Innovate Auto Finance

Your
complaint has been reviewed by Innovate. The letter is being submitted to
address your complaint. Attached are copies of your Motor Vehicle Retail
Installment Contract for the 2005 Lincoln Aviator, VIN [redacted]. Also
attached is a copy of the Assignment and Conveyance and the...

Receivables
Schedule executed by Innovate and North American Auto Finance evidencing
Innovate's ownership of the account associated with your vehicle.
You
stated in your complaint that Innovate does not give a 10 day grace period,
that you were put in a 30% rate and your payments are going towards interest
instead of principal. You also went on to state that your loan was taken over
without a notice. The executed contract you signed was for a simple interest
loan with an interest rate of 24%.  In
addition to those terms your contract also allows a 10 day grace period and
states that "if all or any portion of a payment is not paid within 10 days
of its due date, you will be charged a late fee of $10." The terms of your
contract have not been amended.  In a simple interest loan, each regular payment made is applied to interest first then to principal.
Your
loan was originally with North American Auto Finance and in December of 2013,
Innovate Auto Finance began servicing this loan. At which time, a welcome
letter was mailed to you at your address advising of such. Shortly after that,
monthly invoices were sent out. In January of 2015, Innovate purchased the
loan. All of the documents you signed when you got the car were forwarded to us
in the sale and all of the terms of that contract remained the same.
Your
request for how your payments are applied and wanting to be removed from a
higher interest rate are unsubstantiated. 
You are liable for the terms of the contract in which you signed at the beginning
of the contract. 
The
information and documentation attached should provide evidence to satisfy your
concerns and for the Revdex.com to close this matter.
Regards,
Innovate
Auto Finance

Complaint: [redacted]
I am rejecting this response because:I am still waiting on them to get or find my contract and they are continuing to call and threaten to take my car away even though It is paid for. 
Regards,
[redacted]

Complaint: [redacted]
I am rejecting this response because:I always made my payments on time. I always paid before the due dates. Your company has a reputation of doing this to your customers. This balance is not my responsibility and you KNOW it!!! And, if you feel good about trying to ruin my credit when your company claims to help people rebuild then so be it! Your company is horrible and you guys are going to "reap what you sow" when you treat people like this!
Regards,
[redacted]

Ms. [redacted] Re: Complaint ID # [redacted] Your complaint has been reviewed and resolved.  Unfortunately, we are unable to remove the charge-off from your credit that you requested. Our records reflect that you were in direct contact with our office after we received funds from your insurance company.  The insurance proceeds did not pay off the loan completely, which is the reason monthly statements were still being mailed to you. If for any reason an account goes more than 120 days without a payment, the account does charge-off internally and that information does update to the credit reporting agencies. In addition, a deficiency letter was mailed to your on 1/17/17. As of 7/17/17, the account has now been paid in full. The status with the credit bureaus, Equifax and TransUnion has been updated to reflect “paid in full, was a charge-off.”  If you have any additional questions or concerns, please contact our office at [redacted]. Regards, Innovate Auto Finance

On August 31, 2015, the automobile loan of Mr. [redacted] ([redacted]) was purchased from Any Credit Auto Sale by Innovate Auto Finance. The purchase of his loan did not affect the terms or conditions of the original contract with Any Credit Auto Sale.  In reviewing the account, we identified...

that, Ms. [redacted] has been trying to resolve the registration issue for quite some time and has spoken to several representatives.  We recognize that she has continued to pay on the loan and we appreciate that given the situation. On 1/18/17, our office contacted the Tax Commissioners Office and confirmed Ms. [redacted] has been allowed to renew her registration through August. In order for Ms. [redacted] to have her name placed on the title, a paper title will need to be ordered.  This loan did not originate with Innovate Auto Finance and the original seller, Any Credit Auto Sales, failed to send the paper title with the loan documents.  We are in contact with the GA DMV and Secretary of State’s office, and are making every effort to try to get the title ordered to allow for her name to be placed on it. We ask that she continue, although this has been an inconvenient process, to allow for Innovate to work on her behalf to get this transfer started on the title. If additional information outside of what has already been sent is needed, she will be contacted directly from a supervisor. At Innovate Auto Finance, we strive to provide quality customer service for all of our clients. We welcome Ms. [redacted]’ questions and feedback regarding her account. Regards, Innovate Auto Finance

Thank you for the opportunity to follow up on your concerns.  The car was repossessed on 3/4.  Once the car is sold we will report the sale as a voluntary repossession and close the account.

Complaint: [redacted]
I am rejecting this response because:I have called and left several voicemails, I have spoken to 1/2 dozen of your CSR's. I would like an actual person to call me and explain to me why your company has an unprofessional approach to dealing with the consumer.
Regards,
[redacted]

Complaint: [redacted]
I am rejecting this response because: I appreciate the voluntary repossession...

once it is sold. From my understanding the car was not even worth repossession. I am not going to pay the amount left over after it is sold. The account just needs to be closed out for good. The vehicle is not worth over 6,400 dollars. If the car happens to sell for $2000 which was said to me "auction value." That leaves a balance of over $4,000 dollars. I am not putting in anything more into a vehicle that had issues with the dealership from the beginning. I wish the dealership would had gave you information about the issues I as an owner was having with the car prior to the transaction taken place between the dealership and finance company back in January of 2017. I know it is a lost to your company it has been a huge liability not only for myself but my family as well. The mechanical issues on that vehicle could had cause harm thankfully it did not. I would had returned the vehicle back to the dealership before Innovate Finance agreed to take over the loan. I already paid over $5000 into the vehicle.I will not put anything else on it because honestly a 2007 Chrysler Pacifica Touring with almost 150,000 miles on it and the history of mechanical issues trade in value is way less than $2,000. It is better off being scraped for parts. I again appreciate that it will say voluntary repossession and the account will be closed. I would like the account to be closed without a balance. Innovate Finance and myself as the "owner" will have to take it as a loss. 
Regards,
[redacted]

