CIG Financial LLC

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint For your reference, details of the offer I reviewed appear below At this time - still no check has been delivered, and I was not called with the Check # Regards, [redacted] ***

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and have determined that this proposed action would not resolve my complaint For your reference, details of the offer I reviewed appear below I am not satisfied with the responseI requested that this company report the payments which I have been making to the credit agenciesI have not asked them to remove any information, change it or do anything misleading In spite of experiencing financial hardship, I have been making my payments in good faith, and my credit should reflect thatThis is having a very adverse effect on my ability to obtain suitable employment as in the state of [redacted] , employers require a credit check I have left Mr [redacted] voice mails, and he has not returned my call Regards, [redacted]

Our apologies to this consumer for the way the situation regarding transfer of the vehicle title from [redacted] to [redacted] has been handled It should not have gone this way We have instructed our title administrator to take the steps necessary to transfer the vehicle title to the [redacted] DMV, so consumer may register the vehicle there The vehicle is titled electronically in [redacted] , so it will take us about two weeks to obtain a paper title from the [redacted] DMV, which will be mailed to the [redacted] DMV, who will convert it to a [redacted] title Our title administrator will be contacting the consumer to walk her through the process and the timing Again, our apology for the misunderstanding and the lack of service.Regarding the issue with credit reporting: Consumer's account was charged off a year ago, when the vehicle was in the possession of consumer's ex-husband (who was not paying for it) We made contact with consumer in July 2015, and arrangements for her to start taking care of the monthly payments As consumer mentions, she has kept up her side of the arrangement, and we thank her for that Because the account was charged off last year, we no longer report it to the credit reporting agencies After we reported the charge off, we stopped reporting completely and can't change that We invite consumer to contact Mr [redacted] regarding this matter, whom we will provide some options for consumer to consider on what we can do with her credit report and the charge off We believe we can resolve this matter for her, but would like her to discuss it with Mr [redacted] so she can make the right choice.Consumer is also welcome to contact me directly if she has any questions about our response to her complaint, the transfer of registration, or the credit reporting issue My name is [redacted] , Vice President, and I can be reached at [redacted]

Unfortunately, we cannot and will not accept consumer's proposed resolution to this dispute Consumer borrowed $13,more than three years ago, and presumes that the cost of that credit is free of charge Consumer is mistaken, and consumer is not reading the retail installment contract that she signed: To consumer's claim that the contract does not specify how and what must be paid, we refer her to the top of the first page, under her name and the seller's name, where it states: 'You, the Buyer (and Co-Buyer, if any), may buy the vehicle below for cash or credit By signing this contract, you choose to buy the vehicle on credit under the agreements on the front and back of this contract You agree to pay the Creditor-Seller (sometimes "we" or "us" in this contract) the Amount Financed and Finance Charge is U.Sfunds according to the payment schedule below We will figure your finance charge on a daily basis The Truth-In-Lending Disclosures below are part of this contract Emphasis added We regret that consumer believes she is somehow entitled to a thirteen-thousand dollar loan at no interest, but she it not so entitled

We regret that consumer is dissatisfied with the quality of service she has received during the life of her account with CIG Financial We apologize for any inconvenience, and would like to offer an explanation of how a creditor reports consumer account performance to the credit reporting agencies: We report to the three major credit reporting agencies on the first business day of each month, and we provide them with account performance for the preceding month We report to Experian, TransUnion, and Equifax We transmit data files to each of them, and each of them confirm receipt of the files every month We are aware that the three credit reporting agencies process the files we provide under different timing circumstances, but we do not know why they do this: We know that Experian is very timely in updating the personal credit reports of our customers, that TransUnion is also very prompt, and that Equifax can sometimes take over a week to update their records with our file Consumer paid off her loan on 2/14/ We sent a data file to the credit reporting agencies showing a zero balance, paid in full status on 3/1/ We are unable to inquire on consumer’s personal credit report without our inquiry showing (and too many inquiries can be a negative mark on a personal credit report), but we have no reason to believe that at least one of the credit reporting agencies will show this account as paid in full at this time If consumer can show us what she is looking at, we may be able to assist her with the issue As to consumer’s other personal credit report issue: We are unclear as to the specific nature of this complaint, but we have reported her account as current, paid as agreed for the six payments she paid prior to paying off the account We would have begun reporting with the first payment paid in August 2017, on 9/1/ We must inform consumer that as a reporting creditor, we have no control over what the credit reporting agencies do with the information we provide to them We are also unable to respond directly to a consumer complaint about a credit reporting issue, as the dispute must be made first to the credit reporting agencies, who will then pass that dispute on to us for investigation, response, and resolution, as applicable Consumer may contact the credit reporting agencies at the following locations: Equifax Information Services, LLC PO Box Atlanta, GA (800)846-http://www.equifax.com Experian PO Box Allen, TX (888) 397-www.experian.com TransUnion Consumer Solutions PO Box Chester, PA 19022-(800)916-http://www.transunion.com

