Lobel Financial Corporation or LFC is a third-party auto loan agency based in California. LFC has received consumer complaints alleging violations such as improper billing, collections, repossessions and communication tactics. If you have been contacted by Lobel Financial Corporation, make sure you understand your rights before taking action.
According to the Better Business Bureau (BBB), Lobel Financial Corporation was founded and incorporated in 1979. The BBB established its profile page in 2012. It describes LFC as a consumer finance and small business loan company.
According to its website, LFC is “a consumer finance company specializing in purchasing and servicing automobile loans from Independent and Franchised automobile dealers, who have non-prime consumers purchasing new and used automobiles.” The “four Lobel brothers” manage LFC, have “a combined 150 years’ experience in the industry” and “are active in its day-to-day operations…”
Lobel Financial Corporation website provides information for car dealers and car buyers. Its dealer pages inform site visitors that LFC is a “full spectrum lender” that provides its dealers with “instant auto financing” and makes it possible for dealers to submit their “buyers for quick approvals 7 days a week” through its online portal. Dealer program packets and more information is available by contacting LFS.
The car buyer pages inform site visitors that their “business is important” to LFC, but the information on the pages is limited to payment methods and addresses and phone numbers for customer service, collections, and the LFC legal department.
Lobel Financial Corporation website does not provide a lot of detailed information about its business practices or compliance policies. It also does not include standard information about information privacy and security.
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The BBB has closed 92 complaints against Lobel Financial Corporation in the past three years, with 35 closed in the past 12 months. Most of those complaints allege problems with billing, collections, improper repossessions, and customer service. Since September 2012, the Consumer Financial Protection Bureau (CFPB) has received 139 complaints about LFC. Justia lists at least 11 federal civil lawsuits involving Lobel Financial Corporation.
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A BBB “Alert” on Lobel Financial Corporation’s profile page describes a “pattern of complaints” against LFC “concerning billing issues.” According to the BBS, “consumers are alleging that they are given 45 days to make their payments after they are due before repossession occurs, but many claim that the vehicles are taken before the timeline they were given, at times after payments have been made.” The BBB notes further that “the complaints allege that the is hanging up on consumers.” LFC did not respond to the BBB’s attempts to contact the company about “this pattern.” The 25 negative reviews on LFC’s B profile support these allegations.
In July 2017, a complainant indicated that Lobel Financial Corporation employees’ “demeanor toward customers” is “alarming.” The complainant alleged that the company charged him $60 per month above his car payment for two months, claiming he did not have insurance, even though he did have insurance and had, had it since he purchased the car. According to the complainant, he had been trying to deal with this issue with LFC for a month. He had called Lobel Financial Corporation every week and submitted proof of insurance via fax and hard copy,but he received only “excuses with no resolution.” Meanwhile, the “company’s collections unit continued to call him” and threaten to “report this issue onto his credit.” The complainant indicated that LFC “employees do not read case notes or follow up on” the issues consumers dispute.
In November 2016, a complainant alleged that Lobel Financial Corporation repossessed his car in 2003 and that the complainant then did not hear “another word” from LFC. Years later, with a negative report still on his credit report, the complainant inquired about the statute of limitations and learned that LFC had filed a court case to collect the claimed deficiency on his auto loan. When the complainant asked LFC why it had not notified him of the court filing or hearing date, Lobel Financial Corporation “returned” to “court and added another 10 years to the original court documents.” According to the complainant, he complained to the BBB, “brokered” a settlement with LFC through the BBB by agreeing to pay LFC $3350.00 upon the sale of his house, but when his house sold, LFC took more than $6600 from the proceeds and failed to credit $800 in payments the complainant had made before the closing on the house. The complainant indicated that Lobel Financial Corporation received more than $4000 more than it agreed and that LFC had “taken advantage” of him as a “senior citizen living on a fixed income.”The BBB listed the complaint under the heading, “the business responded to the dispute but failed to make a good faith effort to resolve it.”
Lobel Financial Corporation
1150 N Magnolia Ave
Anaheim, CA 92801-2605
Telephone: (714) 995-3333
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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