Leaders Financial Company or LFC is a third-party subprime auto loan company based in New Jersey. LFC has received consumer complaints alleging violations such as improper billing, collections, and communications. If you have been contacted by Leaders Financial Company, make sure you understand your rights before taking action.
According to the Better Business Bureau (BBB), Leaders Financial Company was founded and incorporated in New Jersey in 2006. The BBB established its profile page in 2006. It lists LFC as a consumer finance, financial services, and financing company.
According to its website, LFC “provides indirect financing through licensed automobile retailers in New Jersey and New York and DOES NOT OFFER direct vehicle financing to individual consumers.” According to Leaders Financial Company, its website “is intended solely for licensed automobile retailers to become familiar with Leaders Financial Company or with licensed retailers with whom Leaders Financial Company has an existing relationship, as well as customer service for existing borrowers of Leaders Financial Company. ”LFC’s website nevertheless invites car buyers to “Finance Your Vehicle Today.”
LFC’s website provides information for car dealers and car buyers. Its dealer pages inform site visitors that Leaders Financial Company“is the foremost company in offering secondary consumer auto loans in the Mid-Atlantic region. Its management has over one hundred years‘ experience in the consumer finance business. ”LFC prices itself on “presenting common sense underwriting for the automobile buying and financing market.” Dealer forms and information are available on the LFC website or by contacting the company.The car buyer pages are limited to payment, insurance, and contact information. The FAQ page answers questions about payments, insurance, payouts, and interest.
The Leaders Financial Company website does not provide a lot of detailed information about its business practices or compliance policies. It does include standard, legally mandated information about information privacy and security.
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The BBB has closed 9 complaints against Leaders Financial Company in the past three years, with 3 closed in the past 12 months. Most of those complaints allege problems with billing, collections, and customer service. Since January 2015, the Consumer Financial Protection Bureau (CFPB) has received 6 complaints about Leaders Financial Company.
Absolutely. Here are some Sample Cases against Leaders Financial Company.
According to information available on the BBB website, complaints against Leaders Financial Company raise issues with billing, collections, and customer service. Specifically, consumers complain that they are unable to resolve loan payment problems even after following the direction of company employees, and that company employees provide inconsistent and incorrect payment and account status information.
In November 2017, a complainant indicated that she felt she had “been swindled out of over $6000” by LFC. The complainant alleged that she had purchased a car from a dealer for $8000, put $4000 down, and financed the balance with a car loan through Leaders Financial Company. She had been making payments, but in recent months had become very ill, had lost her job due to her illness, and had been “trying to catch up with the payments.” According to the complainant, her car was “repossessed” after she missed two payments. She had contacted LFC to inquire about getting her car back, submitted the paperwork LFC told her was needed, but had not heard back. The complainant indicated her belief that rather than give her reasonable terms for the complainant to get her car back, LFC would put her car up for sale and get “another $8000 out of someone else.”
In July 2015, a complainant indicated that LFC “has no communication between employees and its billing department has no idea what it is doing.” The complainant alleged that Leaders Financial Company asserted that his car payments were “short over $600” every month even though he had paid every month. According to the complainant, he spoke to a few different LFC employees, but each employee told him something different about the status of his account, and his bank records contradicted the company’s claims about the status of his payments and account. The company had threatened repossession “multiple times” even though the complainant was “up to date with payments.” The complainant indicated that the company needed to figure out its “billing department issues” and for its “employees to communicate with each other.”
Leaders Financial Company
21 Commerce Dr
Cranford, NJ 07016-3550
Telephone: (908) 497-9100
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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