ComplaintsforCinch Auto Finance

• Initial Complaint

  11/10/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I do not have contract with Cinch Auto Finance. Cinch Auto Finance did not provide me with the original contract as I requested.

  

  Business response

  11/12/2024

  Dear Mr. ****************** do not have a record of you calling to request a copy of your contract which was signed by you at ************* on July 30, 2021.    Our records show that the last contact made with you was on July 5, 2023, where you acknowledged the account and its status.
  
  If you would like a copy of your contract mailed to you, please call us directly at ************** to make the request and verify your mailing address.
  
  Thank you.

• Initial Complaint

  10/16/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  When we took out our loan December of 2021, we specifically asked if we could pay extra each month to our loan that would be applied to principal every month to pay off our vehicle quicker. They stated that was absolutely possible because it is a simple interest loan. As I watched and waited for funds to be applied properly, which they NEVER were, I saw that each future payment amount was made smaller. I have called multiple times and ASSURED that what I am seeing is not true and the funds are applied to principal. I used to service loans for my job so I KNOW this was a lie. Fast forward almost 3 years... Still fighting, still asking why my payments are NOT being applied to principal and FINALLY got an honest *** who stated they have never been able to do that. He claims that they talked about it being a need last week. LOL and was hoping it would be handled soon. OF COURSE, after reading all of these folks with the same issue and one being told in May it was being added (IT HAS NOT BEEN) I can NEVER NEVER NEVER recomment anyone use Cinch automotive for their loan servicing. They obviously want the most interest they can collect and to make paying it off early impossible. I am looking to refinance my vehicle and get rid of this company as soon as possible. I will use very social media outlet I have to ensure NOBODY I know uses them EVER. They have no intention, guaging on the number of folks with the same issue, in fixing this money steal. It is definitely stealing when you are lied to and have no recourse.Stay away from CINCH! PERIOD!

  

  Business response

  10/21/2024

  We apologize for any confusion about the way your payments are being applied.   We confirm that any amount over and beyond your scheduled payment is being applied towards your next scheduled payment as a principal reduction and does not pay any interest.   We will email you a payment history which shows exactly how the payments are applied.   Unfortunately, the statement you received is labeled as a payment reduction which combined both payments satisfied and showed a principal and interest reduction, but in reality, it satisfied the principal and interest of the current payment due and a principal reduction (only) to satisfy a portion of the next payment due.  We are looking at ways to make the payment applications clearer and will work on training to ensure our representatives can fully explain.
  
  If we can be of further assistance, please call us directly and ask to speak with a supervisor.   Thank you.

• Initial Complaint

  09/25/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I am writing to formally dispute several fraudulent accounts that have appeared on my credit report as a result of identity theft. I have already filed a formal complaint with *****************, and I have enclosed supporting documentation for your reference.The following accounts were opened without my knowledge or consent and should be immediately investigated and removed from my credit report:Cinch Auto Finance Opened Date: 05/29/2021 Account Number: ******* These accounts are fraudulent, and I request that the BBB assist in expediting their removal from my credit report. The ongoing damage to my credit standing as a result of these unauthorized accounts is unacceptable, and I am seeking your help in holding the responsible parties accountable.

  

  Business response

  09/25/2024

  Dear Mr. ***************** BBB cannot investigate an allegation of identity theft, nor can they furnish information to a credit reporting agency.  If you would like to dispute the accuracy of your account with **********************, please mail a letter, along with supporting documentation,including a copy of your identification (to verify against the identification submitted at origination), to:  Cinch Auto Finance, ****************************************************************************************   Thank you. 

• Initial Complaint

  08/04/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  CULS, now CINCH Auto finance has serviced my auto loan for approximately 3 years 9 months. I have never been late and utilized an autopay from my bank to pay the monthly loan payment. At some point they changed their bill payment destination without notice and lost two of my (May and June payments) checks sent from my bank to pay (CINCH does not accept ACH direct from your bank as they charge $4.95 to accept on their website, so the bank had to mail a paper check). During this time my wife attempted to call CINCH to find out why the account was showing past due, but they would not speak to her as she wasn't shown as an authorized agent of the account. So that day she went in and paid both online paying $4.95 to ensure the account was in good standing. I called later that week and added her to the account and spoke to ********************** and stated what was going on and attempted to get them to correct the account, and provided the bank reference information where the check was mailed and received, and they stated they haven't received it but would review the account to reverse the late payment denotation on my credit. Since then, I have disputed with all the credit bureaus and they provided fraudulent information stating they never received the check, however after all payments were paid and account was current they called me to inform me they found my check are depositing it, now I'm paid till September. My credit score dropped from 831 to 736 due to this poor administrative process. I need CINCH to correct the late payment denotation on my account and provide the correct information to the credit bureaus. I have sent both the credit bureaus and CINCH the bank information confirming the check had been sent and delivered with a confirmation number, and the confirmation that they deposited the previously lost check, to no avail. This has directly hurt my business flex rate for my credit line and is purely unjust. I will seek all action necessary until it is rectified.

