ComplaintsforNicholas Financial, Inc.
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Complaint Details
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Initial Complaint
03/11/2024
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
I am not liable for this debt with Nicholas Financial. I Do Not Have A Contract with Nicholas Financial.They Did Not Provide Me With The Original Contract as I RequestedBusiness response
03/11/2024
Customer is liable for the debt with ********************** I have attached a copy of the contract she signed. She may call our office for payment arrangements at ************.Initial Complaint
03/05/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
I am writing to express my serious concern regarding the disclosure of my personal information to credit bureaus, resulting in inaccuracies on my credit report. This situation has led to significant financial and emotional distress.As outlined in 15 USC 1681 Section 602, I assert my right to financial privacy and expect my information to be treated confidentially.Furthermore, 15 USC 1681 Section 604(a)(2) highlights that a consumer reporting agency cannot share account information without my explicit consent, which I have not provided.I have identified discrepancies on my credit report associated with NICHOLAS FIN, negatively impacting my financial situation. I urgently request the correction of these errors.Additionally, I want to stress 15 USC 1666(b), which prohibits creditors from treating credit card payments as late under specific conditions.For your reference, my account details are as follows:Account Number: **********I request a thorough review of my account, immediate rectification of credit report inaccuracies, and strict compliance with federal laws governing my information.Failure to address these concerns promptly may result in legal action. Your prompt attention to this matter is greatly appreciated.Sincerely,*****************************Business response
03/05/2024
Your complaint indicates that Nicholas Financial, Inc. must validate unspecified information that you found confusing in your credit files with an unidentified credit reporting agency. Unfortunately, we do not have sufficient information to investigate your dispute. If you believe that information being reported to a credit reporting agency is inaccurate, please provide some explanation about the basis for any such dispute and any documents and information that might support any dispute you which to assert. Documentation may include any relevant account statements you received from us and a copy of the relevant portion of your consumer report that contains any allegedly inaccurate information we might have furnished. You may submit your dispute and supporting documentation to this address: Nicholas Financial, Inc., ************************************************************************Initial Complaint
03/01/2024
- Complaint Type:
- Sales and Advertising Issues
- Status:
- Answered
Hello, I had a car loan under Nicholas Financial, I am currently being Garnished for an amount of *******. However I was in a car accident and my insurance total out the car. I was paying gap insurance which was included in my monthly payments. So this should have covered the full balance. Now Im being garnished for something I had no clue I still owed. Please I need further assistance immediatelyBusiness response
03/05/2024
I have attached a copy of ********************************* deficiency letter which outlines what was received by the Insurance and Gap. Because the Insurance and the Gap did not cover the full balance of what was owed, the customer had a deficiency balance. This letter was sent to the customer. I have also attached notes from his account that show he was made of aware of this deficiency balance. Since he never cleared the deficiency balance, his account was charged off and then later sold to Commercial Research and Recovery. Nicholas Financial, *** is not garnishing him. He is advised to contact Commercial Research and Recovery at ************** for any further questions regarding his garnishment.Initial Complaint
12/01/2023
- Complaint Type:
- Sales and Advertising Issues
- Status:
- Resolved
I had a car loan through Nicholas finance. I paid my car off in October 2019 they sent me out a title but I have miss placed my title. Ill call the **** They said I still have a lien on my title I just recently find out that they have Nicholas finance has closed, and I have no way of getting someone to take the lien off my title urgently seeking help.Business response
12/04/2023
I have attached the requested lien release letter for her to take to the **** The original will be mailed to the customer at the address she provided in her complaint. If she needs further assistance, she can call ***************** at **************.Customer response
12/04/2023
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
Sincerely,
*****************************Initial Complaint
11/29/2023
- Complaint Type:
- Order Issues
