Go Financial (GO) is the trade name used by GFC Lending, LLC, an Arizona limited liability company, whichiswholly controlled by GO Capital Holdings, LLC, another Arizona limited liability company, to operate an indirect third-party subprime auto finance company based in Arizona from 2011 through 2016, which continues to service loans that GO held as of May 2016 when it ceased operations, until the end of the loans’ terms. GO has received consumer complaints alleging violations such as improper communication tactics and sharing of information. If you have been contacted by Go Financial, make sure you understand your rights before taking action.
According to Auto Finance News (AFN), Go Financial shut down operations on May 12, 2016. AFN quoted the company’s President as stating that “this had decided to focus their resources and capital in our other core business units.” AFN reported that GO would stop originating loans, but that GO loan servicing would “remain intact and continue to collect outstanding loans.” Dealers would be able to “withdraw submitted applications that are still pending verification” and the “changes should be invisible to existing GO customers.” GO President Colin Bachinsky told AFN in May 2016 that this shutdown had “everything to do with [GO] owners’ choosing to reallocate their resources on different businesses…and focus on core businesses.” According to Bachinsky, AFN reported, the decision “to exit indirect lending [was] not an indication of the company’s overall sentiment of the ABS market in the deep subprime sector.”
The Better Business Bureau (BBB) reports that Go Financial was registered as a limited liability company in Arizona in 2011. The BBB established its profile page in 2013. It lists GO as a financing, loan, consumer finance, collections, financial services and loan servicing company, and lists GFC Lending, LLC as an alternate business name, but it has not updated the profile page to reflect the 2016 GO operational shutdown.
Go Financial’s website describes GO as “an indirect auto finance company offering unique financing solutions in 46 states.” The website states, however, consistent with the AFN report, that GO “is no longer originating new loans or forming new dealer partnerships.” It informs site visitors that if they are current customers, their loans “will still remain with [GO] until the end of its term.” The website also report that GO is “no longer accepting new dealer partners,but will continue to answer questions from [its] current dealer partners.” More information is available by contacting customer service or dealer support services.
Go Financial’s website continues to provide a link to the “customer portal”, information for current customers about payment methods and a set of FAQs that answer questions about updating or making changes to a customer profile, payments, interest, autopay, and titles.
The website does not provide information about its business practices or compliance policies, other than a fair lending policy and standard, legally mandated information about information privacy and security.
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The BBB has closed 60 complaints against Go Financial in the past three years, with 18 closed in the past 12 months. Most of those complaints allege problems with billing, collections, and customer service. Since February 2015, the Consumer Financial Protection Bureau (CFPB) has received 49 complaints about GO, although the complaints are listed under GO Capital Holdings, LLC. Justia and Pacer list at least 12 federal civil lawsuits involving Go Financial.
Absolutely. Here are some Sample Cases against Go Financial.
According to the BBB website, complaints against Go Financial raise problems with billing, collections, customer service and improper credit reporting. Consumers also complain they are unable to obtain title to paid off vehicles and that they are unable to resolve loan payment problems even after following the direction of company employees. The 22negative reviews on GO’s BBB profile support these allegations.
In August 2017, a complainant alleged that Go Financial reported a repossession on his credit report and violated state law “when the vehicle was sold without the company notifying [him] of the time, place, or date of the auction.” According to the complainant, when he complained to the BBB and the CFPB, GO responded with information that “continue[d] to show proof of several violations and discrepancies with” his “invalidated debt.” There were discrepancies in the dates of the repossession and in the legally-required notice of sale, which the complainant alleged he never received, and in the amounts the company claimed he owed, and deficiencies in the notice as to the date and time of sale. The complainant indicated that GO was “in violation of [his] rights under the [Fair Credit Reporting Act]”, that GO “failed at providing [him] with accurate, clear, or validated information”, and continued to report inaccurately on his credit reports.
In February 2016, a complainant indicated that Go Financial violated the Fair Credit Reporting laws “and allowed a transaction to go through without doing a full title search.” The complainant alleged that she purchased a car and financed It through GO, but that GO did not conduct an advance title search. According to the complainant, the only thing she received at the time of the purchase and sale was “the bill of sale” and, since the dealership had closed, she had no way of obtaining registration documents. The complainant indicated that this placed her “in a dangerous situation constantly driving a car without proper registration, tag and plates.” The complainant alleged further that, after repossessing her car, Go Financial reported to “all 3 credit bureaus and [was] unlawfully damaging [her] credit.”
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Understanding Your Debt Collection Rights
Consumers are protected from abusive debt collectors from the Fair Debt Collection Practices Act (FDCPA). By way of instance, the debt collector must identify himself or herself, who they’re working for, and what debt they’re collecting. The FDCPA claims that debt collectors can’t use any deceptive or misleading representation, like implying the debt is secured by the USA or any particular state. Additionally, they can’t use a badge or uniform to pretend they’re a government employee collecting a debt. Misrepresentation is a violation of the FDCPA and could be reported as such.
In case you’ve been a victim of a debt collector’s wrongdoing, then you can search for justice under the FDCPA. You have the right to pursue a claim against the debt collector; if you prevail, you can collect up to $1,000, plus attorney fees and court costs.
Your debt harassment checklist:
- You are receiving multiple calls per week from third party collection agencies
- You are receiving early morning or late night calls from debt collectors
- You are recieving calls at work from a debt collection agency
- Debt collectors are calling your friends, neighbors, or coworkers
- Collectors are threatening you with violence, a lawsuit, or arrest
- A debt collector attempts to collect more than you owe
- You are being threatened with negative credit reporting
- A debt collector attempts to intimidate you
- Criminal accusations are being made towards you
- Use of obscene language during an attempt to collect
- Automated robocalls are being made to your phone in an attempt to collect
If you’ve been harassed by debt collectors and even one of these has happened to you, we can help. We will fight for your rights.
The Lemberg Law legal team is committed to holding debt collectors accountable, so complete our form for a FREE case evaluation, or call 844-685-9200.
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