Company Response
11/28/2023
Company states; While I understand your frustration with the situation, I must state that American First Financial Services, Inc. is a reputable business regulated by the Louisiana Office of Financial Institutions operating under the laws of the State of Louisiana.
First, a few facts regarding the amount loaned, paid, and owed:
This account opened on 12/19/2022 with an amount financed including tax, title, and license of $18,365.73. The total amount of repayment, including interest was $31,254.72. Your first note was due on 1/20/23 and was not paid. You failed to keep the required insurance on the vehicle.
With no payments made, your vehicle was repossessed on 3/24/23 for the first time at a cost of $900. After a sit down discussion with you, I reluctantly allowed you to recover the vehicle for a $5000 buydown. This payment was applied to your balance, $4100 to the loan and $900 to cover the repossession costs. You were made current.
On a side note, that day, I told you it would cost you a $10,000 to buydown because you failed to follow the terms of your contract, but you begged me and promised it would be taken care of from that point forward and I relented. You were 100% clear that the $5000 went towards your balance and fees and did not prepay the account.
Your next payment was due on 4/20/23 and was not made. Your insurance was again lapsed. On 5/25/23, after no payments were made, we repossessed the vehicle again, at a cost of $550.
You were advised that the only option to recover after the second repossession was to pay the loan in full or attempt to refinance with another company, which you said was not an option.
The vehicle required $1660 in repairs to be resold, which was done on 6/5/2023. The sales price, after fees, of $13490 was posted to your balance.
In total, you paid $5000 toward the account. We incurred fees of $3760 including repossession, repairs, and collateral protection.
Considering the starting balance and the amount financed, I have been more than reasonable in the amount that we are attempting to recover. Louisiana law allows collection of the deficiency balance resulting from repossession.
I emphatically deny that I have pocketed a single penny that was paid by you, and I am certain that you were given a receipt for the $5000 payment you made. Regrettably, I even personally reimbursed you for a tire tool you say was left in the vehicle and not returned to you.
I hope this explains the facts of the account and better clarifies the remaining balance the necessity to protect the interest of American First Financial Services.
Manager
American First Financial Services, Inc.
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