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 ?
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.