First Investors Financial Services, Inc., through its wholly-owned subsidiaries ( First Investors ) operates a third-party auto loan company based in Georgia, which includes indirect and direct financing, and portfolio acquisition and third-party loan servicing. First Investors conducts its loan servicing and collection activities through its wholly-owned subsidiary, First Investors Servicing Corporation. First Investors has received consumer complaints alleging violations such as improper communication tactics and sharing of information. If you have been contacted by First Investors, make sure you understand your rights before taking action.
According to information from the First Investors Financial Services website and from the Georgia Secretary of State website, First Investors was founded in 1988, and incorporated in Texas in 1994. The Better Business Bureau (BBB), established its profile page in 2008. It lists First Investors as “financial planning consultants,” but it describes the business of the company as specializing “in consumer finance and loan services.” The BBB lists First Investors Servicing Corporation and EZAutoLoan.com as alternate business names.
According to its website, First Investors “is an automobile finance company founded in 1988 to serve the special finance needs of automobile dealers and consumers.” First Investors has “a unique business model that encompasses Indirect and Direct Lending as well as portfolio acquisitions and third-party servicing. This multi-channel approach provides asset and revenue diversification as well as a deep understanding of the auto financing needs of both dealers and customers.First Investors’ indirect lending business primarily serves franchised dealers, “offering a wide range of financing programs who generally target consumers with credit scores of 510 and greater, including a strong emphasis on consumers who have gone through a bankruptcy process.” Dealers that partner with First Investors benefit from the company’s strong emphasis on high levels of service to its dealer clients as well as stability in its funding process.”For car buyers, First Investors offers “a host of services that will ensure” that their “loan experience will be a positive one.”
First Investors Financial Services’ website provides information for car dealers and information for car buyers. Its dealer pages inform site visitors that First Investors helps dealers sell more cars and provides information about joining the First Investors’ network. Dealers that work with First Investors have access to web-based loan and credit application services and other “important resources for industry information.”The website contains a dealer information sheet and a dealer agreement form and more information is available by contacting First Investors.
The car buyer pages inform site visitors that First Investors Financial Services provides indirect and direct financing and refinancing of car loans. First Investors also “specializes in helping customers who have experienced credit problems in the past. It has helped lower payments for consumers despite bad credit and prior bankruptcies.” First Investors provides a loan calculator, a car refinance payment calculator, web-based loan application status checker, and a customer portal for existing customers. The FAQ page answers questions about loan applications, credit issues, data security, customer service, payments, late fees, titles, account access, insurance, payoffs,titles, repossessions, and credit reporting.
The First Investors’ website does not provide a lot of detailed information about its business practices or compliance policies. It does include disclosures about certain terms and conditions, credit reporting, and state-specific legal issues, as well as d standard, legally mandated information about information privacy and security.
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The BBB has closed 20 complaints against First Investors Financial Services in the past three years, with 7 closed in the past 12 months. Most of those complaints allege problems with billing, collections, customer service, and improper credit reporting. The BBB profile page indicates that First Investors failed altogether to respond to at least one consumer complaint, and that only 8 of the complaints against First Investors were reported as resolved to the consumer’s satisfaction. Since August 2013, the Consumer Financial Protection Bureau (CFPB) has received 215 complaints about First Investors. Justia lists at least 13 federal civil lawsuits involving First Investors Financial Services or its subsidiary, First Investors Servicing Corporation.
Absolutely. Here are some Sample Cases against First Investors Financial Services.
According to the BBB website, complaints against First Investors Financial Services raise problems with billing, collections, customer service, and improper credit reporting. Consumers complain that they are unable to resolve loan payment problems even after following the direction of company employees. The 11 negative reviews on First Investor’s BBB profile support these allegations.
In July 2016, a complainant indicated that First Investors engaged improper communication and collection tactics. The complainant alleged that First Investors Financial Services called her every day “at each phone number that it had on file.” Specifically, the complainant alleged that “almost every day,” the company called the complainant’s cell phone, emailed and texted her, called her place of work, and called her sister’s home phone number. According to the complainant, First Investors’ contact attempts were “absolute overkill and totally annoying.” The complainant alleged that she had already spoken to the company’s collection agent, but the company continued to make the same contacts “over and over…” The complainant alleged also that she informed First Investors that she was having health issues and that she might need to go on medical leave. The next day, First Investors again called her work, her cell, and her sister’s house. The complainant indicated that the company is “relentless!”
In February 2016, a complainant indicated that First Investors communications and business tactics violated the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA), and that she would be “filing a claim with the authorities” and would “not hesitate” to file “legal action” against First Investors Financial Services. The complainant alleged that she received several “annoying” and “harassing” calls from First Investors on a Saturday regarding the default of her loan. During each call, the complainant advised the First Investors’ representative that she had provided a signed copy of an expedited repossession request and that First investors had confirmed receipt of it. In response, the caller “stated they would note the account” and that the complainant “would not receive more calls”, but she did receive more calls. According to the complainant, First Investors’ “persistent actions” included “calling her in the middle of the night and hanging up, calling her from multiple numbers, calling her from blocked numbers, calling her at her place of employment, calling any references or contacts” associated with her, had “become unbearable” and were done in violation of law. The complainant asked the company to investigate her account and to provide “written document of the outcome” and to provide her a written accounting of all payments and charges on her account. She also indicated that she would “require at least 30 days to complete her own investigation” thereafter and that, during such time, “all collection activity must cease and desist.” The complainant reiterated her request “that no telephone contact be made” to her home or place of employment, but that all communications be made by mail, in writing. She stated that any further telephone communications would “be considered harassment.”
First Investors Servicing Corporation
Attn: Compliance Department
U.S. Mail/Delivery: 380 Interstate North Parkway,
Suite 300, Atlanta, GA 30339
Telephone: (800) 249-6305
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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