Sign in

Ironhorse Funding

100 Cummings Ctr # 233g, Beverly, Massachusetts, United States, 01915

Sharing is caring! Have something to share about Ironhorse Funding? Use RevDex to write a review
Reviews Loans Ironhorse Funding

Ironhorse Funding Reviews (%countItem)

• Apr 15, 2023

Loan Shark & Huge Ripoff Company
I co-signed for a 2019 motorcycle back in June 2019. The finance amount was about $27k. It is now April 2023, how is it that the total payoff off is only at $21k? Mind you the monthly payments are $680! This company is a bunch of bs, they aren’t accredited on BBB (which I should’ve researched before I signed at the dealership), they have now dropped my credit score over 50pts this past week and I have definitely sent over receipts and documents to an attorney for legal advice. I don’t know how companies like this are still able to be up and running.

I fell behind in my motorcycle payment starting in October of last year, I got into a motorcycle accident in November. This company had me sign a voluntary repo notice while my bike was being fixed and it’s still being fixed currently. I contacted them 2 weeks ago and asked if I could get my motorcycle back if I paid it up current seeing how they hadn’t taken the bike yet because it was still being fixed. The lady on the phone said that was not a problem. They informed me that my service agreement had been canceled and the dealership credited the account which was taken off of the total price of the bike on the backend. So I called them two days ago to make arrangements and I told them I would give them a certain amount right now and pay the remaining balance off in two weeks with the understanding that I would not be permitted to have my motorcycle back until the balance was current. They informed me that it would cost 1500 to get my bike current, I offered them $1000 at the time of the phone call and the remaining balance in two weeks and the gentleman named *** had his supervisor right there and she said if he’s not paying the full amount right now then there’s no reason to even discuss options. I asked them if they were refusing payment and they said yes, I sent a follow-up email stating that it was a follow-up email to them saying that they are refusing to work out any type of deal with me but I’m still being charged with late fees and interest rate fees as a result of being late. I signed the voluntary repo order in December which means I should not be continuing to get hit with late charges and take hits to my credit here in February for missed payments or lates payments for the months of January and February.. On top of that because my account was credited by the dealership I noticed that my payments didn’t go down at all and the length of the loan didn’t go down ether which means theoretically I am paying this entire loan amount and I get no benefit as before I was paying the loan amounts and I had a service agreement that entitle me to have my bike fixed if something were to ever go wrong with that. If I sign the repossession order in December then it seems to me that I should only be on the hook for those three months because once the repossession assigned they have possession of the bike and I assume the next step would be to get it back to the dealer and start the selling process.

Ironhorse Funding Response • Feb 25, 2020

RE: Complaint #*** – *** The above referenced consumer entered into a Retail Installment contract with *** (***) dated May 25, 2019 secured by a 2017 *** VIN: ***. The amount financed was $11,906.02 for a term of 66 months. The first payment was due on July 9, 2019 with recurring payments due monthly thereafter. • Customer made first three monthly payments on 7/8/2019, 8/9/2019 and 9/18/2019 • 9/26/2019-*** received notice of pending cancellation of customer’s insurance due to non-payment. • 10/2/2019-customer contacted office with reference to cancelled insurance, said he will fax over proof of coverage. • 10/9/2019- No payment received; late fee for October payment assessed. • 10/24/2019- *** notified that insurance cancelled. • 10/24/2019- Default notice sent to customer for late payment for October • 10/26/2019 – called & emailed customer; took promise to pay arrangement for 10/31/2019 • 10/31/2019 – payment declined- contacted customer about broken promise. Took promise to pay arrangement 11/2/2019 • 11/1/2019-customer called in requested extension on previous arrangement until 11/2/2019 • 11/2/2019 – attempted to reach customer about broken promise of 11/2 • 11/4/2019 – attempted to reach customer about broken promise of 11/2 • 11/8/2019 – November payment declined – called customer left message • 11/9/2019- Late fee for November payment assessed. • 11/23/2019 customer contacted office to set up a promise to pay for Friday. It was explained to customer more than two months behind eligible to be issued for repossession. Need a minimum of one payment • 11/26/2019- called customer took promise to pay for 1 payment on 11/29 to keep account current to prevent from being issued for repossession. • 11/29/2019 called customer for promised payment. Customer said would call back • 11/30/2019 attempted to reach customer • 12/04/2019 attempted to reach customer • 12/4/2019 monthly recurring payment declined – attempted to contact customer; attempted to contact customer’s references since last attempts to reach customer were unsuccessful. Customer contacted office took a promise to pay on 12/5. Customer called back and requested extra day to make payment • 12/5/209 – broken promise - no payment made. Account now 3 months past due. Issued for Repossession. Emailed Voluntary Surrender form to customer. Customer contacted office stated he received the Voluntary Surrender. Customer signed voluntary surrender document returned to ***. Customer stated unit was in an accident in November and currently in the shop being repaired. Customer spoke with Collections Manager about insurance claim and provided information. • 12/6/2019- *** ‘s insurance administrator contacted ***, the third-party insurer. Was informed that initial claim was paid for $ 957.41 directly to the customer for repairs. Confirmed with *** check was cashed by customer. *** in the process of filing a supplemental claim. *** unaware *** was the lienholder. Supplemental payment will be issued to *** based on the default of the customer and being issued for repossession. Contacted repair shop to provide documentation that *** is the lienholder. Shop indicated they have not been paid. • 12/6/2019 Customer contacted the office - wants to make some type of payment arrangement. No firm details. • 12/9/2019 *** confirmed supplemental coverage. Called repair shop to authorize repair. No payments received from Customer since September. Requested termination of Extended service contract under company procedure for defaulted accounts in repossession. • 1/13/2020-email from customer to have someone contact him. Manager contacted customer stated we would work with customer if they can get caught up in January • 1/14/2020 – rebate from extended service contract applied to account balance as a principle reduction. • 2/12/2020- customer contacted office attempting to make a promise to pay of $1000. Explained to customer that past cure date but would make exception, but we needed to have full past due. Customer could not commit. Based on the history of multiple broken promises, no attempt to make a good faith payment, failure to notify finance company of accident and finally cashing insurance proceeds check and not authorizing repair to unit as is required by the retail installment contract he executed with OR, *** feels it acted appropriately and fairly offering multiple extensions and opportunities for the customer to place their account in good standing.

