• Report: #72879

Complaint Review: Reliant Financial; Michael J. Baxter (dba MJB Services)

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  • Submitted: Sun, November 23, 2003
  • Updated: Sat, July 11, 2009

  • Reported By:Graham Washington
Reliant Financial; Michael J. Baxter (dba MJB Services)
PO Box 2908 (Reliant); PO Box 681 Anaheim, CA 92804 (Reliant); Olympia, WA 98540 (MJB Services, Other U.S.A.

Reliant Financial & Michael J. Baxter (aka MJB Services) Destroyed My Car Anaheim; Olympia California; Washington

*Consumer Comment: Subprime Loans: Cause and Effects

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I had purchased a vehicle from an auto dealership back in December of 2001, and was making my payments by the due date (or close to it, depending on the day I was paid).

However, as time went on, there would be months (at least four) when I would be called by various representatives from Reliant Financial, asking (or demanding) payment. With these phone calls, I have had to send additional payments for the payments they claimed were never received, which means other bills went unpaid.

Finally, on the morning of Sunday, November 23, at about 8:30 am, Michael J. Baxter pulled into the residence in a truck with a add-on towing device and proceeded to hitch his truck up to my car. As he attempted to back up to my car, he actually hit my car, breaking the driver's side tail-light assembly. After repeated requests to unhitch my car, he demanded the keys to the car. I asked him for his name, and was handed a business card with his name/business on it. After retrieving personal posessions out of the car, he then proceeded to drag it backwards for about a quarter-mile. This may not seem like much, but my car is FRONT-WHEEL DRIVE; and by doing this, not only do I have a broken tail-light assembly (which would be considered as "Defective Equipment" by the local law enforcement), but also possible transmission/drivetrain damage.

Reliant Financial never once contacted me to say there was a problem with my account (past due, non-payment, etc.), nor was I presented with any sort of paperwork from Michael J. Baxter at the time of the repossession (other than his business card).

I do not wish to make payments on a car that is no longer safe to operate, let alone continue to pay for damaged goods.


RELIANT FINANCIAL
PO BOX 2908
ANAHEIM, CA 92804
(714) 828-5330
(866) 613-7441


MICHAEL J. BAXTER
Owner, MJB SERVICES
PO BOX 681
EAST OLYMPIA, WA 98540
(360) 239-6032 (Phone)
(360) 413-6907 (Fax)

Rob
Graham, Washington
U.S.A.

This report was posted on Ripoff Report on 11/23/2003 07:18 PM and is a permanent record located here: http://www.ripoffreport.com/r/Reliant-Financial-Michael-J-Baxter-dba-MJB-Services/Anaheim-CA-92804-Reliant-Olympia-WA-98540-MJB-Services-Other-Multiple/Reliant-Financial-Michael-J-Baxter-aka-MJB-Services-Destroyed-My-Car-Anaheim-Olympia-72879. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Subprime Loans: Cause and Effects

AUTHOR: Just The Facts - (U.S.A.)

In response to this consumers complaint, I would like to point out a few pertinent details. Rob's loan was placed with Reliant Financial, one of many so called "subprime" lenders. These lenders are the lender of last resort for auto dealerships. Dealers send auto finance contracts to lenders like Reliant if and only if the customers credit history prevents them from placing the loan with a regular bank or credit union. Reliant charges the consumer interest rates in the 30% APR neighborhood. Reliant also charges the dealership as well, usually between $1000 and $2000 to place the loan.

Why would anybody pay such rates? The answer is simple. Without these types of lenders, people that have previously failed to pay their bills would never get a loan or the chance to reestablish credit.

Rob's complaint about aggressive collection tactics is valid. The bottom line is that consumers who haven't paid there obligations in the past are the most likely to not pay in the future. That's why they have bad credit. So unfortunately, subprime lenders assume that people that miss their payment are risking default and they go after them hard.

Repossession is a bad deal for both the consumer and the lender. The consumer ruins their credit and can be sued for any remaining deficiency after the car is sold at auction. The sale at auction almost always results in a loss for the lender as well.

My advice? Maintain good credit so as to avoid subprime loans and the resulting ripoff rates and aggressive collection tactics. If subprime is your only avenue for credit, then PAY ON TIME and you will create a better credit profile so you can avoid subprime lenders in the future.
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