CIG Financial LLC

By this written communication, we are not able to determine
what consumer's specific issue regarding his account with us. Consumer mentions a reaffirmation of this
debt when he filed for chapter bankruptcy protection in 2014, but no
reaffirmation agreement was ever
received.
Consumer's account is not ‘closed', and is due for the seventeenth
installment on a total of sixty installments.
Reviewing the consumer's account history and interviewing
the associates who have had recent contact with consumer, we believe he has a
concern about how this debt is being reported on his personal credit
report. Consumer refuses to provide us a
copy of the credit report he is looking at.
We offer these facts about credit
reporting, bankruptcy, and particularly [redacted] credit reports: When a consumer files for bankruptcy
protection, that fact is reported to the credit reporting agencies by the
bankruptcy court; it is noted as a public filing record on the credit
report. A creditor may or may not report
a debt as involved in the bankruptcy filing, depending on the particular
circumstances of the bankruptcy.
[redacted] reports a Key Derogatory for any consumer who has filed for
bankruptcy protection, based upon the public record reported by the bankruptcy
court. The Key Derogatory is based on
the bankruptcy itself, and not on any specific debt, whether included in the bankruptcy
filing or not. Creditors like CIG
Financial, who report consumer debt information to the credit reporting
agencies, have no control over [redacted]'s decision to set a Key Derogatory
status on the consumer credit report
A reaffirmation agreement, had one been received from
consumer, would have allowed CIG Financial to service this debt through the
bankruptcy, and after discharge, service the debt according to the terms of the
original contract consumer signed for the purchase of the vehicle. Since there was no reaffirmation, this debt
was discharged in the course of the bankruptcy.
Should the consumer default on
the debt and the vehicle be repossessed, consumer would be relieved of any
obligation for the remaining deficiency balance after sale and disposal of the
vehicle. Had consumer reaffirmed the
debt, CIG Financial would retain the right to pursue consumer for the full
obligation represented by the contract.
Consumer mentions that we refused to help him ‘redo' the
loan. We are not familiar with this
term, and the account history makes no mention of any conversations involving
any modification of the original loan terms.
Consumer mentions that we ‘apparently have the legal right to take the
car'. This is correct: The terms of the retail installment contract
signed by the consumer for the purchase of the vehicle provides for our rights
as assignee and holder of the security interest in the vehicle (granted to us
by consumer) to take possession of the vehicle if consumer defaults on the
promises he made in the contract.
Repossession is a serious undertaking and it is not a decision we make
without justified and legal cause. At
this time, we have no reason to repossess consumer's vehicle, even though he is
more than two weeks late on his most recent scheduled installment
We strongly disagree and reject consumer's allegation that
when speaking with our associates they became ‘ugly and threatening' with
him. Three different associates have
spoken with consumer in the past days, and in each case consumer became
abusive with the associate, and the associates terminated the calls when
consumer began using profane language
If consumer wishes to discuss the credit reporting situation, whatever it may be, he may contact us and ask to speak to the Vice President of Compliance regarding that matter

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 response. I requested that this company report the payments which I have been making to the credit agencies. I 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 that. This 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 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.

Consumer had a 60 month loan for the financed purchase of a motor vehicle, and was scheduled to pay the final payment in March 2017.  Because consumer has frequently been late in making the payments, a large number of late fees have accumulated over the course of the loan.    We are...

willing to negotiate a lesser amount than what is owed and consider consumer’s loan to be paid in full, as agreed, and release title to the vehicle to him.  There is a small outstanding principal loan balance owing, in addition to the late fees.  Consumer may contact either me directly, or our Vice President of Servicing, and work out arrangements for the payoff of the balance for less than what is owed.  Our contact information is:   [redacted], (949)271-4230 [redacted]   We have provided this information directly to consumer at the given email address in the complaint.

