| 07/25/2022 |
Yes |
- Mortgage
- Other type of mortgage
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- Trouble during payment process
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Web |
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XX/XX/XXXX - I spoke with XXXX XXXX, a business development representative for Zinc Financial, over the phone about obtaining a loan through their company to acquire a home located at XXXX XXXX XXXX XXXX in XXXX, Arizona. Via an email sent on XX/XX/XXXX @ XXXX p.m. entitled : Zinc Financial-Fix and Flip XXXX XXXX provided the following terms : AZ-85 % -90 % LTP ( loan to purchase ) 100 % rehab 10.50 % -9.99 % rate 1.75 points 9 month term XX/XX/XXXX - I provided background information about myself and the project via email.
XX/XX/XXXX XXXX XXXX confirmed that Zinc Financial was willing and able to proceed with the loan and emailed me Zincs list of required forms and documentation to proceed.
XX/XX/XXXX - Required documents were provided to Zinc Financial via email to XXXX XXXX as requested. XXXX XXXX supplied Zinc Financials final terms sheet at XXXX p.m.. The terms sheet provided outlines the term of loan ( 9 months ), interest rate ( 9.9 % ), purchase price ( $ XXXX ), loan amount ( $ XXXX ) and lists fees. One of the fees listed is the rehab control fund of $ XXXX. No further documentation for the rehab control fund was provided until an email received after closing on XX/XX/XXXX.
Transaction was scheduled to close XX/XX/XXXX, but delayed by Zinc Financials underwriter until XX/XX/XXXX After contributing the required $ XXXX plus lender fees, I borrowed {$180000.00} to acquire the home and property located at : XXXX XXXX XXXX XXXX in XXXX, Arizona XXXX. At closing I paid 1.75 % in points for an additional {$50000.00} as needed for rehab costs.
Closing costs were based on a total amount available of {$230000.00} however only {$180000.00} was distributed to the seller. At no time did Zinc Financial disclose their terms for the additional {$50000.00} rehab control fund in writing prior to closing the loan.
Prior to the loan closing I had at least two phone discussions with XXXX XXXX about the additional {$50000.00} rehabilitation funds and was assured that funds would be released in a timely manner with proof of payment, valid receipt, photographic evidence, and an inspection. The verbal statement provided by XXXX XXXX were inline with the following written statement entitled REHAB DRAWS found on page2 of the Zinc Financial Inc. Loan Application under GENERAL GUIDELINES. Additionally STEP 11 found on page 3 UNDERSTANDING OUR PROCESS eludes to all funds being released at close.
Complete written terms for withdrawal procedure were only disclosed after closing via an email with the subject line : XXXX - Control Fund Submission Process and Tracking Spreadsheet which was sent XX/XX/XXXX by Zinc Financial , Inc. Executive Assistant, XXXX XXXX XXXX
Email XXXX - Control Fund Submission Process and Tracking Spreadsheet provided an erroneous spreadsheet which XXXX XXXX reported to have entered based on my loan application submission of the form entitled REHAB ESTIMATE OF IMPROVEMENTS. Page 7 of the Loan Application provided by XXXX XXXX on XX/XX/XXXX at XXXX a.m. Per the title of the section in question, I provided an estimate of the costs required to renovate the subject property given limited inspection time and access prior to closing. I submitted my estimated costs to the best of my knowledge at the time and was at no time told by verbally or in writing that these estimates would be considered firm numbers going forward. As a result, I was very concerned about XXXX XXXX email and reached out to her quickly after receiving the correspondence to discuss the control fund document.
During my phone conversation with XXXX XXXX, she expressed that amending the form was possible but that corrections could only be done once and would likely require a change fee. I proceeded with the renovation of the property with this knowledge and requested the form be amended on XX/XX/XXXX after performing 90 % of the project and floating the rehabilitation costs on my personal credit cards. XXXX XXXX responded on XX/XX/XXXX at XXXX p.m. confirming my email had been received and that We will review your request. Once I have an answer I will be in touch with you. I called a couple days later to inquire about the status and left voice messages for several Zinc Financial representatives.
