I am asking for your help in recovering tens of thousands of dollars in illegal fees, interest, late charges and curtailment fees that I paid to Dealer Services Corporation (DSC), an unlicensed lender doing business in Riverside, California. I believe their actions constitute loan-sharking and usury.
On July 27, 2006, I was faxed an application from DSC for a flooring line of credit. DSC had earlier explained to me that their interest rate was less than 10%, and I would be foolish to pass up a chance to obtain a credit line at that low of an interest rate. DSC advised me that I needed to apply for $200,000, because that was their standard flooring line for used car dealers.
I received a fax on August 29, 2006, from DSC congratulating me on my $200,000 credit line. A statement arrived on September 8, 2006, claiming I owed $130,257, of which $113,000 was withdrawn, without my knowledge or permission, just two days after the loan opened. I immediately called DSC to ask why $113,000 was taken from my account, but was told that DSC manager Claude Ponce was unavailable and that I needed to check DSC's website if I had any questions.
A week after I complained, DSC manager Claudia Ponce told me DSC wrote checks on my loan to pay brokers who had given vehicle titles to DSC. Saying I had been defrauded, she said do not call the police, but allow her to investigate. She said I must continue to pay DSC or I would be out-of-trust. Over the next 45 days I paid tens of thousands of dollars to DSC, even personally delivering payments to their office.
On October 26, 2006, three DSC employees came to my lot, said I was in default and ordered me to stand aside. They repossessed my cars and told me they had put me out of business. It had been just two months since I had obtained a loan from DSC. Their deliberate and destructive behavior continued by:
Contacting customers that had purchased cars from me on retail installment agreements and advised that payments must be paid directly to DSC.
Rewrote consumer contracts for vehicles that I had sold.
While trying to recover the money DSC had stolen from me, I discovered that DSC was an unlicensed California lender. I quickly filed a complaint with the California Department of Corporations (DOC) in March 2007. I have continued to ask the DOC to assist me in stopping this predatory lender, as I discovered DSC's illegal activities were continuing throughout the state.
Any help that you could offer would be greatly appreciated.
JOIN US APIRL 19TH CALIFORNIA DEALERS AGAINST DSC R.S.V.P. ONLY
American family Auto