Long Beach Acceptance Corp In Cahoots with auto dealers? Orange California

Mike,

Info is not incorrect regarding kickbacks. Obtain a copy of company's SEC filing that they filed with Exchange (yes, the NYSE) when they applied to go public with their stock that they do exactly what was stated. This was in their own words in their OWN SEC filing. The filing is about 180+ pages, but it states very clearly in it that dealers and others that give referrals to them are usually - not always - compensated monetarily in the form of a type of commission per payment collected by LBAC from the Borrower to the Dealer through LBAC.

LBAC does not pay kick backs to dealers on loans.
I was a collection Supervisor and eventually a credit analyst (paper buyer) and worked there for three years. The information you have posted is incorrect and needs to be addressed.

I wish to respond to Jason. Thank you for your advice, however, I already stated that the contract signed at the dealership was for GMAC (already approved according to the dealership who I currently am filing fraud charges against), not LBAC. Therefore, where does LBAC have the right to use their tactics when there is no contract in existence between them and the consumer? And verbally abusive and disclosure of information to other parties is by any means a violation of Fair Credit laws, even in California.

There is no guaranty of a grace period, by law in california, you can be contacted by phone or mail after being one day late. It is up to each business to decide how they want to "service" their loans. Unforturnately, there is little that can be done how companies do business because of the contract that was signed. The back of the contract actually states a loan is in DEFAULT if the payment is on time. Legally a company could theoretically repo on one day late. No company does because it is not cost effective.

I know lb acceptance, I have many friends that work there and that is their business philosophy.
If you don't want to be contacted, by federal law you can send a cease and desist letter, and by law they can not contact you by letter or phone. I would reccomend that this letter be sent by registered mail and that you keep a copy.

*****WARNING******
If this is done and payment is somehow lost in the mail, they would not be in contact you, then legally they could (and i know they would) repo your car. YES as early as 10-30 days and be within the law. (the good thing about these repos is that it is difficult for them to win a defiecency judgement.)

The most important thing for anyone to do is to read the contract carefully before you sign, making sure the dealer one deasl with is a reputable dealer. For any further questions search the ftc.gov website, searching for fdcpa guidelines, these are laws that were writtent to protect you. Just remember it takes proof to win a lawsuit and these guys are very expierenced in keeping proof away from you.

Good luck I hope this helps

I have had my car loan through them for almost 2 years now. I have no where to turn, that I know of. They call and harrass me even when my payment has already been mailed out I have only been late one time in almost 2 years they hardly offer any type of conveinice to thier customers and when you call and want iformation it's like pulling teeth, it won't happen!! But when they want information they hound you with no end!! I really think LBAC needs to change things or else... I am in serious need to want o change my car loan but have no clue where to turn. If anyone has suggestions I am willing to listen.