Complaint: [redacted]
I am rejecting this response because: This is false information they are saying they took the loan in May of 2016 and sold it in June of 2016 how is this even possible when I have receipts of payment? Before their dates! I also have proof of zero balance it was 2017 when I asked that the account be removed from the credit agency’s in 2017 I also have proof of this! So how much did I owe since I was only delinquent less than 30 days of your company taking over the loan and why was I not advise of the selling of the loan of who to pay and you repoed it less than a month of taking the loan! Please remove this loan from all three credit agency’s 
Regards,
[redacted]

Mr. [redacted],This complaint has been resolved. The information that you requested to be sent to your bank was faxed on 3/11/16.  That information should be satisfactory for your bank to release the funds back to you. If it is not, please contact [redacted], the customer service supervisor to assist...

further.Thanks,Innovate Auto Finance

Ms. [redacted], Thank you for your patience as Innovate reviewed your loan. We regret to hear that you had a negative customer service experience.  Your concerns have been resolved. The 9/22/16 payment has been successfully applied towards the payment due on 10/7/16. Your loan is now paid ahead...

until 11/7/16. In addition, the card that was on file ending in 6277 has been deactivated in our system. On 10/5/16, Eddie Best, a floor supervisor left a voicemail to advise you of the resolution of your complaint. Please return his call at your earliest convenience. At Innovate Auto Finance, we strive to provide quality customer service for all of our customers. We appreciate your patience and feedback. Regards, Innovate Auto Finance

Please recheck your credit report.  Attached is a copy of what we have reported, perhaps you are looking at a different tradeline.  I'll be glad to look at it if you send me your copy.Best regards,[redacted]

I was never late in making payment it was recorded late on your end It is not my problem that your people can't record the payments the day it is made to make sure records are straight   if payment was due on monday why did it take 4 more days with you calling me to say my payment was late.

Ms. [redacted], We regret to hear of your negative customer service experience. In researching the account, we have listened to the phone call in question to identify corrective action and additional coaching to the customer service agent in question.  At Innovate Auto Finance, we strive to...

provide quality customer service experience for all of our customers. We value your feedback and request that you please not hesitate to contact us again if you have any further issues or questions regarding your account. Regards, Innovate Auto Finance

Ms[redacted],
The complaint
regarding your loan with Innovate has been reviewedThe loan has been
reporting to both Equifax and TransUnionAs a courtesy, an electronic manual
update will be sent that will reflect all activity on the loanThe vehicle in question was repossessed, as
a
result of defaulting on payments and has now been sold. Once a vehicle has been secured, a customer
does have the option to redeem and pay off the loan balance in full within a
specified period of timeIf that is not
a feasible option, the vehicle is transported to auction and sold. Prior to selling you did call to inquire
about redeeming and getting your car back, however your complaint mentions you
want it back "with no more payments"In order to redeem a vehicle you would
have to pay off the balance with certified funds. Our records also reflect that you stated you
did not have a source of income and without that we can't allow you to get the
unit back.
This information should
provide evidence to satisfy your concerns and for the Revdex.com to close this matterSincerely,
Innovate Auto Finance

Mr. [redacted], We regret to hear of your negative customer service experience.  We are currently researching your account and pulling the calls related to the deferment that you stated you didn't receive. Once a resolution to your complaint has been reached our office will send a response directly...

to the Revdex.com.We apologize for any inconvenience this delay has caused. Thanks,Innovate Auto Finance

Ms. [redacted]I've forwarded your number to our collections supervisor and he will be calling you directly.Thanks

Mr. [redacted],Your complaint has been received and reviewed.  Innovate purchased this loan from Unifour Financial in April 2014.  Normally, the credit updates start about two months post sale.  Innovate currently updates the payment history and payments quarterly, unless otherwise...

requested. At which time, we are able to manually submit an update to the bureaus.  Your loan is in good standing and has never been paid late from the time we took over the loan. Our records reflect it has never been submitted to have been late.  The next submission will be at the end of this month. However, per your request we did send an update manually for you.  A copy of the draft that was sent on 1/13/16 to the bureaus has been attached for your records.  We do not have any control over how long it takes for them to update their records but sending it electronically is faster. Our apologies for any inconvenience this has caused. Sincerely, Innovate Auto Finance

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.  But I do want to say if my email was updated 8.22 and my loan was switched 8.24 why did I never receive a receipt when 22 comes before 24? 
Regards,
[redacted]

Please enter your reason(s) for rejecting the business response below.It was not stated that I had a 10 day grace period, and also not stated that I my interest rate was 24% for a short period of time. If I have a 10 day grace period, why did one of the representative that I spoke with on the phone state that there was no 10 day grace period and I have been told this by more that one representative. My monthly notes are due on the 20th of each month, 10 days after the 20th is the 30th. I have looked at a lot of paperwork on this vehicle I have and I am overpaying for this vehicle.