Consumer is mistaken in how she is reading the terms of her contract for the purchase of the Chevrolet Cobalt, a copy of which is attached The section near the top of the first page titled FEDERAL TRUTH-IN-LENDING DISCLOSURES states clearly in the following boxes: ANNUAL PERCENTAGE RATE 15.99% - This is the interest rate of the loan FINANCE CHARGE $– This is the estimated total interest to be paid Amount Financed $– This is the principal amount of the loan Total of Payments $– This is the amount you will have paid after you have made all your payments as scheduled The box below is labeled YOUR PAYMENT SCHEDULE WILL BE: and it contains the following: One Payment of due on 09/08/2011: This is a deferred down payment paid to the dealership One Payment of due on 09/21/2011: This is a deferred down payment paid to the dealership Payments of Monthly, Beginning 10/06/ One Final Payment of due on 09/06/ The total term is monthly payments of each, which totals to 19425.00, plus the two deferred down payments paid to the dealership, equals 20325.00, the amount indicated in the Total of Payments box As of this writing, consumer has paid in interest, in principal, in late fees, and in repossession fees, for a total of in scheduled payments, for default fees, for a total of paid life to date Since the contract calls for a total of in scheduled payments and consumer has paid only so far, there is a remaining principal balance of yet to be paid (the original amount financed of less the principal paid) Interest continues to accrue on the remaining principal balance Consumer has frequently paid her payments late, as evidenced by the late fees and her admission of a default leading to repossession in January Late payments will result in additional interest accruing and owed, and will increase the total finance charge to be paid We refer consumer to the top of the second page of her contract, and the section titled FINANCE CHARGE AND PAYMENTS, where it states in item aHow we will figure Finance Charge We will figure the Finance Charge on a daily basis at the Annual Percentage Rate on the unpaid part of the Amount Financed We refer consumer to the same section and item bHow late payments or early payments change what you must pay We based the Finance Charge, Total of Payments, and Total Sale Price shown on the front on the assumption that you will make every payment on the day it is due Your Finance Charge, Total of Payments, and Total Sale Prices will be more if you pay late (emphasis added) and less if you pay early Consumer is mistaken about her claim that we want her to pay for a car that cost The cash price of the vehicle was 13300.00, and her contract requires her to pay in payments If consumer has a different contract than the one we provide here, we ask that she show that contract to us If consumer has evidence that she has paid us more than the our records show that she has paid, we ask that she show us evidence of any additional payments paid to us Regarding consumer’s request that we send her the certificate of title to the vehicle and remove all derogatory items from her credit report: We respectfully decline to do either of those things, as consumer signed a contract for which the terms are clear, and is obligated to fulfill those terms first / [redacted] Style Definitions */

Our Compliance Officer has twice spoken with consumer about the situation referenced in the complaint Consumer was advised that we have reason to believe that he is the victim of identity theft, and we do not disagree with his description of the events that led to our purchase of a contract from the selling dealership, although consumer did not actually purchase any vehicle from the dealership In both conversations, consumer was requested to provide us with an affidavit of identity theft or a police report on the identity theft Consumer was also advised that filing a report with the police was in his own best interest, if in fact his identity was stolen Consumer was further advised that upon receipt of the police report or affidavit of identity theft, we would immediately delete the entry for a debt with CIG Financial from his credit report, and that while his credit report would be corrected, he should take further action to protect his identity We have not received any documentation from consumer at this time We do not agree with consumer’s statement that we have not cooperated: We have cautioned him that we cannot give legal advice, but we have suggested in the strongest terms possible that he take certain steps to protect his identity We again urge the consumer to file a police report on this matter and to provide us with an affidavit of identity theft or a copy of that police report These are not actions we can take on his behalf, and we cannot do anything else until he takes the necessary action himself / [redacted] Style Definitions */

We confirmed that the second refund check we sent to consumer on 06/30/has not been cleared That check was sent to the PO Box address in [redacted] We are sending a third refund check out today via [redacted] , tracking number [redacted] *** That check is being sent to the [redacted] address consumer gave in her complaint, and signature will be required for delivery on Monday, 07/13/ A copy of the check is attached.Consumer has given us three addresses in the past months, and the address in [redacted] is a fourth address We cannot verify that any of these addresses are actually good ones for the consumer