  

  Business response

  08/09/2024

  Dear ******************:
  
  We have removed the late payments from your credit reporting.  You should see an adjustment to your credit score within seven days.   Please know that we mailed a change of address notification to all customers back in 2020 and our mailing address is clearly stated on your monthly statement.   Since our change in address, the **** has been holding all checks mailed to the old address as a courtesy and we have been physically picking up those checks every week. That post office has now closed and one batch of mailed checks was held for some time without our knowledge.   This has caused a delay in a small number of payments, and we are sending out another notice to those customers to ensure they update our mailing address with their banking bill pay services. This seems to be the majority of payments that continue to be sent to the old address.
  
  We apologize for the inconvenience.   All payments should be mailed to:  P.O. *******************************.   Thank you. 

  Customer response

  08/09/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***************************

• Initial Complaint

  07/09/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I caught COVID-19 on January 6, 2021, and it caused me to have long-hauler symptoms. Because of covid I am in a wheelchair and the doctors said that I will no longer be able to work. I got approved for SSDI I have reached out to Cinch Auto Finance telling them about my situation. I have asked them if could they change my payment date because I get paid on the second Wednesday of each month. My payment date is the 10th of each month. Most months my social security check doesnt come in until after the 10th of each month. Each month I accrue late fees because I dont receive my check until after the 10th of each month. I have told Cinch Auto Finance that I am willing to provide them with paperwork showing that I am permanently disabled. Cinch said the only way they are willing to change my due date is that I have to get caught up on all my payments but how can I get caught up when I am late every month?

  

  Business response

  07/11/2024

  We are sorry to hear of your health issues.   A member of our customer service team will reach out to you directly to explain how we can get your account in the required status in order to change the due date.   Thank you. 

• Initial Complaint

  07/01/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I financed a 2017 **** Explorer with CULS and my payments started going to Cinch. During this loan period, I applied for 2 deferments and each time was told the payments would be added to the back end of the loan. Now at the end of my loan (never late, or missed), I called their customer service on June 1st to know my last payment date. I was told "two months from the maturity date, which would be September 12. I received a statement in the amount of $635.11 due June 26 and a balloon payment of $2,140.54 due July 12 (which is my maturity date). I called customer service again June 28th to inquire about this statement as was told that all monies was due by July 12. I stated that is not what I was previously told despite the previous person putting in the notes she told me July 12th. At this point I ask for a supervisor so that the recorded calls could be retrieved. She stated that I do have 30 day to pay all money and no late charges would be assessed but interest would. She stated that a supervisor was unavailable. I called again July 1 to get more clarification and was told a deferment doesn't change the contract. I told him that is not what is listed on the Cinch website and I read to him the following: "Will the deferral have any impact on my account/ contract?Yes. The deferral of the payment(s) will impact your original maturity date. For example, if you have a 60-month term and receive a one month deferral your term will now expire at the end of the 61st month, not after the 60th month.' He put me on hold and spoke with a supervisor and came back to the phone and said the supervisor stated that I still have to pay everything by 7/12 and will have 10 day pass my maturity date before late charges and interest are added. I stated that CINCH does not stand by their own policy and if the information on the website is inaccurate, it needs to be removed. I have receive three different answers from 4 different people. Sounds like a training issue.

  

  Business response

  07/09/2024

  Thank you for bringing this to our attention.   We note that you have now spoken with a supervisor and your account has been extended by your approved deferment periods.  We apologize for any inconvenience caused and hope that you are satisfied with the outcome.  Please reach out to us directly if we can provide further assistance.
  