- Status:
- Answered
I had a van through Nicholas it was paid in full over 5 years ago. I misplaced the title so went to bmv to get a copy to find out they still have a lien on it. They are out of business and no one can access old paid off accounts. I was in a wreck and totaled my van in order for my insurance to pay I need my title or release of lienBusiness response
11/30/2023
I have attached the requested lien release letter for her to take to the **** The original will be mailed to the customer at the address she provided in her complaint. If she needs further assistance, she can call ***************** at **************.Initial Complaint
09/26/2023
- Complaint Type:
- Customer Service Issues
- Status:
- Answered
In Sept 2014 I financed a car through Nicholas Financial. The loan was paid in full in 2018. I am trying to sell the car and have discovered Nicholas Financial still has a lien on the title. I have attempted to contact NF. Nicholas Financial does respond to email enquiries and attempts to contact by phone are directed to a company named West Lake, however West Lake does not have record of my loan or the lien and can not help. I need a lien release letter as soon as possible.Business response
09/27/2023
The title was released to the customer on 05/29/2018. Since she never had us removed as the lienholder, I have attached the requested lien release and the original will be mailed to the address provided.Initial Complaint
09/01/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Resolved
The amount to due on the car do not match the total payments I have leftBusiness response
09/11/2023
I have reviewed the customer's complaint as well as her account history. She signed her automobile retail installment contract on 09/13/2019, promising to pay $342.96 per month for 51 months. If she had paid the account as agreed (all payments made on the due date with no extra charges), the account would have paid out on 12/13/2023. Unfortunately, she has not paid as agreed, causing her to have a much higher balance than amortized. She has incurred 20 late fees, 345 CPI (force placed insurance) charges. When a customer pays late, they accrue an additional day of interest for each day past the due date, which reduces principal reduction and causes more interest to accrue on future payments than originally scheduled. Additionally, if a customer incurs extra charges and doesn't include them to their standard monthly payment, they also experience less principal reduction than scheduled because the interest and extra charges are always taken from the payment prior to principal reduction. Hopefully this helps her to understand how her handling of the account has negatively affected her balance.
Nicholas Financial, Inc. (NFI) has partnered with ***************************** (WPM) to provide customer service and account management. As of 12/01/2022, all NFI accounts were transferred to WPM for servicing. NFI remains the lender and the transfer does not affect any of the terms, conditions or obligations of the contract other than who services the account. All accounts are still NFI customer, and the accounts have not been sold.
Her balance at the time of the transfer was $9645.01. This balance was stated on her last Nicholas Financial statement that was sent to her and this is what was transferred to *****************************. She is welcome to reach out to Nicholas Financial at ************** if she needs any further explanations regarding her balance.
Customer response
09/11/2023
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is not satisfactory to me.
Sincerely,
*****************************Initial Complaint
08/24/2023
- Complaint Type:
- Sales and Advertising Issues
- Status:
- Answered
Hello, I am making complaint regarding my vehicle being repossessed every other month. My vehicle was reposed on August 22, 2023. When I called to find out what I needed to pay to retrieve my vehicle, they said that I was at the end of my contract (******************) and I had to pay the remaining balance in order to get my vehicle back. I have had that car for almost 5 years and was not told this. I would like to know if this is in my contract before I try to further actions.Business response
08/24/2023
Nicholas Financial has partnered with ***************************** (WPM) to provide customer service and account management. As of 12/01/2022, all Nicholas Financial accounts were transferred to them for account servicing. ********************** remains the lender and all servicing will be managed by WPM. This transfer does not affect any of the terms, conditions or obligations of the contract other than who services the account. The accounts are still Nicholas Financial customers and the accounts have not been sold.
It is stated in her contract (page 3, under paragraph DEFAULT) that we may recover the full remaining amount due. I have attached a copy of the contract.
She will need to contact ***************************** if she has further questions regarding her account.