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below
I *** *** Do Not agree with CIG Financial: Look at the Truth- In-lending Disclosures, the Amount financed section clearly states that the amount of credit provided to me for the car is 13,and when you add on the Annual Percentage Rate which is 15.99% (+) the Finance Charge which is $only if you follow scheduled payments (does not say you must follow schedule payments) then you get something like $21,which I believe CIG thinks their entitled to because they quoted me an extra $which is close to 20,000.00 But the 13,is paid in full today which means all other charges are suppose to stop, I have receiptsAnd even IF I have made a slight error in my calculation, at their own admission I have paid off ($13,this year 2014) I will gladly give them $20.94. How did this amount of money get paid in full If I am late all the time. The car is paid off year and ten months before 09/06/2016 it's estimated payoff datePlease send Title or Pink Slip

We spoke with the consumer regarding the calculation of the finance charge (interest) on March 13, 2017. We clarified that the amount financed for the purchase of her vehicle is $9,000.00, and the interest rate is 24.99%, to be repaid over monthly payments of $eachWe
explained that the loan for the purchase of the vehicle is a daily simple interest loan, and the finance charge is based on a daily accrual of interest on the unpaid principal balance of the loan: Principal balance multiplied by the rate, divided by the number of days in a year, multiplied by the number of days since the last principal change date, or: Balance X rate / days in a year = per diem (daily interest amount) X days since last principal payment The total finance charge on a consumer contract for the purchase of a vehicle assumes that every payment will be paid exactly on the date it is due. Payments paid late can increase the finance charge; payments paid early (or extra payments) can reduce the finance chargeEach time a payment is received and is applied to the principal balance, the interest per day (per diem) is reduced. In the beginning of the loan, the daily interest is greater because the unpaid principal balance is higher. Over time, the principal balance decreases and the daily interest also decreasesWe are providing consumer with an amortization schedule of her loan, as if every payment is paid on the date that it is due. The total interest on the schedule matches the total finance charge of the contract, as does the total of payments. Consumer was informed that we would adjust her first payment to reflect having been paid on the date it was due, as soon as she is able to pay that payment. Consumer was provided the name and direct phone number of the Vice President of Compliance for any future questions. We refer consumer to this online loan amortization calculator (one of many available), to calculate how the finance charge is determined on a loan: http://www.amortization-calc.com/

Consumer has misunderstood the terms of the contract she
signed and only selectively quotes the portions of the contract regarding the
Finance Charge. Section 1.cof the
contract states: “We based the Finance
Charge shown on the front on the assumption that you will
make every payment on
the day it is due. Your Finance Charge
will be more if you pay late and less if you pay early. Changes may take the form of a larger or
smaller final payment or, at our option, more or fewer payments of the same
amount of your scheduled payment with a smaller final payment.”
Consumer has a daily simple interest finance charge
contract. Interest is added to the
amount owed on a daily basis, and the amount of daily interest is based on the
unpaid principal balance of the debt.
The larger the unpaid balance, the greater the amount of daily
interest. The total amount of interest
owed at any point is also affected by the frequency of consumer making
payments: The longer the interval
between payments, the more interest will be added. As the contract states, we assume the
consumer will make all the payments on the day they are due. If the consumer makes the payments later than
the day they are due, the more interest will be added to the total amount owed
Consumer does not possess this vehicle or operate it. Consumer allows a third party, who did not
sign the contract, to possess and operate this vehicle. Sometimes the consumer pays the payments and
sometimes the third party pays the payments.
The contract calls for a total of payments to be paid, and
payments have been paid so far. Of the
payments paid, of them were paid more than days after the date they
were due. Of those, of the payments
were paid more than days after the date they were due, and one payment was
paid more than days after the date it was due. This pattern of paying late has resulted in additional
interest being owed. The current daily interest
amount on consumer’s loan is $per day.
That amount will decrease when customer pays the current payment due,
which is days late as of the date of this response. At the beginning of the loan, the daily interest
was $per day, and that amount has decreased over time, as payments are
applied to the principal balance.
Because at least more payments remain to be paid on this
debt, we cannot estimate what the total amount of interest paid will be when
the final payment is paid: That will
depend on how timely consumer pays those payments. If they are paid late, the total interest
will be more than it would be if consumer pays on the date the payments are
due
We regret that consumer may have misunderstood the
explanation provided by our representative to her questions about the finance
charge and late charges. Late charges
are not the same as finance charges, and the representative’s explanation of
those was accurate

