Complaints

• Initial Complaint

  05/13/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I was going to purchase a vehicle and my credit score was under 500. I found a car dealershiip that specialized in poor credit. Through Kunes Country in Quincy Il i was able to get approved for a very high interest rate, I purchased a car for approximately 19000 and had i made all payments i would have paid 35000 for my 2019 Nissian Sentra. I accepted the loan because I had intentions of getting my loan refinanced through United Community Credit Union who had said i would need a cosigner at that time because i had not been at my job long enough. Approximately 4 months later I spoke with ****** ********* at the credit union who stated that yes they could give me a loan. I had asked them to loan me the money that i needed to pay off my vehicle at Global Lending. The payoff was approximately 17000 or so.. I told them that I would call and get the payoff amount and my loan officer ****** told me that she would call and get the payoff. I was confused because i was under the impression I would be the one to get this information since they were loaning me the money. ****** stated that she would call them and take care of it. I have not had a loan for a vehicle in many years and thought that maybe things had changed so I said okay. My vehicle title had Global Lending as the lienholder and me as the owner. I registed this vehicle in my name, kept insurance on it as the law states. It was either the day my loan was approved or the next day that ****** called and said i needed to come in and sign paperwork. She had told me when we spoke in conversation that they could not pay the entire amount of it off becuase the vehicle was not worth what the payoff amount was. She stated that the remaining amount would have to be put on a personal loan with a 14.9% interest while the vehicle loan for the 15000 was at 8% interest. I did not understand this but I was so excited to be given an opportunity to improve my credit score and enjoy having a newer vehicle. I did believe it was odd but i said okay because I needed them to loan me the money to payoff the higher interest loan. ****** stated that we needed to get paperwork signed immediately otherwise they would not be able to give me the same loan the next day. I went to her office and it took approximately10 to 15 minutes. I signed the paperwork and she said that was it. I did not receive any monies of any kind from them to pay this loan off. I assumed that I would be receiving the title in the mail and that i would bring the title in and they would give me a check for these two loans. The vehicle payment was for 393.00 and the personal loan was 91.00 due every month on the 30th and she had told me that online billing was the right way to make my payment. I entrusted her as a person of high standards and good ethics and morals. It is now May13th and I have yet to receive my title or any payment of any kind from United Community Credit Union. Yet they are taking these payments from my checking account on time on a monthly basis. My concern is that I never received any money as of today from the credit union yet i received a letter from Global Lending stating that my vehicle loan with them was paid in full and they have not sent me my title to my vehicle. I entrusted this financial institution that when I received my title i would take it in and they would give me a check for these two loans at which time I would sign my title over to the credit union so that they could become the lienholder on my vehicle and I would pay Global Lending the amount I owed yet it has already been paid and I have received no money from the credit union in regards to these two loans. My concern is that how can I be making payments on two loans which I signed paperwork for while waiting for the title to be sent to me to finalize these two loans. I have not spoke to anybody at the credit union in regards to this because I believe that I am paying monies on two loans that I never received payment from credit union for. My belief is that the credit union called Global Lending to get the payoff on my car and had them send my title to the credit union where they have somehow managed to put the title in their name. I am not certain of this but this is the only thing that i can think of that would have happened to my title. Even though I have not had a vehicle loan in many years I believe that when a loan is paid in full that the title is sent to the owner of the vehicle because the loan has been paid off. My question being, why did the credit union send payment to my loan company when it was me who asked for the loan, and did my credit union tell Global Lending to send the title to them because they had a lien on my car. How can the credit union ask for the title to my car when they NEVER loaned me any amount of money. I waited for the credit union to do the right thing and they have not. This is why I am contacting you. My vehicle was to be paid off by me with the money that the credit union was going to loan me. There is no record of them loaning me any amount of money so how can they be taking payments from me for two loans that United Community Credit Union says I borrowed from them. This is illegal and if the credit union paid my car off that is on them and the title should still come to me. It is my belief that since I did not receive not 1 penny from the credit