Initial Complaint
08/22/2023
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I purchased a white ***** Suburban through Nicholas Financial *** in 2017 and paid it off in full in march of 2020 vin#***************** I never received the title for the car and when I went to the dmv they informed me I was unable to obtain one because there is a lien on the vehicle. Like previously stated the car has been paid off for years now. I would like the lien removed and a title sent to my address. I have called Nicholas financial multiple times and they have now switch their account to West Lake ********************. West lake financial only have open and active accounts, so anything that is inactive they cant account for or pull it ** in their system. I have went to multiple dmv as well as ******** Secretary of State and have gotten a complete run aroundBusiness response
08/22/2023
We have reached out to this customer earlier today, when we received this same complaint from our registered agent. We have sent him the lien release letter he requested. If he requires further assistance, he can reach out to us at
**************.
Initial Complaint
08/08/2023
- Complaint Type:
- Sales and Advertising Issues
- Status:
- Answered
Nicholas finacial has closed .. they transferred my account to west lake profolio. When my account was transferred I owed 4 more payments .. theirs west lake company has taken my account all the way back to the original sale of the car .. I have all bank statements showing payments to Nicholas financial from 2019 until now when I started paying Westlake for my remainder amount .. my contract was only for 48 months I have made a total of 51 payments as of today 8/7/2023 .. I dont owe them anything else .. when I was switched I had made 45 payments I also uploaded my original contract ..Business response
08/08/2023
I have reviewed the customer's complaint as well as her account history. She signed her automobile retail installment contract on 01/09/2019, promising to pay $306.80 per month for 48 months. If she had paid the account as agreed (all payments made on the due date with no extra charges or deferments), the account would have paid out on 01/08/2023. Unfortunately, she has not paid as agreed, causing her to have a much higher balance than amortized. She has incurred 15 late fees, 45 CPI (force placed insurance) charges and received a hardship deferment (which extended her original maturity date out an extra month). When a customer pays late, they accrue an additional day of interest for each day past the due date, which reduces principal reduction and causes more interest to accrue on future payments than originally scheduled. Additionally, if a customer incurs extra charges and doesn't include them to their standard monthly payment, they also experience less principal reduction than scheduled because the interest and extra charges are always taken from the payment prior to principal reduction. Hopefully this helps her to understand how her handling of the account has negatively affected her balance. Her balance at the time of the transfer was $8130.39. This balance was stated on her last Account E-statement that was sent to her and this is what was transferred to *****************************. Her original loan was on our old Servicing Platform (TERMULATOR) with account number *******. On **/**/2019, we switched over to a new Servicing Platform (CIM) with account number *********** 8.
********************** (NFI) has partnered with ***************************** (WPM) to provide customer service and account management. As of 12/01/2022, all NFI accounts were transferred to WPM for servicing. NFI remains the lender and the transfer does not affect any of the terms, conditions or obligations of the contract other than who services the account. All accounts are still NFI customer, and the accounts have not been sold.
I have attached copies of her account on all three servicing platforms along with the corresponding payment histories.
Customer response
08/11/2023
Complaint: 20436853
I am rejecting this response because:
Sincerely, I have all my payments that I have made through my bank an their was never a partial payment. Not only that you dont see when I made full payments with in the months an so on .. Im getting a lawyer.,
*************************Business response
08/14/2023
It was never stated in the response to her original complaint that she made partial payments or that she missed payments. It was explained to her why she still owes a balance after her loan matured. She signed her automobile retail installment contract on 01/09/2019, promising to pay $306.80 per month for 48 months. If she had paid the account as agreed (all payments made on the due date with no extra charges or deferments), the account would have paid out on 01/08/2023. She has incurred 15 late fees, 45 CPI charges and a deferment. When she made her payment of $306.80 each month, she did not include any amount over this to cover the extra charges she incurred. By making only standard monthly payments, any extra charges were paid before principal causing less principal reduction and more interest to accrue on future payments than originally scheduled, resulting in her having a much higher balance than originally amortized. She has to realize that, just because she made the number of payments she originally was contracted for doesn't mean she paid her loan off. Again, the 48-month term of her contract only applies if she had made all of her payments as scheduled. I have attached a copy of her contract. She is welcome to reach out to Nicholas Financial at ************** if she needs any further explanations regarding her balance.
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Contact Information
Customer Complaints Summary
52 total complaints in the last 3 years.
10 complaints closed in the last 12 months.