Complaints Against American First Finance
If youre on this page, chances are you are just like the hundreds of consumers out there being harassed by American First Finance. Here are some of the BBB reviews and complaints against American First Finance:
Balance Sheet Also A Risk
Another risk to FirstCash is that it took on significant amounts of debt to complete the AFF transaction. As shown in the Figure, net debt stood at $1.2 billion at the end of Q2 and is 3.3x LTM adj. EBITDA. High levels of debt could constrain management’s ability to react to various economic scenarios and business conditions.
Figure 10 – FCFS balance sheet
Can American First Finance Sue Me
Yes, American First Finance can sue you. American First Finance can hire a lawyer to file a breach of contract lawsuit against you for the underlying debt, fees, and costs. If youve been sued by American First Finance, do not ignore the lawsuit you may have defenses. If you ignore the lawsuit, the default will be entered and the agency may seek to garnish your wages. If you receive notice of a lawsuit, contact an experienced attorney as soon as possible, even if you intend to represent yourself pro se. If American First Finance has threatened to sue you, contact Agruss Law Firm as soon as possible were here to help.
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What Our Clients Say About Us
Agruss Law Firm, LLC, has over 950 outstanding client reviews through Yotpo, an A+ BBB rating, and . Heres what some of our clients have to say about us:
Michael Agruss handled two settlements for me with great results and he handled them quickly. He also settled my sisters case quickly and now her debt is clear. I highly recommend Michael.
Agruss Law Firm was very helpful, they helped me solved my case regarding the unwanted calls. I would highly recommend them. Thank you very much Mike Agruss!
Agruss Law Firm was very helpful to me and my veteran father! We were harassed daily and even called names for a loan that was worthless! Agruss stepped in and not only did they stop harassing, they stopped calling altogether!! He even settled it so I was paid back for the problems they caused!
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Student Loans For American First Credit Union By Sallie Mae
Whether youre an undergraduate student, graduate student, or parent, get money for school from Sallie Mae. Student loans from American First in partnership with Sallie Mae could help!
- Competitive interest rates
Borrow responsibly. We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.
These loans are made by Sallie Mae Bank or a lender partner. American First Credit Union is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers.
Parent Loan: This information is for borrowers with students attending participating degree-granting schools. The student is not eligible to be a borrower or cosigner. The borrower, cosigner and student must be U.S. citizens or U.S. permanent residents. The school may refund loan funds directly to the student, and if that occurs, borrower, and cosigner would still be responsible for repaying that amount. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE.
Option : Online Loan Payment Portal
If you don’t use Online or Mobile Banking, making a loan payment on your American First loan has never been easier. With this service, you can use any savings or checking account to pay your loan online. Make a payment on your
- Home Equity Line of Credit
- Commercial Real Estate Loan
Online loan payments are free for registered users! If you would like to pay as a guest , there is a $5 convenience fee for each payment. Debit cards are accepted for guest payments only. You may also call 800-290-1112 to make a payment by phone.
Payments made after 5pm PST will be processed on the next business day.
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Top Debt Collection Violations
Debt collection laws provided a laundry list of what collectors can and cannot do while collecting a debt. Based on our years of experience handling thousands of debt collection harassment cases, heres what collection agencies most often to do to violate the law.
American First Finance Loans Class Action Lawsuit Overview:
- Who: A consumer lodged a class action lawsuit against lender American First Finance, Inc.
- Why: The plaintiff claims American First Finance is not licensed to provide loans in California and charges interest rates that exceed maximum legal limits.
- Where: The class action lawsuit is pending in California federal court.
American First Finance is an unlicensed lender that deceives consumers into receiving loans with interest rates that exceed the maximum legal limit, a new class action lawsuit alleges.
Plaintiff Larry Facio claims American First Finance is not licensed to provide loans in California and fails to disclose the essential terms of the loans they unlawfully offer.
Facio wants to represent a California Class of consumers who purchased goods or services from retail businesses affiliated with the lender who are, or who the company claims to be bound to its security agreement.
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What If American First Finance Is On My Credit Report
Based on our experience, some debt collectors may credit-report, which means one may mark your credit report with the debt they are trying to collect. In addition to or instead of the debt collector, the original creditor may also be on your credit report in a separate entry, and its important to properly identify these entities because you will want both to update your credit report if or when you pay off the debt.