Consumer financed the purchase of her vehicle in July 2011, and the account was paid in full in May 2014. We would have reported to all three credit reporting agencies only one tradeline, and that tradeline would show this account as PAID AS AGREED. We cannot inquire on the consumers
credit report without our inquiry showing (which consumer may not wish to have happen), so we cannot confirm what consumer is seeing that led to this complaint. If consumer would please send us a copy of her credit report so we can review and take applicable action to address her concerns, it would help. Consumer may send the credit report copy to [email protected], or respond to the Revdex.com with a copy of the credit report. We will immediately investigate the situation and take whatever corrective actions are necessary

Consumer’s vehicle was reported as a total loss due to theft
on 03/12/2014. Customer had primary
insurance coverage through Wawansea. The
primary insurance paid a loss settlement of 13,on 07/11/2014, which was
posted to the loan balance with an effective
date of 03/12/2014. The resulting balance after crediting the
insurance settlement was 919.46, which was comprised of in principal,
in unpaid late fees, and in unpaid interest
When consumer purchased the vehicle in June 2011, she also purchased a Ford Motor Service Premium
Care vehicle warranty for $1,and a Ford Deficiency Waiver Addendum (debt
cancelation agreement, aka GAP waiver) for $400.00. The coverage terms of the warranty are for
months from the build-date of the vehicle, or 60,miles total mileage, or
October 12, 2013, whichever occurred first.
The original mileage on the vehicle when consumer purchased it was
35,640. The loss event occurred on
03/12/2014, five months after the warranty coverage expired on October 12, 2013. Because the warranty had expired, its value
was fully earned and no refund of the unearned portion existed. A copy of the warranty and the denial of
refund letter from Fiesta Ford are attached
The coverage terms of the GAP waiver are for coverage of the
difference between the Unpaid Net Balance of the loan less the Actual Cash
Value of the vehicle, in the event of a total loss. The Unpaid Net Balance is defined as the
remaining balance of the loan calculated as if the consumer had paid all the scheduled
payments on the date those payments became due.
Please note that this is standard coverage for a GAP waiver: It does not cover past due payments, deferred
payments, late fees, or additional interest accrued due to late payments. During the course of consumer’s loan,
consumer was at least days late in making her payments different times
over the course of the loan, and was more than days late in making her
payment different times. The late
fees and additional interest resulting from these late payments are not covered
by the GAP waiver terms of coverage. The
GAP administrator, Arch Insurance, evaluated the claim we filed for GAP coverage,
and denied the claim because the calculated balance of the loan as of the date
of the loss, assuming that all payments had been paid when due, was $12,953.07. In fact, the actual balance of the loan at
that time was $14,385.28. The Arch Insurance claim worksheet determines
the potential GAP payment by starting with the $12,calculated balance,
less a credit of $1,for the full value of the warranty (which has no value
due to expiration), less the primary insurance settlement of $13,from Wawansea,
resulting in a credit balance of $1,657.75.
There is no GAP claim to be paid because the net balance is a negative,
because with these assumptions the actual cash value of the settlement is
greater than the balance owed, and even if the warranty credit of $1,is
removed from the worksheet, there would still be a credit balance of $512.75. A copy of the GAP waiver and the claim
worksheet are attached
Consumer should be advised that CIG Financial did not
underwrite either the warranty or the GAP waiver, and the administrators of
these products are third parties who are not under our control. We attempted to file a rebate claim for the
unearned warranty and we attempted to file a claim on the GAP waiver coverage. Both claims were denied by the
administrators. A conference call
involving CIG Financial personnel and the administrators is beyond our
responsibility, as we are not the purchasers of these products. If consumer disputes or disagrees with the
decisions made to deny the claims, consumer must take that dispute to the
administrators of the products

Consumer contacted us on 9/(we did not call consumer)
asking about the status of her account.
Prior to this call, we had not spoken to consumer since June, when
consumer satisfied the judgment balance she owed after defaultING on her
contract. When consumer spoke
to our
agent, she was informed that we are still waiting on the court to issue a
notarized satisfaction of judgment, the timing of which is not something we
control, at which point consumer terminated the phone call. Her allegations regarding the behavior of our
agent are unfounded and without supporting evidence; consumer asked a question
and did not like the answer she was provided.
We regret that consumer has a different opinion about the behavior of
our agent, but there is no indication in the contact record of consumer’s
account that our agents have behaved in an unprofessional manner.
Regarding consumer’s request to update her personal credit
report: We normally update our tradeline
on the consumer’s credit report when the court issues the final satisfaction of
judgment. We will submit a request to
update our tradeline on consumer’s credit report as a paid charge off, but
consumer needs to be aware that the court reported the judgment on her credit report
as a public record, and only the court can update the judgment as satisfied. Consumer is not clear about what ‘updated’
means in her requested resolution, and we advise consumer that we can only
update what we have reported, not what the court has reported as a public
record
We will submit our update request to the credit reporting
agencies today, September 25, 2015. The
turnaround time for the update request to be reflected on the consumer’s
credit report is to business days.
We are unable to provide consumer a ‘zero balance’ letter, because her
obligation with us was not paid in full according to the terms of the retail
installment contract she signed in 2011; consumer defaulted on that obligation,
and her debt was charged off as a loss Consumer has no further obligation to us, but
we do not provide ‘payment in full’ letters to consumers who have defaulted on
their contract obligation

