Nicholas Financial, Inc. (Nicholas) is a third-party auto loan company based in Florida. Its stock has been publicly traded on the NASDAQ since 1987. Nicholas has received consumer complaints alleging violations such as improper communication, billing and collection tactics, failure to honor its agreements, and incorrect credit reporting. If you have been contacted by Nicholas Financial, make sure you understand your rights before taking action.
According to the Better Business Bureau (BBB), Nicholas Financial was founded in 1985 and incorporated in Florida in 1990. The BBB established its profile page in 1989. It lists Nicholas as a consumer finance company.
According to its website, Nicholas “is a consumer finance company, that specializes in purchasing and servicing auto loans made by franchised and independent auto dealers, via a network of company owned and operated branch offices” in 63 locations in 17 states. Nicholas “provides direct consumer loans and purchases installment contracts from automobile dealers for used cars and light trucks.” Dealers that work with Nicholas have access to “a team of experienced professionals committed to serving the needs of franchised and independent” dealers and “financing programs tailored to both the customer and the dealer. For consumers, Nicholas provides a “quick, easy and hassle free” loan application process.
Nicholas Financial website provides information for car dealers and car buyers. Its dealer pages inform site visitors of the reasons dealers should work with Nicholas including the fact that the company is “backed by one of the largest banks in the United States” and is a “publicly traded corporation with extensive resources.” Dealer forms may be downloaded from Nationwide’s website and more information is available by contacting Nationwide.
The car buyer pages consist of an “account center” that allows customers to make payments, and to learn about payment options, insurance requirements, and e-statements.
The Nicholas Financial Website does not provide a lot of detailed information about its business practices or compliance policies. It does include an investor center with links to its financial and governmental filings as a public company, corporate governance and company news. It also includes standard, legally mandated information about information privacy and security.
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The BBB has closed 40 complaints against Nicholas 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 April 2016, the Consumer Financial Protection Bureau (CFPB) has received 49 complaints about Nicholas. Justia lists at least 16 federal civil lawsuits involving Nicholas Financial.
Absolutely. Here are some Sample Cases against Nicholas Financial Inc.
According to information on the BBB website, complaints against Nicholas Financial raise issues with billing, collections, and improper communications and credit reporting.
In January 2018, a complainant compared Nicholas to “loan sharks” given the company’s communications to third parties. The complainant alleged that Nicholas had been calling his “reference contacts” and his job after he and the people Nicholas representatives called “told them to stop.” According to the complainant, he paid his car loan on time for two years and then changed banks. Apparently, this change caused some interruption in his car payments, although the complainant was not sure what was going on with the payments. He had, however, told Nicholas he would look into it and told the company to stop contacting his references and his place of employment. It did not. The complainant indicated he wanted “no more contact” from Nicholas other than “basic notarized communication.”
In December 2017, a complainant indicated that Nicholas was “unethical, unprofessional and fraudulent” in its handling of her car loan account, communications and the repossession of her car after she was displaced from her home due to Hurricane Irma. The complainant alleged that she fell behind on car payments and spoke to a Nicholas representative about a Hurricane Irma “hardship agreement to help her catch up on past due” payments. The Nicholas Financial representative explained that the agreement would “take care of finance charges and late fees plus past due payments” and that it would help the complainant get current and acknowledged that the complainant was “close to paying off the total balance.” Although the complainant entered into the hardship agreement, Nicholas later repossessed her car. When the complainant called and reminded Nicholas of the hardship agreement, the representative she spoke to “was aggressive and argumentative” and told her the representative with whom she had entered into the hardship agreement did not work at that location and “should not have done that.” The complainant then called Nicholas’s corporate office, which confirmed that the representative who made the hardship agreement had, in fact, worked at the location until she was transferred three weeks earlier. According To the complainant, the corporate representative told her that “all agreements were null and void” due to the representative’s transfer. The complainant indicated that this practice was “unethical and fraudulent”, that Nicholas Financial “did not honor written communication”, had “an internal lapse in communication” and failed properly to handle her account.
Nicholas Financial, Inc.
2454 N McMullen Booth Road
Suite 501B, Building C
Clearwater, FL 33759-1341
Telephone: (727) 726-0763
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.
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