LIFTIT INC

Initial Business Response /* (1000, 7, 2016/07/12) */
Premier FCU has been working diligently since June to resolve the issue in the best interest of Mr***Prior to this time, the vehicle was in the possession of Mr***Premier FCU had attempted to repossess the vehicle for
non-payment between January and March In the event that Premier FCU had obtained possession of the vehicle, it would have attempted to sale the vehicle for the remaining loan balance plus any other monies/debt owed by Mr***, including repossession feesPremier FCU COULD NOT have attempted to sell the vehicle for more than the debt owed to Premier FCU even though the vehicle is more valuable than the debt owedHowever, the vehicle could not be locatedSubsequently Mr*** began making payments on the vehicle to prevent further damage to his credit reportMr*** wanted Premier FCU to repossess the vehicle but Premier FCU did not find that taking possession of the collateral and selling it was in the best interest of Mr*** because he would not have been able to recoup any of the funds from the sale
Mr*** complaint highlighted his dissatisfaction with his name not being listed on the titleIt was discovered that Mr*** name was not on the title because there was not a request at the dealership to have his name documented on the title, nor was it necessaryIn regards to a loan secured by collateral, the collateral owner may want to obtain a loan secured by collateral and need the help of a co-signer/guarantor based on various factorsThe co-signer/guarantor signs a loan agreement to assume responsibility if the debt is not paid as agreed but may not be the owner of the collateral or have any legal rights to the collateralIt should be noted that even if Mr*** name had been on the title, along with the owner's name, he still would not be able to sell the vehicle or take full ownership without the signature of Mr*** (the owner)
In June 2016, Premier FCU was notified that Mr*** had been incarcerated and that the vehicle was in possession of the policeOn June 14, 2016, Premier FCU sent Mr*** a letter and DMV documents (***) for his signature, which would allow Premier to re-assign ownership of the vehicle when the loan balance was paid in full and the lien was releasedOn June 15, 2016, Premier FCU received an email from the Sheriff's office that Mr*** had refused to sign the paperwork and wanted to speak with his attorney before signing anythingOn June 21, 2016, Premier FCU received additional communication from the Sherriff's office that Mr*** had received the documents sent by FedEx and he would NOT sign the documentsIn light of Mr***'s reluctance/refusal to cooperate in resolving the issue, Premier FCU obtained the services of an attorney to get a qualified opinion of the best way to handle getting the ownership transferred to Mr*** without repossessing the vehicle and selling for only the debt owedAgain that option would not benefit Mr*** because he would not recoup any funds from the saleIt has been established that once the loan balance is paid in full, Premier FCU could exercise the option to re-assign its lien to Mr***; thereby making him the new lienholder of the collateralAt that time Mr*** will be able to control the collateral and exercise his rights as lienholderMr*** would still have to follow repossession procedures and notify Mr*** that he is now in defaultThis option would best benefit Mr*** as once he has complied with all DMV paperwork, he (as the lienholder) could attempt to sell the vehicle for full value
The vehicle loan was paid in full on July 11, by Mr*** and Premier has begun the process to re-assign the lienPremier FCU considers the matter to be resolved before the end of July
Initial Consumer Rebuttal /* (3000, 9, 2016/07/14) */
(The consumer indicated he/she DID NOT accept the response from the business.)
The repossession was initiated because he was behind on another personal loan that I was not a party toAt that time we had already made a couple of truck paymentsThey would not tell me what was owed on the other loan just that it was in my best interest to let them repo the truckWe went to the branch office and they let me pay off the other loan ($237) Wow take a truck worth several thousand dollars for a debt that I was not a party to and have a repossession show on my creditGlad I did not take that adviceAfter that started working with a new person at premier and everything is pretty much as statedVery professionalJust feel there should be a better way to resolve this problem if I am the primary on the loanIf I am responsible for the loan (the primary on loan) not the consigner, I should be able to get the title if I wind up having to pay for the truckIf nothing comes from this other than a lesson for me it should be policy to have primary loan holder in first position on title loans
Final Business Response /* (4000, 11, 2016/07/28) */
Premier FCU has chosen to exercise our option to re-assign our lien to Mr***; thereby making him the new lienholderAt that time he will be able to exercise his rights as a lienholder according to state lawPremier FCU has contacted Mr*** and he has accepted this resolutionPremier FCU now considers the matter resolved
Final Consumer Response /* (2000, 13, 2016/08/08) */
(The consumer indicated he/she ACCEPTED the response from the business.)
We had to pay off loans to keep my credit from deteriorating to even get this process startedWe've had the vehicle for over a month with no way to do anything withMr *** said that he had sent mr *** a power of attorney to sign releasing him of interestHe wouldn't sign itSo the time me spent doing that was weeksI finally got the title back last weekThere was a signed power of attorney attached to itPFCUHas put me in a bad situation, I am a the one that has had to make this all happen while they collected their moneyThis is an institution that I will never have a good word forI had previous loans of my own with them, paid in fullThis is how a good customer gets treated

Premier FCU has attempted to contact member several times to offer resolution to matter since Revdex.com complaint was filed. Member has not returned attempted contact.

Ms. [redacted] has been contacted and the appropriate steps have been taken to correct the information reported on her credit file.