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 2/14/2018.  We sent a data file to the credit reporting agencies showing a zero balance, paid in full status on 3/1/2018.  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 9/1/2017.   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 740256 Atlanta, GA 30374 (800)846-5279 http://www.equifax.com Experian PO Box 2002 Allen, TX 75013 (888) 397-3742 www.experian.com TransUnion Consumer Solutions PO Box 2000 Chester, PA 19022-2000 (800)916-8800 http://www.transunion.com

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 responded to them. I asked them to show me that this account is reporting to the credit bureaus. They have pocketed my money for over a year $4,500 on a closed account while never reporting any payments to the credit bureaus. I intend to seek damages through teh legal system. Based on their response. I'm not going to spend time writing letters. What they have done is illegal and thats why we have lawyers.Have a Great Day![redacted] 
Regards,
[redacted]

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:
1.
ANNUAL PERCENTAGE RATE 15.99% - This is the
interest rate of the loan
2.
FINANCE CHARGE $– This is the estimated
total interest to be paid
3.
Amount Financed $– This is the
principal amount of the loan
4.
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 2013. 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 9000.00.
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

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].

This consumer's account was charged off last year due to non-payment default.  We do not report to the credit reporting agencies once we charge off an account.  We have no obligation to do so, and we cannot do so for this one account.  Had consumer not allowed this account to fall into default and be charged off, we would still be reporting it to the credit reporting agencies as a paying account.  That being said, we have submitted a request to the credit reporting agencies to update the consumer's credit report and show this loan as paid as agreed.  We have requested that the charge off be removed from the consumer's credit report, although we have no obligation to do such a thing.  We do not control the timing of when the credit reporting agencies will respond to our request and cannot make any statements about when the consumer's credit report will reflect the update.  It may take up to 30 days.

Consumer purchased a motor vehicle on July 21, 2014 and financed that purchase with CIG Financial.   Consumer was sent an initial notice of financing on July 25, 2014, informing her of the contract terms, including the financed amount, and to whom payments should be made.  Consumer...

was sent monthly billing statements and made regular installment payments on this debt through June 2015, and then subsequently defaulted on the obligation.  Consumer voluntarily surrendered the vehicle to us in July 2015.  Consumer was sent legally required notices of our intention to dispose of the motor vehicle and after disposal, an accounting to debtor notice explaining the remaining deficiency balance still owing.  Consumer voluntarily resumed making irregular payments on the deficiency balance in April 2016, and such irregular payments continued through February 2017. A consumer’s right to dispute a debt (to require validation of the debt) exists only for the 30 days after receiving the first written communication from a creditor about the debt (15 USC §1692g(a)).  After those 30 days, the right to dispute expires and cannot be exercised again.   A consumer’s right to dispute how a creditor reports a debt to a credit reporting agency can be submitted to either the furnisher or the credit reporting agency.  If submitted to the furnisher, the furnisher must investigate the dispute and respond to the consumer within thirty (30) days of receiving the notification of dispute.    Consumer disputed ‘everything’ (email from consumer dated May 10, 2017), requesting sufficient documentation to establish the validity of the debt.  We responded to consumer’s dispute on May 12, 2017, providing documentation validating the debt, including personal identifying information in our possession.  We advised consumer that after write off, we do not report further to the credit reporting agencies, and we have not reported any activity on consumer’s debts since August 2015.  We asked consumer of her intentions in communicating with us regarding this matter and indicated we would consider any negotiated resolution of the remaining debt owed.  We did not receive any response from consumer until this complaint was filed. We have fulfilled our responsibility to investigate and respond to consumer’s dispute of the debt as reported to the credit reporting agencies. Consumer has not alleged a claim of identity theft, and has provided no documentation supporting such a claim.  In fact, consumer neither demands nor requests anything of us, other than our providing her with documentation supporting the debt, which we have provided.

Unfortunately, we cannot and will not accept consumer's proposed resolution to this dispute.  Consumer borrowed $13,227.01 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.S. funds 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 confirmed that the second refund check we sent to consumer on 06/30/15 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, 07/13/15.  A copy of the check is attached.Consumer has given us three addresses in the past 4 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 [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
 
Regards,
[redacted]
Is it the policy of CIG to NOT report payments on loans to the credit bureaus?

Thank you.  Situation has been fully resolved -