ComplaintsforFinancial Plus Credit Union

• Initial Complaint

  07/30/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Unresolved

  More info

  Financial plus approved me for an auto loan for 30k I decided that I didnt want the vehicle because of mechanical issues. They then put a false fraud claim on the cashing bank and told me that because I didnt keep the vehicle that I was suppose to return the funds back to them immediately. I asked them for the documents that I signed showing that several times and they have not provided it to me. I also did research and found out if I didnt keep the car they was suppose to change the type of loan with a higher interest rate which I have no issue with paying higher however I want them to remove the false claim of fraud because no fraud was committed

  Business response

  08/15/2024

  Financial Plus Credit Union has been in contact with the complainant on several occasions since the inception of the loan in question.  We continue to investigate the matter and are unable to provide specific details in this forum in order to protect the credit union and the privacy protections afforded the complainant under federal statute of Gramm ***** ****** Act (GLBA) requiring financial institutions to take steps to protect customers nonpublic personal information.

  
  That said, since they openly communicated their complaint with the BBB, Ill offer some general commentary regarding the policies of the credit union as it applies to matters similar in nature to their claims.

  
  Borrowers are furnished with copies of all documentation,including security agreement and all other lending disclosures at the time of signing for a loan.

  
  Our security agreement includes the following provisions that seem applicable in this case:

  
   3. OWNERSHIP OF THE PROPERTY - You promise that You own the Property or, if this Loan is to buy the Property, You promise You will use the Loan proceeds for that purpose. You promise that no one else has any interest in or claim against the Property that You have not already told Us about. You promise not to sell or lease the Property or to use it as security for a loan with another creditor until the Loan is repaid. You promise You will allow no other security interest or lien to attach to the Property either by Your actions or by operation of law.
  

  6. ACTIONS AFTER DEFAULT - When You are in default, We may demand immediate payment of the entire unpaid balance under this Agreement. If We demand immediate payment, You will continue to pay interest at the rate provided for in this Agreement, until what You owe has been repaid. We will also apply against what You owe any shares and/or deposits given as security under this Agreement. We may also exercise any other rights given by law when You are in default. Unless You are a Covered Borrower under the Military Lending Act, You waive any right You have to receive demand for payment, notice of intent to demand immediate payment and notice of demand for immediate payment
  

  8. DEFAULT - You will be in default if You break any promise You make or fail to perform any obligation You have under this Agreement. You will also be in default under this Agreement if the Loan is in default. You will be in default if any Property You have given Us as security is repossessed by someone else, seized under a forfeiture or similar law, or if anything else happens that significantly affects the value of the Property or Our security interest in it.
  

  9. WHAT HAPPENS IF YOU ARE IN DEFAULT - When You are in default, We may demand immediate payment of the outstanding balance of the Loan without giving You advance notice and take possession of the Property. You agree the Credit Union has the right to take possession of the Property without judicial process if this can be done without breach of the peace. If We ask,You promise to deliver the Property at a time and place We choose. If the Property is a motor vehicle or boat, You agree that We may obtain a key or other device necessary to unlock and operate it, when You are in default. We will not be responsible for any other property not covered by this Agreement that You leave inside the Property or that is attached to the Property. We will try to return that property to You or make it available for You to claim. After We have possession of the Property, We can sell it and apply the money to any amounts You owe Us. We will give You notice of any public disposition or the date after which a private disposition will be held. Our expenses for taking possession of and selling the Property will be deducted from the money received from the sale. Those costs may include the cost of storing the Property,preparing it for sale and attorney's fees to the extent permitted under state law or awarded under the Bankruptcy Code. If You have agreed to pay the Loan,You must pay any amount that remains unpaid after the sale money has been applied to the unpaid balance of the Loan and to what You owe under this Agreement. You agree to pay interest on that amount at the same rate as the Loan until that amount has been paid.
  

  The complainant states in their complaint that they returned the vehicle that was used as collateral for the loan agreement with the credit union to the dealership, and such action, as delineated in the provisions of the security agreement above, prompts the credit union to collect the proceeds of the loan from the borrower in full.  In all our staff and managements years of experience in lending weve never heard of the complainants researched claim that a borrower can simply keep loan proceeds intended for and collateralized by a specific purpose and use it for other purposes.  Indeed, the language of the security agreement which was signed and agreed to by the borrower is just the oppositethe funds must be used for the purposes intended and secured by the exact collateral agreed to.  So, to the best of our knowledge and experience, that researched provision simply does not exist, or at least is not enforceable in this situation. Furthermore, every action weve taken in this matter is within our rights to do so in compliance with lending policies and regulations. 

  As a financial institution in a highly regulated industry,Financial Plus Credit Union takes compliance very seriously.  Our reputation within our broad membership,our community, and amongst our regulatory bodies is, and always has been exemplary. We hope trusted sources such as the Better Business Bureau will continue to protect us against false, or misguided claims that attempt to damage that earned reputation.  

  Customer response

  08/15/2024

   
  Complaint: 22067237
  
  I am rejecting this response because:
  Although this may be their protocol they did not follow this protocol. Instead they sent over a fraudulent statement to another banking institution stating that the loan they approved me for was fraudulent as though it belonged to someone else. When in fact it was me, if they was to demand payment they are suppose to do so in writing to me the consumer and not issue an indemnity to the financial institution. Therefore they are in complete violation of my consumer rights and I never received a copy of the documents that was signed. 
  Sincerely,
  
  *****************************

• Initial Complaint

  08/16/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Unresolved

  More info

  Financial Plus Repossess my Truck, Without any notification.I been call at the pass because one payment did not go thru, and When I call no one told me that other payment was not receive they told me everything was fine, Then they told me that I was pass on my payments since January not true been make my payments they increase my loan payment as well with no notification according to them because never have insurance I send proof that I been always have insurance and still give me hard time every time I call to try to get my truck is a new charge and they been also unrespectful

  Business response

  09/01/2023

  Thank you for referring this complaint to us.  We have been in contact with ****************** since he registered his complaint with the Better Business Bureau.  Due to privacy regulations, there is not a lot that we can disclose to you other than to say that the truck has been returned to the borrower and the account relationship is now in better shape than when he filed the complaint.  Due to a clerical error on our part, ****************** has a legitimate point with regard to us not getting his contact information updated on a timely basis so that we could send proper notices to him.  That too has been rectified at this time.  Unless there is an ongoing concern on his part, it appears that this matter is resolved to the mutual satisfaction of both parties.  Please contact me with any questions.

  Customer response

  09/18/2023

   
  Complaint: 20477926
  
  I am rejecting this response because: 

   I'm not agree with them, Was not my fault, I don't understand why they said that we are in good shape, No i'm not and want to paid for the towed and the storage I paid so much money that I was not supposed paid, Also they keep doing the same mistakes, Last week I call to make a payment and they say that I have 700 dollars credit that they were take the payment for that money, After 2 days they called me back that was they mistake that i have to make the payment because  that money was not a credit was a different payment,They continued make mistakes on my account how about if they continued doing the same mistake I gong t ended up loosing my Propery. 

  
  

  
  
  Sincerely,
  
  ****** De *****

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