When the second billing statement arrived, I discovered that interest was accruing on the entirety of the {$230000.00} despite having never received the $ XXXX. When I was able to get XXXX XXXX on the phone days after my first attempt to touch base, I inquired about why I was being charged interest on funds I was not in possession of. She seemed to understand my concern as did XXXX XXXX representative I talked with while waiting to talk with XXXX XXXX. XXXX XXXX instructed me to contact XXXX XXXX, a service manager with Zinc Financial.
After a somewhat heated conversation with XXXX XXXX, she insisted that she had assurances from her legal team that Zinc Financial is within their rights to charge interest on undistributed funds. As my request to amend the Control Fun Submission Form was denied, she instructed me to submit all of our proof of receipts, photos to XXXX XXXX for re-review of amendment. Within 10 minutes of sending the email it took hours to put together, XXXX XXXX send the following response on XX/XX/XXXX @ XXXX p.m. : After our conversation earlier today I spoke to the President of the company. He stated that we can move forward with one of the three options below 1. Apply the $ XXXX to the account as a principal paydown.
2. Keep the loan as is ( all draws can be submitted through the website and requested with no change in the budget ) 3. Pay the loan off in 15 days with no interest.
These are the only options we can offer you at this time. Let me know how you would like to proceed with your account by tomorrow afternoon.
After much reflection of the situation I currently find myself in, please find the above statement and attached documentation as my formal complaint of Zinc Financial , Inc. due to lack of disclosure and lending ethics violations. As outlined above, representatives of Zinc Financial , Inc. failed to properly disclose their lending terms in writing prior to closing. Representatives made fraudulent, misleading claims and underhanded tactics to obtain the loan and string me along until it was too late and they had racked up {$1700.00} in fees for undistributed funds. They will make over {$3300.00} in interest on the {$50000.00} over the course of 6 months ( the requited amount of time to wait before refinancing ) Given that we can not access some or all of the funds we will have additional interest expenses on the credit cards. Neither the interest being charged on undistributed funds or the control fund being fixed based on a ESTIMATE were disclosed prior to close of escrow.
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| 06/04/2023 |
Yes |
- Credit reporting, credit repair services, or other personal consumer reports
- Credit reporting
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- Improper use of your report
- Reporting company used your report improperly
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Web |
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According to the Fair Credit Reporting Act 15 USC 1681 section 602 a states " There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumers right to privacy. '' XXXX and XXXX and XXXX are consumer reporting agencies and I am the Consumer. I have the right to make sure my private information isn't shared which is backed by 15 USC 6801 which states " It is the policy of the Congress that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers nonpublic personal information. '' ZINC Auto Finance is a financial institution by definition under that title. 15 USC 1681 section 604 a section 2 states that " In general Subject to subsection ( c ), any consumer reporting agency may furnish a consumer report under the following circumstances and no other : in accordance with the written instructions of the consumer to whom it relates. '' ZINC Auto Finance the financial institution and the Consumer reporting agencies XXXX and XXXX and XXXX do not have my consent to furnish this information and they surely do not have my written consent. Any and all consent to XXXX, XXXX, XXXX, ZINC Auto Finance whether it be verbal, non-verbal, written, implied or otherwise is revoked. 15 USC 6802 ( b ) ( c ) states that " A financial institution may not disclose nonpublic personal information to a nonaffiliated third party unless the consumer is given an explanation of how the consumer can exercise that nondisclosure option. ZINC Auto Finance Never informed me of my right to exercise my nondisclosure option. Not only that 15 USC 1681C ( a ) ( 5 ) states " Except as authorized under subsection ( b ), no consumer reporting agency may make any consumer report containing any of the following items of information Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years. '' This account is an adverse item they are reporting again without my permission which is against the law. 15 U.S. Code 1681s2 ( A ) ( 1 ) A states " A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. 15 U.S. Code 1681e states '' Every consumer reporting agency shall maintain reasonable procedures designed to avoid violations of section 1681c of this title and to limit the furnishing of consumer reports to the purposes listed under section 1681b of this title. XXXX and XXXX and XXXX are not maintaining reasonable procedures. Also 12 CFR 1016.7 states that " A consumer may exercise the right to opt out at any time. '' I am opting out of your reporting services.
