Company: Financial Asset Management, Inc.

Company:  Financial Asset Management, Inc. 

Nature of Complaint: Title loan; Lender repossessed or sold the vehicle 


Response from Company: Closed with explanation

Complaint:  In XXXX XXXX I took out a title loan on my XXXX XXXX XXXX. I borrowed {$1900.00} from Check City located on XXXX XXXX XXXX XXXX XXXX XXXX XXXX, Utah. I was unable to make my payment in XXXX. I contacted Check City and advised them of my circumstance. They assured me everything was okay and to make the payments as soon as I could. On XXXX XXXX, XXXX my account was turned over to their collection department. With a balance owing of over {$2800.00}. They charged me a {$400.00} late fee in XXXX and a {$400.00} late fee in XXXX. I made XXXX payments in XXXX totalling {$500.00}. XXXX payments were made in XXXX totalling over {$800.00}. In XXXX there were XXXX payments made each an automatic withdrawal from my bank account in the amount of {$270.00} totaling {$530.00}. By XXXX XXXX XXXX I made a total of {$1800.00} in payments on a loan for {$1900.00}. On XXXX XXXX XXXX Check City reposed my vehicle at XXXX. Stating I owed {$1300.00} plus an additional {$320.00} for repossession fee. It is completely unjustified that Check City was allowed to charge me {$800.00} in fees {$400.00} of which was charged the same month I made a {$500.00} payment. If it were not for these fees my loan would have been paid in full with XXXX last payment of less then {$40.00}. My vehicle should have never been at risk for repossession if it were not for the unregulated tactics of this title loan company.. ( 1314447)


Submitted on 4/3/15 by a consumer in UT