union that they are doing a fraudulent loan. How can I pay back monies that I never received from theme? In order for it to be a loan the borrower must have been given the checks for the amounts of the loans. This did not happen. It looks to me like the credit union paid Global Lending the money to pay off my car and was sent my title and they had their business name put on the title without me ever receiving the title to turn over to them. I believe that because my credit score was very poor that my vehicle became their assest when they paid off my loan and thought that I did not have the proper amount of intelligence to notice what was taking place. Even though I did not receive any type of loan from them and they paid my car off and decided to charge me interest on two different loans that they say they loaned me monies for ...they did not. This vehicle became mine the moment Global Lending was paid off. I believe that you understand that this is illegal is many ways. How can a financial instituion say that they loaned me money and charge high interest on money that I never received from them. My belief is that this is fradulent and illegal in many ways. Once a vehicle is paid off the title goes directly to the owner and this has not happened as of today. I am contacting you because I do not trust this business. Today I will be removing all of money from my checking account because I am not paying for 2 loans that they NEVER loaned me money for. The vehicle is mine by law. I did not ask them to send Global Lending a check I asked them to loan me the money so I could payoff this loan and I signed the paperwork for it. I need this to be investigated immediately. Nobody should have to pay loans on money that a financial instution never gave to them. I can promise you you will not find any record of any checks given to me from the credit union. They tried to pull a slick one on me and took advantage of my financial situation. This vehicle belongs to me, I did not borrow any money from the credit union, the title should be in my hands to put it in my name only because the loan was paid and I am the rightful owner. I carried the insurance on this vehicle since this supposed loan took place it is registered in my name. I have not seen the title to this vehicle at all. What gave the credit union the rite to obtain my title from another financial instituion when they know that by law that title should have come to me. Since the credit union chose to pay Global Lending the payoff amount and not me, this means that I borrowed no monies from the credit union and they paid my vehicle off I consider that a gift. Had the credit union paid me the money to pay the vehicle off yes I would be responsible for these loans but as it is,,,,this vehicle is mine, i owe nobody any money because I never borrowed any and the title to this vehicle needs to be sent to me and if United Community Credit Union is listed as a lienholder on my title then that is a fradulent title because I never signed it... Consumers are protected by the Better Business Bureau in regards to financial institutions wrong doing.. I believe that your belief is my belief. Please investigate promptly because I am no longer paying any payments on money i did not receive. This is an urgent matter. Thank you so much for the investigating that you are going to do. If their name is on the title to my car they will try to repossess my car. This is an urgent matter and I am certain that they have conducted business in this manner with those who they believe lack understanding of how borrowing money works. I have been spirtually guided and i believe that they should be held accountable for all their illegal doings in this matter. Thank You **** ****** *** *** ****

  Business response

  05/26/2023

  On December 3^rd, 2022, Ms. ****** applied through our online portal to move her auto loan to United Community Credit Union from her current lender, Global Lending. She had bought the car from Kunes Country and they helped her get financing through that company at a very high interest rate.  Her exact comments in the loan application stated, “Want CU to takeover this loan.”

  She was approved to move her auto loan over to UCCU at a much lower rate, saving her quite a bit of money and interest. The application was processed, approved, and closed. As part of the closing documents that she signed, there was a payoff letter to Global Lending stating that UCCU is mailing a check for the payoff of the loan held with them and in return, they should send the title to UCCU. Ms. ****** signed this document that we sent them authorizing them to send the title to us which is standard practice when a consumer is moving their loan from one institution to another.  The payoff check was made payable to Global Lending because they held the loan for Ms. ****** that we were paying off with the new loan (refinance).

  The loan was closed on December 16, 2022 and the check and payoff letter were sent to Global Lending in order to transfer that debt and subsequent title to UCCU as Ms. ****** had requested. We now hold that loan on our books with the title being held in Ms. ******’s name with UCCU’s lien on it.

  Since receiving this complaint, we have tried to contact Ms. ****** in order to answer her questions or help her understand the process, but all of our calls have gone unanswered.

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