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| 01/25/2018 |
Yes |
- Vehicle loan or lease
- Loan
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- Managing the loan or lease
- Billing problem
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Web |
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I sent the check to make my monthly payment to Zinc auto finance. I was called by their agency and informed that they did not receive the check and instructed to make an automated payment at XXXX. I agreed to do so because I wanted to make my payment. I was informed by the associate that my check would not be deposited. I found out that the payment could not be processed through a card but only by cash at XXXX so as you can see dated XX/XX/XXXX ... there was a withdrawal for XXXX which is my payment. Then on the same day my check was also deposited. I called XXXX XXXX XXXX and asked what had happened and asked for a reimbursement of one of the payments. I was told to call my bank and ask for a reversal. My bank informed me there was nothing they could do and to contact Zinc and ask for a refund and they would take care of the overdraft fees which total over XXXX dollars. I called Zinc back and explained what my bank had informed me. I was placed on hold for over 20 min and then hung up on twice " by accident. '' I was then directed to leave a voicemail for the supervisor. I proceeded to do so and explained my situation. She called back and I again explained what had happened. She informed me that there was nothing they could do for me. She said she spoke with accounting and they were unable to process a refund. I was literally in tears asking her if there was something she could do. I agreed to one payment not two. I am a single mother going to school and working and could not afford the double payment. I explained if she would reimburse me my bank would cover the fees. She said she would talk to the accountant again but there were no guarantees. I was just in shock that a company would take two payments and not reimburse one. These people clearly do not care about people they only want their money and will not stop at any point to get it. I am most definitely responsible for making my payment but I simply could not afford two. I highly recommend anyone looking for a bank to take a loan out with to look elsewhere unless you are ok with being treated poorly. I am still stunned at the way I was treated. They told me it was my fault for not putting a stop on the check when I was informed it would be documented that my check would not be cashed. The clerk who I spoke with on the phone had an attitude and told me " I did n't write the check. '' They asked me why I made the automated payment when I wrote the check and all I was trying to do was make my payment and be honest and be in good standings with these people. I am just downright surprised at how I was treated. I made another bank account to take care of other bills I need to stay afloat while making payments on the other account as I can. All because I was denied a return on a double payment.
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| 05/09/2023 |
Yes |
- Credit reporting, credit repair services, or other personal consumer reports
- Credit reporting
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- Problem with a credit reporting company's investigation into an existing problem
- Investigation took more than 30 days
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Web |
Servicemember |
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No contract Section 604 ( a ) ( 2 ) allows CRAs to furnish consumer reports in accord with the written instructions of the consumer to whom it relates. Late payment reported Negatively impacted Issue not resolved after multi attempts Accuracy and fairness of credit reporting The Congress makes the following findings : ( 1 ) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system. ( 2 ) An elaborate mechanism has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers. ( 3 ) Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers. ( 4 ) There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumers right to privacy. Gap a ) Abusive practices There is abundant evidence of the use of abusive, deceptive, and unfair debt collection practices by many debt collectors. Abusive debt collection practices contribute to the number of personal bankruptcies, to marital instability, to the loss of jobs, and to invasions of individual privacy. ( b ) Inadequacy of laws Existing laws and procedures for redressing these injuries are inadequate to protect consumers. ( c ) Available non-abusive collection methods Means other than misrepresentation or other abusive debt collection practices are available for the effective collection of debts. ( d ) Interstate commerce Abusive debt collection practices are carried on to a substantial extent in interstate commerce and through means and instrumentalities of such commerce. Even where abusive debt collection practices are purely intrastate in character, they nevertheless directly affect interstate commerce. ( e ) Purposes It is the purpose of this subchapter to eliminate abusive debt collection practices by debt collectors, to insure that those debt collectors who refrain from using abusive debt collection practices are not competitively disadvantaged, and to promote consistent State action to protect consumers against debt collection abuses. Please review I have not supplied proof under the doctrine of estoppel by silence, Engelhardt v. Gravens ( m 281 SW 715,719, I presume that no proof of the alleged! debt, nor therefore any such debt, in fact therefor exists.