  Customer response

  07/09/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***********************

• Initial Complaint

  06/13/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I contacted Cinch to receive a payoff amount on Auto loan # ******* on 5/3/2024. A payoff amount, GOOD For 10 days was received from ************************************ at Friday, May 3, 2024 11:44 AM to email address *****.******@fullhr.net.Truist Bank sent the payoff , with instructions to CLOSE THE ACCOUNT, send auto title and the payment was processed on 5/7/2024.Cinch Auto THEN ADDED FEES of about $43 to the payoff and is now charging interest!1. I want All outstanding amounts adjusted and the account immediately closed.2. Any late payments reported to my credit report, should be removed.3. Immediately forward the title

  

  Business response

  06/17/2024

  Thank you for reaching out to Cinch.  A review of your account shows that a late fee was automatically applied to your account on May 5, 2024, as the scheduled payment was 11 days late at that point.   As indicated, payoff quotes are not inclusive of any fees that *** be added to an account between the time of the quote and payoff receipt.  We received the payoff on May 7, 2024, which left a remaining balance due to the late fee.   However, we have gone ahead and waived the late fee as a courtesy and released the title on June 14,2024.    Your account now has a $0.00 balance and was never reported late as it was cured before it became 30 days past due.   We hope this resolves your concerns.  Please feel free to reach out to us directly to answer any questions you might have at **************.   

  Customer response

  06/18/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *********************

• Initial Complaint

  05/17/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I live in ******** and in late April early May 2024 purchased a 2021 Jeep Grand Cherokee from ******* CDJR of ************. I intended to finance half the vehicle price so secured financing thru my bank, ***************** *****, using their auto loan process. The transaction was handled through electronic signature and telephone. I advised the dealer that ***************** ***** had approved the loan and I would be sending the balance by certified check for $17,500 overnight. The dealer advised that they were a prime customer with ***************** *****, and just needed to fill out a credit application to process the loan piece. I gave them the requested information and told them specifically that only ***************** ***** was to be used for the transaction. They agreed, I sent them the check, the loan was processed through ***************** *****, and the vehicle was shipped to me at my home.On 5/8 I received a letter dated 5/7 from a company called CINCH, ************************************************************************************* "Statement of Credit Denial" on account# *************** that this "Adverse Action" was taken because "One of more applicant resides outside of dealer area with insufficient trade". (a literal quote). I called CINCH asking them to make sense to me of not only this cryptic note, but advising that I had not made application for any loan to them. They said they had no record of either my name or that Account#. When I pressed the issue they then found the account, and promised to get back to me. After several days I sent them a letter, reiterating my request, advising them this was a formal request for an explanation and which credit reporting agencies they had filed this "Adverse Action Taken" with. Over a week later, I still have no response,As I advised CINCH, my credit rating is important to me, I carry a credit score over 800 and will not accepting a false posting to my record that affects the price I pay on My home and car insurance among other things.

  

  Business response

  05/17/2024

  We received a credit application from ******* CDJR of ************ on April 17, 2024 at 12:30OM for a vehicle loan in the amount of $14,500.   Because the applicant was located in a non-bordering state and there was no trade-in indicated, we declined to offer terms for the loan, as stated in the letter you received.  We confirm that we did not pull your credit report; the decline was based only on the rule previously mentioned and not on your credit worthiness.   We are required to by law to send notices when an adverse action is taken on a loan application, which is why you received the letter.   We apologize that it wasnt better explained to you when you called and have asked a supervisor to reach out to you to explain and answer any other questions you might have .  Thank you. 

  Customer response

  05/17/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. They have assured me that no credit reporting agency was contacted and that there will be no negative information sent to any of the credit reporting agencies. I will of course check that out in a couple weeks but feel that the explanation I received from a manager at CINCH was far more clear than the "Statement of Credit Denial" and "Adverse action taken" on the form they sent me would lead  a person to believe.  A different statement or note that the application itself was denied because it was for a customer outside the dealer area (actual reason for the letter sent) might be a better idea. 

  Thank you BBB for your prompt action on this issue.
  Sincerely,
  
  ***********************

• Initial Complaint

  05/03/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  On 12/15/2023, I *********************************** purchased a vehicle from Commonwealth Dodge on Preston *** in **********, **. The loan was through Cinch Auto Finance. Before closing on the loan, I reached out to Cinch and asked if the loan was a simple interest loan, the answer was yes. Asked if I could make principle payments, again, the answer was yes. I started making several payments to get 6 months ahead on the payments. On or around March 22, I wanted to make a principle payment only. It was inputted in the memo. However, it only pushed my payment out to another month. Talked to several reps, all rude, and it was explained to me that Cinch did not accept principle payments. One rep ******** assured me they did after several attempts to talk to a manager was denied. She said she would correct the payment and reverse the payment towards the principal. This did not happen. Nowhere in my loan terms in the paperwork I received does it say I cannot make principle payments.

