BBB Business Review

What is a BBB Business Review?

Consumer Complaints

BBB Accredited Business since 03/08/2016

Calfund, LLC

Phone: (213) 747-4949

BBB Business Reviews may not be reproduced for sales or promotional purposes.

Customer Complaints Summary

5 complaints closed with BBB in last 3 years | 4 closed in last 12 months
Complaint TypeTotal Closed Complaints
Billing / Collection Issues4
Problems with Product / Service1
Advertising / Sales Issues0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints5

Complaint Breakdown by Resolution

Complaint Resolution Log (5)
10/07/2015Billing / Collection Issues
04/18/2016Billing / Collection Issues | Read Complaint Details
X

Complaint
The interest rate that was written in the contract was higher and different from what I expected based on my pre-contract conversation.
Product_Or_Service: truck

Desired Settlement
I would like a billing adjustment.

Business Response
Contact Name and Title: Haroon *******, COO
Contact Phone: XXXXXXXXXX
Contact Email: *****@calfundllc.com
As stated in Mr. ************ loan documents, the rate applied to his account is the exact rate that was discussed with him prior to finalizing his loan transaction.

Consumer Response
(The consumer indicated he/she ACCEPTED the response from the business.)


Final Business Response
I, ***** ******* talked to Mr. ********* last week, and went over all the details of his account at which time he clearly expressed to me that this matter is finalized and concluded once and for all.

Final Consumer Response
The matter is not resolved. I was told 15-18% by phone by a saleswoman ***** but the paper states 29%.

01/26/2015Billing / Collection Issues | Read Complaint Details
X

Complaint
Purchased Commercial Tractor $20,000
Put $4000. down Leaving $16,000 payoff
Paying back almost double
$28,650 back at 29.33% int
Living on street
Bought truck at $20,000 and I am loosing and ruining my credit because I make 3.000 per month and am loosing my credit because of the outrageous credit. I am paying and cant put anything away to repair the truck and it is falling apart. It has a oil leak that will cost me $10,000 and I cant get ahead because of it is JUNK. I bought the truck from Truck Mart LLC XXX-XXX-XXXX XXXX New Castle Road Prospect Pa. who set up the financing and told me It was a good company and I would get a great rate. I took their word for the financing on the truck. I was skeptical and wasn't sure but was advised by the employees at Truck Mart that the rate was for $16,000 and I would be able to repay the loan with ease, and could double the payments. I am struggling to pay off the equipment as it has a major engine problem and will cost me 10,000 to repair the motor, as it has an oil leak and DOT can put me out of service if I get Caught by a DOT Officer. I make 3000.00 per month spend 1190 per month for the truck leave me 2000.00 per month to pay off the other bills, auto, pickup insurance gas food electric, water and the credit cards. I go hungry more so each month than I have food. I have to use my Military retirement pay at times on the road to buy fuel, food, and other items to survive with. I have gone back and checked the payoff and calculated that I am paying 48% interest, if one takes a loan of $20.000 an put down $4000 down leaves 16,000 and paying back 28,560 comes out to 48 % interest rate but it says I am paying $18000 at a 29.33% interest rate why am I paying an interest rate when I had a credit rating at the time of 690/712 when I signed the loan think because I was told it was the best rate for the truck and I also paid Late fees on the loan and I was told by GreatWide the payments were taken out in October 2012 when I signed the loan.
I called the company Calfund and complained about the High Interest rate and the payment on the truck being more than what I was informed to be paying. I complained on the phone and left a my complaint on the answering machine why are they cheating me out of money, and I am struggling to live. I got a call back from a male person from CALFUND left in my voice mail to call back so they could give me an ear full of the answer I was wanting to get. I guess it was OK to call back and thretten a customer and wanting to cuss me out because of the complaint I left.
Buy Truck $20,000 - $4000.00 down leaves $16,000 to pay off. Why am I paying on $18,000 when I borrowed $16,000 and why the 29.33 % interest? do they cheet everyone that way or was it just me that they took advantage of. I feel I was taken to the cleaners when I had 712 Credit rating at the time. WHY AM I BEING CHEATED OUT OF MONEY?

Desired Settlement
I am asking for the interest rate to be dropped to a reasonable prudent rate. I can't figure why the outrageous rate of 29.33% on $18,000 that I am paying for. I only borrowed XXXXX and not the XXXXX that is in the loan. I am wanting some of the interest returned to buy the repairs the truck needs. Why am I paying back $12560.00 on a loan of $16,000.00 I am being cheated out of money to operate on, and to repair the equipment with there are times that I cant buy food because I don't have the money. This loan is affecting my credit because I cant pay all the bills to include Rent on a home to live in. Why am I being cheated out of money and

Business Response
Contact Name and Title: ***** *******,****
Contact Phone: XXX-XXX-XXXX
Contact Email: *****@CalfundLLC.com
As the lender, we financed the purchase of the Complainant's (hereinafter referred to as the "Customer") truck on February 25, 2013, for a period of 24 months. Accordingly, the loan shall be maturedin less than two monthson March 1, 2015. Now that the account is on the verge of being paid off, the Customer has decided to make his false allegations public.

While the Customer's statement regarding his credit rating of ******* (at the time of submitting his application) is true (actually it was ***), what he is not taking into consideration is the fact that not all lenders are FICO score based. Further, based on "our internal credit guidelines", there were two derogatory items on his credit report as follows: 1) a prior "COLLECTION" item pertaining to a New Mexico "CHILD SUPPORT" Account and 2) a paid account regarding an AUTO loan after being delinquent for 180 days. Since we are not a credit score based lenderbeing in transportation/truck lending businesswe considered the customer's application (upon receipt) falling under a tier 3 loan program. Generally, we do not even consider funding transactions for customers who have "child support-related" issues, which are referred to collection agencies.

Furthermore, the Customer is claiming that he purchased the truck for $20,000.00 with a $4,000.00 down-payment; hence, the finance amount should have been $16,000.00. Although the dealer's invoice reflects a $20,000.00 purchase price, the down-payment that the Customer ended up paying to the dealer was $3,220.00, leaving the balance of $16,780.00 to be financed. We have the dealer's invoice in our file with the Customer's original signature confirming all the facts. Accordingly, the final finance amount came to $18,000.00 ($16,780.00 finance amount + $1,220.00 (our own lender's feesa very reasonable amount all documented in the contract that the Customer signed)). On a side note, due to his lack of initial funds, we agreed to finance the feesvery customary in lending business, especially in our industryjust to be accommodating to him.

In conclusion, we would like to address our Customer's concerns hopefully by being able to communicate with him directly. In the past, especially on one particular very important matter, we had to seek the "person search" services offered by LexisNexis to find this individual in order to obtain from him a copy of his truck insurance policy which had already expired. After leaving several telephonic messages and sending him letters for months, the Customer finally got back to usvia emailinforming us that he was deployed to Qatar.

12/21/2015Billing / Collection Issues
07/21/2015Problems with Product / Service

Industry Comparison| Chart

Loans - Small Business, Consumer Finance & Loan Companies

As a matter of policy, BBB does not endorse any product, service or business.

BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

BBB Business Reviews generally cover a three-year reporting period. BBB Business Reviews are subject to change at any time.

X

What is a BBB Business Review?

We offer free reviews on businesses that include background, licensing, consumer experience and other information such as governmental actions that is known to BBB. These reviews are provided for businesses that are BBB accredited and also for businesses that are not BBB accredited.

X

BBB Reporting Policy

As a matter of policy, BBB does not endorse any product, service or business.

BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

BBB Business Reviews generally cover a three-year reporting period. BBB Business Reviews are subject to change at any time.