We have no further comment on this matter. A check has been mailed to consumer

We regret that consumer is unwilling to provide us specifics regarding the issue he has with how we report his debt to the credit reporting agencies, and refuses to provide a copy of the credit report he is looking at. Beyond that, we do not respond to threats

Consumer’s loan was paid off on March 24, by ***
Lake Toyota. The payoff was for more
than the then-balance of the loan, and generated an overpayment (refund) of
$296.32. On April 7, 2015, consumer
inquired as to the status of the refund, and was advised that
the refund would
be mailed out about days after the payoff.
On April 14, 2015, a refund check for $was mailed to consumer at the
address we had on file
On April 22, 2015, we called consumer to inform her that the
paid contract we had mailed her on April 7, had been returned to us by the
US Post Office as undeliverable.
Consumer stated that was odd, because she had received other mail from
us at the address we used for the contract, and consumer further stated that
she had received the refund check we sent her on April
On May 4, the paid contract was again returned as
undeliverable. On May 19, we emailed the consumer and advised
of the returned mail, and attached the notice of payment in full to the
email. Consumer emailed back, thanking
us for the notice and confirming the address we had on file. Consumer did not mention any issue with the
refund check, which she stated she had received when we spoke with her on April
On May 26, consumer emailed us stating that she had not
received the refund check we had mailed to her on April 14, and that she told
us she had received on April 22. She
gave us a different address to send her a replacement refund check
The matter was referred to our Accounting department, who
determined that the refund check of April had in fact been cashed. Consumer was advised that the first refund
check we had sent her had been cashed, and she had told us she received
it. Consumer demanded we send a
replacement refund
Consumer escalated her demands and became abusive with all
representatives, including managers, with whom she spoke. Consumer would not accept our explanation
that the refund check had been cashed, and denied telling us she had received
it in April
On June 30, we issued a second check to the consumer, and
mailed it to the PO box address she provided to us on May 26. The check number is 6129, in the amount of
$296.32. This is not a refund check. This is a payment to an angry consumer who
seems to have forgotten that she already received the refund check we owed her.
We adamantly deny her allegations about ‘leading her on for
months’. While we appreciate her
business, we do not regret losing her as a customer

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID *** and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below
Here is the Amortization table used to track all Early payments using 15.99% interestNote several payments has been made in advance in certain monthsFOR EXAMPLE June 6, through June 28,those payments add up to $those payments cover the month of May -June - July and August of 2013, This means that at least two months were paid early (should not be late fees or any other fees after those dates)Please recognize this has instantly catapulted the loan far ahead therefore allowing interest and principal to be pay off earlyAlso 99.8% of payments made to you were sent via Money GramThat is considered (cash) there should not be NSF on my accountAnd all extra monies sent should be applied in the correct category not on extra fees or made up fees
Regards,
*** ***

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved
Regards,
*** ***

Consumer's account had become past due as a result of two
non-sufficient funds returned payments (on July and on July 15). The account was assigned for repossession on
July 17, when a credit card provided by consumer for covering one of the
returned payments was declined
and attempts to contact the consumer were not
successful. An email was sent to the
consumer advising of the amount now due, and that the order for repossession of
the vehicle would remain open until the full amount past due was paid. The consumer made a partial payment on July
17, the same night the vehicle was repossessed.
Since then, another payment has become due as of July
In order to reinstate the contract and retrieve the vehicle,
consumer must bring the account completely current and arrange to reimburse us
for the repossession costs. The
reimbursement of repossession fees can be deferred until the end of the term of
the account, but the past due payments must be brought to a current
standing. Consumer can contact us at [redacted],
extension [redacted] to arrange for reinstatement and retrieval of the vehicle. These arrangements have been noted on his account
Going forward, we would only ask that consumer make a
greater effort to communicate with us about his financial situation and his
ability to make the payments on a timely basis.
Unfortunately, we are not able to assist consumer with a re-financing
transaction (our license does not allow us to do this), but we will work with
him until his personal finances are more stable and predictable, as long as he
stays in contact with us about his intentions and willingness to make regular
payments on his account