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| 03/10/2017 |
Yes |
- Mortgage
- Conventional fixed mortgage
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- Loan servicing, payments, escrow account
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Web |
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MY MORTGAGE COMPANY DEFAULTED ME BECAUSE I FELL BEHIND ON MY PROPERTY TAXES, WHICH I HAD MADE ARRANGEMENT MY COUNTY TO MAKE PAYMENT MY HOUSE PAYMENT NEVER BEEN OVER 30-DAYS LATE, THE COMPANY CALLED MY JOB WAS VERY RUDE WITH MY CO -WORKER I WASNT IN, THEN THEY CALLED LEFT ME A VERY RUDE VOICEMAIL, THE ONLY REASON IM DEFAULTED YOUR CONTRACT BECAUSE OF YOUR CO-WORKER WAS RUDE, WHEN SHE WASNT SO I CALLED TO SPEAK TO THE PRINCIPAL OF THE COMPANY, THE LADY THAT HANDLE MY MORTAGE XXXX SAID HE DOSENT WANT TO TALK TO YOU, RIGHT AWAY THEY RASIED MY FIXED RATE FROM 7.5 % TO 28.99 % AND SAID IM CHARGING YOY XXXX INSPECTION FEE WE NEED RIGHT AWAY, I HAD BEEN UNDER ALOT OF STRESS WITH THE DEATH OF MY WIFE, MOTHER, BABY SISTER, AFTER THAT WE HAD A HEAVY RAINFALL WHICH DAMAGE MY ROOF AND BEDROOM I FILE A CLIAM MY INSURANCE TO FIX IT, GAVE THEM THE CHECK THEY TOOK THERE TIME TO ENDORSE AND SAID BY LAW WE ALLOWED TO GIVE PEOPLE THAT WORKING ON YOUR HOUSE 10 %, DOING ALL OF THIS I WAS GOING TO ANOTHER FINICIAL COMPANY TO PAY THEM OFF CAUSE EVERY MONTH I WAS SENDIND MY MORTAGE OF {$600.00} BUT SINCE DEFAULT ME 28.99 % MY STATEMENT WAS {$10000.00} EVERY MONTH SO THE COMPANY I WAS TRYING TO REFINIACE THROUGH SAID THEY NEVER HEARD OF THIS MATTER AT ALL, SO I REFINIACE MY HOUSE WITH THEM MY FORMER COMPANY TOOK THERE OWN TO GIVE A PAY-OFF I BELIEVE TO ALOW THE 28.99 % INTREST TO ACCUAMLATE, FINALLY COMPANY HAD TO DEMAND FOR PAY-OFF AND AFTER THEY GOT PAY-OFF, THEY WRITTEN OUT THE INSURANCE CHECK THAT MY INSURANCE COMPANY HAD SENT TO FIX MY ROOF AND INSIDE, BUT THEY WROTE CHECK LIKE IT WAS A REFUND OF MORTGAGE PAY-OFF, I BELIEVE IWAS TREATING WRONG AND UNFAIRLY, I HAVE A COPY ON VOICEMAIL HOW RUDE THE PRINICPAL OF THE COMPAMY, MY CO-WORKER WILL WRITE A STATEMENT HOW RUDE HE WAS CALLING MY PLACE OF EMPLOYMENT, AND HARRASED.
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| 06/01/2022 |
Yes |
- Payday loan, title loan, or personal loan
- Installment loan
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- Charged fees or interest you didn't expect
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Web |
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I recently took out a hard money loan form Zinc Financial , Inc to purchase a fixer upper. My loan includes a mortgage loan and a construction loan. The amount of the mortgage is in the amount of {$340000.00}, and the construction loan is {$130000.00}. I am currently paying interest on the full amount of the construction loan despite the fact that I have not drawn from it. From my understanding, it is not a standard practice to pay interest on a construction loan that hasnt been drawn from or used.
I signed the contract for the mortgage loan and the construction loan in XX/XX/2022. I have contacted Zinc Financial , Inc to discuss their practice of charging interest on a construction loan that I havent drawn from on XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX. I talked to both XXXX XXXX and XXXX XXXX about this matter, and they both stated that this is a standard practice of Zinc Financial. When I requested to see a document that advertises this practice of theirs to share with a lawyer, they would NOT share it with me. As I mentioned, I have written emails and left voicemails requesting a written document that advertises this practice of Zinc Financial on charging interest on a construction loan that has not been drawn from, and I have received no response or acknowledgement of my request.
