was for the payoff quote that was provided on 01/12/2022, but he had already been sent an updated payoff quote on 01/14/2022 of the new amount of $54,112.38 that reflected his balanced owed was less than prior quote due to his monthly payment for January processing.

   

  A payoff quote is generated for a maximum of 10 days. In the standard 10 day payoff quote, there are 10 days of interest added on to allow the customer to make the necessary arrangements to send payoff funds and ensure those funds are received by the date of expiration of payoff quote. Loans generate interest daily, called per diem, therefore the payoff quotes provided reflected an increasing balance until the final payoff quote that had the monthly payment applied.

   

  The payoff funds sent should have been for the amount of the updated payoff quote that was provided on 01/14/2022. The customer did not send the funds until 01/18/2022 , therefore this situation could have been avoided.

   

  The customer will be receiving a refund for funds sent in excess.

   

   

  Customer response

  02/11/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

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