Mariner Finance loan repayments and release collateral.
Hello Michael, I have been following you for 2 years with the Western Sky/Delbert issues in NJ, (which the State still has not resolved ), but I find myself in another dilemma that perhaps you can give me some direction on! Over 2 years ago I took out a loan with Mariner Finance of 26K, at 21% interest. As collateral they took control of 2 titles to my vehicles, one being a 2005 Honda Odyssey with 261K miles! I now owe 11,700.00 and they constantly solicit me for additional funds... so I took the bite. I said, all I would like at this time is the title returned for the 1 vehicle.
I was offered additional funds and told I had to refinance in order to release the 1 title. I declined the additional funds and was assured same interest rate and would skip the current month payment. I preface this with the statement that they said ALL they need to do to release the title is send and email and I would have to come in and sign a few papers.
Now we are refinancing, and YES once I am at the table the interest rate is NOW 25.99%. I question and was nonchalantly told this is what you were approved at ?!?! I of course got up and walked out! Now the branch manager is calling and would like to speak to me.
My question to you - isn't this a text book case of bait and switch ? Brought in on one pretense and given another? Can you give me some direction as to how to proceed?
I really just want the one title back, they can hold on to the other which is a 2009 Honda Fit. AND I am pulling any and ALL resources to pay them off in full and be done with these predators !! I value your advice. Thank you in advance.
Classic Bate and Switch with Mariner Finance ?
—daarr5
I am not sure what I would call what you are going through with Mariner Finance. There are a couple of ways I would recommend looking deeper into this.
- Contact an experienced consumer law attorney and consult with them about what occurred with Mariner Finance.
- File a complaint with CFPB.
- File a complaint with the New Jersey Department of Banking and Insurance.
Calling Mariner Finance out on a bait and switch, like in a rate lock mortgage situation, might be a bit of a reach. But regulators would want to know about this. Perhaps there is a pattern of this type of complaint.
Refinancing your loans with Mariner Finance.
I would not want to refinance my loans with Mariner at a higher interest rate either. I would look for other financing options to pay off the loan and get your titles back and free and clear. Have you looked into other forms of financing?
Options for lower interest rate loans to pay off Mariner Finance:
- Personal loan from your bank.
- Signature loan from a local credit union, or national bank.
- Peer to peer lenders like Lending Club and Prosper.
You mention the Western Sky/Cash Call/Delbert services saga. Did you have a loan there that you stopped paying. Is that damaging your credit and preventing loan opportunities that would help you pay of Mariner Financial?
Anyone with questions or concerns dealing with Mariner Financial is welcome to post in the comments below.
Jevon Sanders says
I am behind no more than two payments at most and Mariner came and got my car repoed. Are they going to allow me to pay those past payments and get it back? What are the next steps because i need my car but i don’t have the full loan balance to pay it off.
Michael Bovee says
You typically have recovery rights in this situation. There is often a time limit to that. Have you called Mariner about this, and if so, what did they say?
I am having trouble with Mariner Finance. I started out with a loan for $7500 at 35% interest in 2020. I told them I didn’t want any insurance. They said it was necessary and wouldn’t remove it from the agreement. Well I started having trouble paying for my bills. They offered to let me refinance and skip a payment and add more money. They were adamant that was the only option and they would sue me for my property and garnish my wages. Well I ended up doing this 3 times and asked for them to remove the insurance each time. They would not remove the insurance until the last time I refinanced. And my payments are double what I started with. Now I am having trouble paying bills again and they started their threats again. I have been about 1 month behind since May and they constantly call and use very predatory tactics to try to force me to either pay up or refinance. The last time I spoke to them I was told they are going to seize my land and garnish my wages for years if I don’t cooperate. Surely this can’t be legal and I am considering suing them. If I take the cost of that insurance off what I owe I would only owe $5000 but they want over $11000. If they could actually seize my land it would be double what they want me to pay. Can I stop them from doing this in Arizona?
I should also mention my land was not collateral. The only collateral they have on record is a computer and a tv that add up to around $2000.
I would talk your situation over with an experienced debt collection consumer law attorney in your state. John Skiba is a good one to reach out to in AZ.
Good morning! I’m in the state of Florida and I’m in a situation as well with Mariner Finance. I used my vehicle for collateral back in 2016 for a personal loan. I defaulted because of hardships, I was almost done with my loan, I owe Mariner Finance a little over $1000.00. I did send a certified letter to Mariner Finance to pay off my balance before paying off my car. They never responded! I also filed a complaint with the CFPB and my complaint was immediately closed, no one can tell me why. I just recently paid off my car and they are the lien holders on my title of course. Is there anything else I can do to get my title or should I just take it as a lost? Are they able to repo my vehicle? Thank you for your time and help!
Has your Mariner loan gone unpaid for that entire time?
Is Mariner Finance showing the amount due to them on your credit reports as of now?
Can you pull together money to offer them a lump sum settlement?
good evening I have a question I filed bankruptcy maybe 8 years ago possible 10 I included mariner finance in the bankruptcy now they won’t release the lien I am not responsible in paying the money back but if I want them removed from the lien I will have to satisfy the lien but they want to charge me an amount that is ridiculous I told them lets make an offer and maybe we will accommodate both of us what should I do I want to sell the vehicle but I can’t due to that lien they want me to pay late fees paper and other fees from which I recall I only owed them $1200 original loan
How much is Mariner Finance saying is owed today?
Did they give an amount they are willing to settle for?
How many conversations have you had with them?