Complaint #1602908 submitted on 10/12/2015 relating to GFS II, LLC. Complaint relates to Consumer Loan Vehicle loan - Managing the loan or lease .
Complaint was submitted via Web and sent to the company on Monday 12th October 2015.
I had previously faced some hard times financially, and was in dire need of a vehicle. I was forced to finance through Gateway Financial Solutions, as they were the only lender willing to work with me. Because this lender deals with high risk borrowers, my interest rate was less than appealing by a long shot, but I felt that this was the only option available to me. I have since made a large progress on my credit and financial status, and feel that I should be allowed to clear up the matter with this lender. I have asked to be provided a " buy out '' option, and have not been offered anything. I have always made my payments on time, and they are slowly bringing the principal balance down. But the bulk of the bi-weekly payments ( due to the high risk that I previously was XXXX primarily get applied to interest. I am requesting assistance with this matter because I feel that the lender is not providing ethical service to me, by not allowing me to avoid the large amount of interest that will accrue due to the remaining time of the loan. This is striking as a predatory lending scenario simply because they targeted a vulnerable customer, and are profiting on my misfortune. This type of business practice should not be allowed. The vehicle itself when I originally acquired it, was not in the best condition, and has since required several XXXX dollars worth of maintenance that I have had to borrow in order to cover. Again, this is a predatory lending practice. I was provided a sub par product, at an even more sub par price and repayment option. I was not educated on the product or option that was offered to me, only expected to accept it and move on.
| Company | GFS II, LLC |
| Complaint ID | 1602908 |
| Date Received | 10/12/2015 |
| Product | Consumer Loan Vehicle loan |
| Issue | Managing the loan or lease |
| State/ZIP Code | MI 483XX |
| Consumer Consent | Consent provided |
| Company Public Response | |
| Company Response To Customer | Closed with explanation |
| Submitted | Web 10/12/2015 |
| Result | Timely Response: Yes, Consumer Disputed: No |
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