Complaints

• Initial Complaint

  05/16/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I found an ** that I wanted to purchase on or around 24 April with rec loans 3602001 ***********************************************. The ** number is ***************** invoice Number 102-8530. Meanwhile we decided not to go through with . The gentleman told us that we could not change our mind because we had already signed paperwork and got the loan. Our response was we never put a down payment down and completed the transaction to close the loan . He argued with us saying that he had already processed the loan and that we needed to pay the payments. Meanwhile, his friend who referred us to rec loans 360 sold the ** that we actually were getting the loan on. How is it then that they would request a payment of 645 for us on an ** we never paid the down payment and never closed the loan on? After going back-and-forth ************************* rec loans 360 office phone number ************ told us that we indeed had to pay the loan that it had already been closed After going back-and-forth, he sent us paperwork requesting that we pay the total of 645 due to not completing the transaction. This makes no sense. We want it off our credit and we are now getting monthly bills for an ** that was sold to someone else. I want this off my credit and I want it to be behind me. I want this removed from my credit bureau and I want the Loan to stop sending me monthly bills for an **. I do not own. After speaking to ************************* and telling him that we would not be finishing the loan process, he told us that we could not cancel and I wish you wouldve told me because I already sent out the paperwork for approval and the loan has been processed. However, ***** was telling us that he would wait to get the OK from the seller of the ** to send in the paperwork and start the loan process. Either ******************************* lied or he is lying now. Either way, Mr. ************************* processed paperwork that should not have been executed without the down payment being paid to start the loan.

  Business response

  05/28/2024

  We tried to explain things to *************, unfortunately he refused to listen. We are NOT a dealership nor do we sell anything, we provide a service. The dealership that this customer was purchasing from was JMH Auto Boat and RV. Again, we are Rec Loans 360 (obviously a different company). We are a brokering service provider that aids the purchaser (not the dealership) with financing. *************, by his very own hand, submitted a credit application to Rec Loans 360 in order to obtain a loan for an RV he wanted to purchase from JMH Auto Boat and RV (see IP Address Attachment). Rec Loans 360 has nothing to do with any collections of down payment nor the selling of any collateral.  Any down payment paid is to be collected by the selling dealer. We merely process loan applications between the lenders and the dealers for the purchaser. The disbursement of down is between the selling dealer and purchaser. *************, applied for credit, was approved, agreed to loan terms and SIGNED a Good and Services Loan Contract with **************** which started the loan process for the purchase of a 2023 Rockwood 8312SS (Vin No. *****************). 
  When agreeing and signing off on these documents and contracts ************** was made aware and agreed to a $495 facilitation fee and $150 documentation fee totaling $645 (also disclosed in the loan documents). These fees are for the services provided by Rec Loans 360 and cost of processing, FedExing, funding his documents. After agreeing to the fees, terms of the loan, and completing his loan documents, ************** decided days after the loan had been signed and funded (meaning completed) that he would not be moving forward with the loan. Having explained to him that his loan was already processed and funded with ****************, all that was left to do was to take delivery of his RV. It was explained to him if he wanted to move forward with the reversal of his loan that there were costs that have been assessed and agreed upon. The loan was already funded, per his request, by signing the loan contract and that the only way to reverse the loan would be to pay off the loan in full by returning the funds which had already begun to earn interest. An invoice (see ***** Invoice attachment) was submitted to ************* requesting a payment for these fees as we began the process of paying off his loan. ************* refused to pay the agreed upon amount and stated that he didnt pay the down payment which nullified the contract. Unfortunately, that is not the case. What he agreed to pay the dealership has nothing to do with ****************. Interest started to accrue on the loan the moment his loan was funded. 
  ************* feels that everyone should be held responsible but himself. He feels that he should not be obligated to pay the $645 invoice for the cancellation. The $645 is a fee for facilitating HIS request to obtain him a loan. Rec Loans 360 did in fact do that. Now ************* wants us to have more expense by removing inquiries and a loan applied to his bureaus. All the while ************* feels that he should not incur any expense whatsoever. Rec Loans 360 has in fact paid off his loan obligation WITH the accrued interest (See Check Attachment). **************** has released the lien and does not hold ************* responsible for any amounts owed (See Release of Lien). ***** did in fact try to convey everything to ************* in an honest and factual manner. We are a reputable business and operate within the laws of this state. Any billing from the lender (****************) would have been prior to Rec Loans 360 paying off *************** contracted loan agreement. Rec Loans 360 has gone above and beyond with this customer and feels that we have not only fulfilled the original request to obtain him a loan, but we paid off the loan with interest that we in fact did not make. Again, the agreement was between ************* and the lending institution. All the while the customer refuses to be held responsible nor does he feel obligated to pay for any services performed by our establishment. We are just like any other service business. There is a fee for a service. We completed the requested service without hesitation.
  
  

  Customer response

  06/05/2024

  I have reviewed the business response and accept this resolution. When I was told that the loan would be completed/sent the bank for finalization it was false . ***** in fact sent it before I gave him the ok and had paid the dealer. 
  

  I have received confirmation that the loan is paid off. That is good news. Thank you. 

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