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Report: #1324376

Complaint Review: CIG Financial LLC - Nationwide

  • Submitted:
  • Updated:
  • Reported By: Zuly Ortega — Lancaster California United States of America
  • Author Not Confirmed What's this?
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  • CIG Financial LLC Nationwide USA

CIG Financial LLC Intimidated and threatened Irvine, CA CA

*Consumer Comment: What about the interest?

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I purchased a Chevy HHR for $8000.00 and financed the vehicle through CIG financial in August of 2012. I made 19 payments @ $261.00 = $4959.00. My ex-husband took over the car & payments as his name was on it and he could afford it. However, he made no payments. Sometime in 2015, I started receiving harassing calls from CIG, which threatened me with criminal action and incarceration for theft, although I was not in possession of the vehicle. The balance CIG claimed was owed on the vehicle was $5,292.00. They claimed that I had to pay not only the balance owed, but legal fees since they stated they had initiated legal activities against me and/or my ex-husband. They demanded $500 up front, and monthly payments of $257.00. Although I am a single mom, with a child whose medical bills for 2015-2016 totaled $85,000, I took possession of the vehicle, paid the initial $500. I made 7 payments @ $257.00 = $1799.00. In March, 2016, I received a letter from CIG, offering to settle the account for a lesser amount, at lower payments. I immediately contacted them.

The representative I had been working with, Mr. Andy Poblano, tried to threaten and intimidate me into continuing with the original agreement. However, since CIG had offered me this agreement, I stuck to my guns and we changed the contract, so that my monthly amount was now $167.06. Although the payment was lowered, the amount owed was not reworked as promised. I made two payments @ $167.06 = $344.12, bringing my total payments to $2,643.12 + 4959.00 = $7602.00. In May of 2016, the vehicle was totaled in an accident.  My insurance company, Infinity paid CIG financial $2,622.00 to settle for the vehicle. This makes the total paid out for the vehicle $10,224.00 I have since received letters from CIG Financial threatening me with legal action and claiming that I owe a balance of $2800.00.

They have destroyed my credit, as they refuse to show that any payments have been made on the vehicle, and are showing it as a repossession (it was never physically repossessed). They said that even if I paid it off, it would remain so. They have further made three unauthorized hard credit inquiries to my credit report, two within a week of each other. I am frustrated and at the end of my rope; I do not know what else to do. I have been nothing but cooperative with this company. The payments I made after recovering the vehicle from my ex-husband were made as agreed; none were ever late. This situation has caused me is overwhelming anxiety; I can't afford the $2800.00 and I have no idea what I need to do to put a stop to this.  

This report was posted on Ripoff Report on 08/24/2016 12:34 PM and is a permanent record located here: https://www.ripoffreport.com/reports/cig-financial-llc/nationwide/cig-financial-llc-intimidated-and-threatened-irvine-ca-ca-1324376. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

What about the interest?

AUTHOR: FloridaNative - (USA)

POSTED: Friday, September 23, 2016

From your report, it appears you have forgotten about the interest on the loan.  

If you have borrowed $8000 to pay for a vehicle, then the amount that you repay is the entire principal + the interest on the loan.  The amount of interest due is based on the note you signed with the lender + the time you took for repayment and any penalties or fees you incurred if you made late payments. There is paperwork you signed showing the amount you borrowed plus the total amount of interest you would pay for the loan. This paperwork is usually signed at the time you purchase the vehicle when you elect to have the dealership find the funding for your vehicle purchase.

Pull out your paperwork and input the (interest rate, principal amount and length of loan) into an online loan calculator and print out your amortization schedule so you can see the amount, in dollars, that would be paid in interest if you made each of your payments on time. You would have to recalculate for late payments.

There is no institutional type lender that is going to give you the money interest-free. That expectation doesn't make any sense. 

Work out payment arrangements with the lender for the balance due if you don't have the funds to pay off the loan right away.  

By the way, I don't work for this lender or any other lender but I understand how loans work. 

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