Customer Response • Feb 25, 2020

Revdex.com:
The Nature of my complaint has nothing to do with the history. As stated before, " I offered them $1,000 with the remaining balance being paid before the end of the month bringing my account current and up to date, with the understanding that I would not be permitted to grab my bike until the past due amount was brought current. They refunded my payment or any ideas I had to make this situation better. They took the " all up front or no deal" stance on it. Please keep in mind they refused this deal after I signed the voluntary repossession. After I signed that.. I should no longer be taking hits to my credit after that repo notice was signed. The total price of the bike.. was amount 21k dollars.. That bike was purchased at in ft myers for 7k. I got a serve plan throught the dealership (Not this company) and when the repo when into effect the dealership credited the purchase of the bike. When I called to try and making things right.. they explained how they took the credit off the back end of the loan but the terms of the loan should of went down.. the payment might of went down.. the lenght of the loan should of went down. but nothing went down.. The total amount didn't( which is fine) The lenght of the loan didn't go down.. and the amount I was paying did not go down.. So are they suggesting the the extra money they would have taken in had they agree to pick things up where I left off all would of went to interest? Something seems fishy with that.. so my late history has little to do with it. My accident was nothing to do with it.. the person who's insurance covered the damage as nothing to do with this. All this "fill-a-busting side points are just that... they are side points. Quit attacking my credit when the business REFUSED payment or any type of deal that would of resulted in full amount being paid before the 7th of the following month. Being on the hook for 21k on a bike that was sold for 7k seems like foul play concerning my interest rate was at a 21%.
I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ***. Please add your rejection comments below; if you do not provide any details, your complaint will be closed as Answered.
[You must provide details of why you are not satisfied with this resolution.If you do not enter a reason for your rejection, your complaint will be closed as Answered.]
Regards

I was refinancing my motorcycle with ironhorse. they emailed me that I was approved I would only need to add insurance on my bike and get them some paperwork to authenticate my paperwork. this all started in november. it is now January and im 1 month late on my payment and also lose 440 dollars for the down payment on the insurance they told me to add cause I was 100% approved. today I get a call after days of calling and emailing ironhorse that they will not be able to refinance my bike because of a problem with their financing program. so im now out 440 dollars for an insurance they asked me to have and im one month late on my payment cause they assured me this month the bike would be refinanced theu them with no problem.

Ironhorse Funding Response • Feb 03, 2020

We are in receipt of the complaint received by the Revdex.com as submitted by ***. The complaint arises from a misunderstanding between Mr. and Ironhorse Funding (a consumer lender, “IHF”) regarding the nature of the transaction contemplated. IHF transacts consumer finance loans to consumers seeking to refinance their existing motorcycle loans. As part of the process, consumers can go on our website and pre-qualify for a loan. Once they are given an approval, they are directed on what paperwork is needed to complete the transaction. One of the qualifications of the loan is having property insurance on the motorcycle. Mr. did not have existing property coverage and obtained it once he was advised it was a requirement in order to have his loan processed. After Mr. obtained his coverage, IHF asked for a payoff letter on his existing loan. Upon receipt of the payoff letter, it was observed that Mr. had been leasing his motorcycle; he did not have an existing loan on it. IHF’s refinance program currently does not allow for payoff of a leased vehicle – only payoffs of existing loans. Mr. was advised that IHF did not support lease buyout transactions at the time and that IHF had plans to review adding this as an option in 2020. At no time did anyone at IHF instruct Mr. to stop making payments to the holder of his existing lease or indicate that the lease buyout transaction would happen in any specific time frame after the start of the new year. We have been working with Mr. during the entire process and up through the date of this response to find a solution that will enable him to obtain a loan from us. We have been advised that his current lessor has been paid up to date, and that the lessor has waived any late fees due to the confusion in Mr.’s handling of the matter. We are further working with a business partner of ours who will be able to facilitate the transaction via a different channel and we will update the Revdex.com as to the conclusion. In any event, Mr. will still need to maintain adequate insurance coverage, as is stated to each of our customers in advance, for the duration of his loan. IHF’s complaint policy is to resolve, as best to a customer’s satisfaction, all issues that a customer might have and give them the most positive experience.

Check fields!

Write a review of Ironhorse Funding

Satisfaction rating
 
 
 
 
 
Upload here Increase visibility and credibility of your review by adding a photo

Ironhorse Funding Rating

Overall satisfaction rating

Address: 100 Cummings Ctr # 233g, Beverly, Massachusetts, United States, 01915

Phone:

Show more...

Web:

This website was reported to be associated with Ironhorse Funding.



E-mails:

Sign in to see

Add contact information for Ironhorse Funding

Add new contacts
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | New | Updated