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| 11/29/2022 |
Yes |
- Vehicle loan or lease
- Loan
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- Managing the loan or lease
- Billing problem
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Web |
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XX/XX/XXXX i purchased a vehicle from XXXX & XXXX XXXX financed through Zinc auto finance. i have had nothing but problems with the vehicle from day XXXX and have spent the last year making payments on a vehicle that I have been unable to drive.
around XX/XX/XXXX i contacted the finance company to explain the situation that i have been making payments non a vehicle that i have been unable to dive and requested to have the loan applied to another vehicle. the company stated that they would not help me in anyway. XX/XX/XXXX I contacted Zinc to have them pick up the vehicle. I explained to them that I was unable to continue making monthly payments for a vehicle that I am and have been unable to drive for an entire year. the representative stated that they will report this as a repo to the credit agencies & asked if i will be making payments once they sell my vehicle
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| 04/10/2019 |
Yes |
- Mortgage
- Other type of mortgage
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- Trouble during payment process
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Web |
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On XX/XX/19, an strongly worded email from ZINC financial just let me know that a highly expensive forced place insurance was tagged on my current loan. I was not notified of the issue writing, by mail, until this point, which the change was communicated via email. ZINC has not disclose how expensive in this forced place insurance, but the core problem that there has not being lapse of coverage. In fact, I provided ZINC with a copy of theXX/XX/XXXX for the insurance, but they are now adding more requirement to it. For example, they want me to provide that these policies have been paid in full, but that doesnt make any sense.
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| 05/05/2019 |
Yes |
- Mortgage
- Other type of mortgage
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- Trouble during payment process
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Web |
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The loan was paid in full as XX/XX/19. The nature of this complaint is due to a FP ( forced Placed ) insurance that was wrongfully billed to the account, totaling about {$1400.00}. There were several communication exchanges with ZINC to provide/validate that there was never a gap of insurance. Even though an active policy was provided, ZINC did not remove a highly cost insurance forced placed on their end. This an unfair practice and close attention to this particular lender business practice is highly encouraged.
Please be aware that there has been several complaints filed against this business.
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| 10/10/2018 |
Yes |
- Mortgage
- Conventional home mortgage
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Web |
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There are delinquent taxes against the property I've recently acquire ( Delinquent Tax Bill attached ). Neither the lender ZINC financial, or XXXX XXXX XXXX XXXX are taking ownership of the issue as they both keep pointing fingers to each other. In fact, XXXX XXXX now wants me to absorb the cost of the delinquent taxes I do not own.
This is the second complain file against ZINC ( CFPB complaint XXXX attached )
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| 05/31/2018 |
Yes |
- Vehicle loan or lease
- Lease
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- Managing the loan or lease
- Billing problem
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Web |
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Im being harassed. Im never late on my loan. Never been 1 month late yet I seem to get threatened every month that they are going to repo my car today. It shows on my credit report Ive never been late. They call me every day almost. Plus they harass my coworker on her personal line since I used her as a reference and call my mother and tell her my loan information. She has a XXXX problem.
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| 09/27/2018 |
Yes |
- Mortgage
- Other type of mortgage
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- Trouble during payment process
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Web |
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I have recently obtained a loan using the title of a property I owe ( paid cash ) to purchase another property. Late on XXXX I received a statement regarding delinquent taxes. I contacted Zinc Financial and also the title company, XXXX XXXX XXXX regarding this issue, and either one, is taking ownership to resolve this issue. Is the mean time, the delinquent has increased to {$480.00}.
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| 02/01/2024 |
Yes |
- Credit reporting or other personal consumer reports
- Credit reporting
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- Improper use of your report
- Reporting company used your report improperly
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Web |
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| 01/29/2024 |
Yes |
- Vehicle loan or lease
- Loan
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- Managing the loan or lease
- Loan sold or transferred to another company
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Web |
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| 07/19/2023 |
Yes |
- Vehicle loan or lease
- Loan
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- Struggling to pay your loan
- Loan balance remaining after the vehicle is repossessed and sold
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Phone |
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| 10/22/2020 |
Yes |
- Credit reporting, credit repair services, or other personal consumer reports
- Credit reporting
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- Incorrect information on your report
- Information belongs to someone else
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Web |
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| 06/06/2017 |
Yes |
- Vehicle loan or lease
- Loan
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- Problems at the end of the loan or lease
- Problem with paying off the loan
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Phone |
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| 10/17/2016 |
Yes |
- Consumer Loan
- Vehicle loan
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- Problems when you are unable to pay
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Web |
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