Car loan problem!!!

[snowman1035]

I have a problem with the loan on my truck and have no clue as to what to do so I am hoping someone on here can help me out. Here's the scoop. Early July I sent in my payment (July 8th to be right on), on Saturday, August 1 I get a letter from my loan company that they are returning my check and that the company has closed and I will need to send it to the new company. Well that is all good, but the letter doesn't state who the new company is and I never got anything in the mail stating someone else was taking over my loan. I also just sent in another payment the week prior so I am sure that is going to be returned to me as well. I have tried calling the number on the letter and every time I call it rings busy. Now I have called 3 days and several times each day and the same thing. I have also gone on the website and the websites are down. So, now I am afraid that they will try to repo my truck since the payments aren't made. I am making sure I keep everything just in case, but I am really at a lose as to what to do, does anyone have any ideas for me to try? I also don't want this to effect my credit and I have a feeling it is going to. Thanks for any help or ideas!

 

[cglaura]

I have a problem with the loan on my truck and have no clue as to what to do so I am hoping someone on here can help me out. Here's the scoop. Early July I sent in my payment (July 8th to be right on), on Saturday, August 1 I get a letter from my loan company that they are returning my check and that the company has closed and I will need to send it to the new company. Well that is all good, but the letter doesn't state who the new company is and I never got anything in the mail stating someone else was taking over my loan. I also just sent in another payment the week prior so I am sure that is going to be returned to me as well. I have tried calling the number on the letter and every time I call it rings busy. Now I have called 3 days and several times each day and the same thing. I have also gone on the website and the websites are down. So, now I am afraid that they will try to repo my truck since the payments aren't made. I am making sure I keep everything just in case, but I am really at a lose as to what to do, does anyone have any ideas for me to try? I also don't want this to effect my credit and I have a feeling it is going to. Thanks for any help or ideas!

Did you finance through the car dealership...meaning did you do all the paperwork there, not on your own?

If so, maybe they have new info. If it is a company they normally do business with they might have the new info so they can continue business with the new finance co.

Make sure you keep all your attempted contact documentation though, just so you can prove you were trying to get it paid.

 

[LMC]

If you still have not gotten your new contact info send a certified return receipt letter to the address you have been using (since it is the only one you have) telling them that you have attempted these payments and you received XXX correspondence but no address or phone number for the new company. I would try to speak to someone at the new company and make THEM give you some info on your old loan before you send any money or give any info to them. They can give you your old loan number for instance so that you can verify that they are legit. Keep copies and receipts of everything so that you can get any late fees or bad marks off your credit reports.

 

[Bren's Mom]

That just seems...odd.

Have you actually gotten your July check back yet?

Have you confirmed with your bank that it has NOT been cashed?

And do you want to tell us the name of the loan company, perhaps we can help you search alternate contact information and/or who may have bought their loans?

 

[snowman1035]

To answer all the prior post:

I did finance it through the dealership. I never thought about contacting them, but that will be my next step.

I got back my check (the one dated July 8) and a letter on 8/1 stating that the company closed and I need to send payment to new finance company. I haven't got the second check back yet, that one was sent out on July 27th so I am sure I will be getting that one back as well.

I do have everything so that I can prove payments were sent and so on. I have the check, the letter, all my notes as to dates and times called and what the outcome.

The funny thing is I check our bank account and the prior months payment was cashed, so sometime between June and July the company closed. I am just at a loss! Thanks for all the advice, once again my DIS friends come through!

 

[Chicago526]

If you don't want to post it here, try googling the name of the now closed finance company, maybe there's a news report out there about it, other contact info, or other consumers that are having the same issues.

 

[snowman1035]

The company name is Peak5, they have changed names several times. I think before that they were FlatIron and before that Centrix. The address has always been the same, they are in Colorado.

 

[Bren's Mom]

Well you're definitely not alone:

http://www.complaintsboard.com/complaints/peak-5-c226270.html

http://www.ripoffreport.com/reports/0/320/RipOff0320644.htm

I would call Colorado's Attorney General's office. I assume there is already a complaint made there and an investigation underway. File a 'formal complaint', whatever that entails.

http://www.ago.state.co.us/contact_us.cfm.html

And keep a record of what you do, who you talk to, etc. This might get messy and it will be alot easier on you if you keep all of your ducks in a row. Put the money aside (in a separate account if you can) for when things are straightened out. Write a check into that account every month until things are straightened out. And to further protect myself, if I were you and I were notified by a new company I'd check it out with the AG's office, and confirm that this company has the title to your vehicle, before paying them a dime. It may come to needing to get an attorney and creating an escrow account. Looks like this is a big mess and I'm sorry you're in it!

 

[cglaura]

acc'd to this, someone got new address of

auto portfolio servies
p.o box 30108
salt lake city
ut zip 84130

http://www.complaintsboard.com/complaints/peak-5-c226270.html

 

[dseth]

I'm following right along with all the other names. Our van was with the same "circus"....the loan may now be with Systems & Services Technogies. As bizarre as the name sounds that is what it's called. They are in Missouri. Google them and get the 1-800 customer service number ....hope it helps.