  

  Business response

  05/06/2024

  Dear ********************,
  
  We are very sorry to hear that your experiences with our **************** team were less than expected.  We understand that receiving conflicting information can be frustrating and we strive to offer excellent service.   We will use this as a training moment to make sure all of our representatives are able to explain that while we do accept additional principal payments, they will not necessarily be free from all interest.  Your loan is a simple interest loan, meaning that interest accrues daily (per diem) on the outstanding balance of the loan.  Section 1b of the retail installment sales contract states that any payment received is applied to the earned and unpaid portion of the finance charge, then to the unpaid part of the amount financed (principal), then to any fees.  Since interest accrues daily, there will always be a small portion of the finance charge due when any payment is made.This amount would be owed whether it was paid today with your extra payment,with a total payoff, or when your regularly scheduled payment is due.   
  
  Our records indicate that you have made payments totaling $6,000 with $578.40 applied to interest and $5,241.60 applied to principal.  To show how the additional principal payments have affected your loan, we can provide you with an updated amortization schedule upon request, or you can download one from your online account at *****************************************************************;
  
  Also, please note that unfortunately neither our lockbox provider, nor payments received electronically (such as CheckFree) can read a memo line where additional instructions may be included.    We are currently working on an upgrade to our system that would accept principal payments online and hope to launch that option soon.  The best way to communicate with us is via phone at ************. Thank you!
  

  Customer response

  05/06/2024

   
  Complaint: 21660825
  
  I am rejecting this response because:
  
  Sincerely,
  
  *******************************

  Customer response

  05/08/2024

  I am rejecting Cinch Auto Finance's response. They are saying one thing and doing the other. They just admitted they accept principle payments, however, they are not adjusting the account for such. I have asked to speak to a manager NUMEROUS times to discuss this matter with no results. Someone will call me back, will not leave a name or a direct number for me to speak with. The customer service reps are rude. If they are not going to adjust my account, I need the information to start a civil case. 

  

  Business response

  05/21/2024

  We regret your experiences with our representatives were less than expected.   Thank you for speaking with the assigned supervisor and allowing us to explain how payments are applied to your account.  We are sending you separately a payment history to show how interest is paid as it accrues and how principal balance is reduced with each additional payment.  Please reach out to us directly if you have questions after you have reviewed.  Thank you. 

  Customer response

  05/21/2024

   
  Complaint: 21660825
  
  I am rejecting this response because:
  

  I have been told different things by different representatives on different occasions. I am being told principal payments cannot be accepted because Cinch doesn't have a system set up to accept them. That is not my fault and I should have been informed during my initial call before taking out the loan. I have made arrangements to pay off the loan and move away from Cinch. However, I will be seeking legal action against Cinch. I will need Cinch corporate office information.

  Sincerely,

  
  *******************************

  

  Business response

  05/29/2024

  Thank you for taking the time to speak with us last week.  We hope it was helpful.  If you have any further questions, please reach out.  Our contact details (including address) can be found at www.cinchautofinance.com.  

  Customer response

  05/30/2024

   
  Complaint: 21660825
  
  I am rejecting this response because:
  
  Sincerely,
  
  *******************************

• Initial Complaint

  04/19/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I received a letter from my insurance **mpany saying my vehicle was paid off after an accident. Then I received a letter from this **mpany saying I owed $1000 because they did not receive the letter until 11 days but should have received the pay off within 10 days. This is not my fault, If they want the extra $1000 they should get it from my insurance ** as they are the ones who were "late", not me.

  

  Business response

  04/24/2024

  Were sorry to hear about your total loss.   Please know that we have processed all claims due on the account and it is not uncommon for a balance to remain once all insurance has been paid out.   ************** insurance doesnt always cover the entire balance.   The balance on your account is $654.85 and includes late charges of $69.31.    Please reach out to your insurance and GAP companies for a breakdown of their payments. Our notes indicate that we have also contacted the GAP administrator in an effort to assist.   Per your Retail Installment Sales Contract, you are responsible for any remaining balance.  Please call us directly at ************ to see how we can help with a payment schedule.  Thank you!

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