THE GOOD NEWS IS
If American First Finance is on your credit report, we can help you dispute it. Mistakes on your credit report can be very costly: along with causing you to pay higher interest rates, you may be denied credit, insurance, a rental home, a loan, or even a job because of these mistakes. Some mistakes may include someone elses information on your credit report, inaccurate public records, stale collection accounts, or even being a victim of identity theft. If you have a mistake on your credit report, there is a process to dispute it, and my office will help you obtain your credit report and dispute any inaccurate information.
REMEMBER
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- Average Household Income is $110,000.
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American First Finance Hid Terms Charged Exorbitant Interest Claims Class Action
The plaintiff says he was never informed his purchase was being financed by American First Finance or what the financing terms would be when he bought tires for his car at Roseville Wheels & Tires in 2017.
Facio claims he was told he would not have to pay any interest on the tires if he paid in full within 100 days, however, he ended up being charged an exorbitant interest rate for his purchase and was only informed his loan had been assigned to American First Finance after he contacted the retailer.
Had he known of the interest rates and other terms of the financing, Mr. Facio would have refused to complete the transaction, states the class action lawsuit.
The plaintiff says he was made to sign a security agreement at the time of his purchase, but that he was never shown the financing terms.
Mr. Facio was not informed about AFF and believed that his payments would be made to Roseville Wheels & Tires, states the class action lawsuit. He was not shown the face of the computer to know what he was authorizing by e-signing on the small electronic pad.
American First Finance later provided documents to Facio which showed the purchase contract was not manually assigned, but instead was computer generated, according to the class action lawsuit.
The documents also stipulated that he could only contact the lender to discuss the terms of his loan, the class action lawsuit alleges.
Business Line Of Credit
Commercial.
Finwise Bank offers lines of credit for businesses which require short-term cash flow support as a result of purchase orders and seasonal stocking requirements or to meet operating expenses in anticipation of sales orders outstanding. Our business lending team is happy to assist in reviewing your financing needs and allow you to grow your business.
Also Check: What Are Business Loan Rates
Facio V American First Finance Inc
Filed: October 20, 2021§ 3:21-cv-08184
A lawsuit claims American First Finance has issued unlawful loans for the purchase of consumer goods and services without disclosing the terms of the agreements.
California
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A proposed class action claims American First Finance has issued what amount to unlawful loans for the purchase of consumer goods and services without disclosing the terms of the agreements to borrowers.
According to the case, customers who financed goods and services from certain retailers with whom AFF had a preexisting agreement were unaware that they had entered into a loan with the company at interest rates in excess of 120 percent. Per the suit, AFF is not licensed to offer or collect on loans in California and had no right to receive any principal, charges or other recompense in connection with its allegedly unlawful agreements with consumers.
The lawsuit alleges consumers have been damaged by AFFs conduct in that their personal information was shared with the company without their consent. Moreover, the complaint says consumers have ultimately paid for financing that they did not agree to and at undisclosed terms, including exorbitant interest rates.
Per the case, the plaintiff filed a complaint with AFF and stopped all automatic withdrawals, after which the defendant began a collection campaign against him, per the suit.
American First Finance Lawsuits
If you want to know just how unhappy consumers are with American First Finance, take a look at the number of complaints consumers have made online. Nowadays, most original creditors, credit card companies, etc. have arbitration clauses, which means that if you have a complaint against that company, you must file your claim in arbitration. Arbitration limits discovery, is not public, has a limited appellate process, and, most importantly, is funded primarily by banks and big businesses. While it can be difficult to get a fair chance in arbitration, the good news is we have filed hundreds of credit harassment cases in arbitration, and we know how to aggressively fight these cases against the big banks and businesses even when arbitration is necessary.
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American First Finance Complaints
The Telephone Consumer Protection Act protects you from robocalls, which are those annoying, automated, recorded calls that computers make all day long. You can tell its a robocall because either no one responds on the other end of the line, or there is a delay when you pick up the phone before a live person responds. You can receive $500 per call if American First Finance violates the TCPA. Have you received a message from this agency that sounds pre-recorded or cut-off at the beginning or end? These are tell-tale signs that the message is pre-recorded, and if you have these messages on your cell phone, you may have a TCPA case against the agency.
The Electronic Fund Transfer Act protects electronic payments that are deducted from bank accounts. If American First Finance took unauthorized deductions from your bank account, you may have an EFTA claim against the agency. American First Finance, like most collection agencies, wants to set up recurring payments from consumers imagine how much money it can earn if hundreds, even thousands, of consumers electronically pay them $50 – $100 or more per month. If you agreed to this type of reoccurring payment, the agency must follow certain steps to comply with the EFTA. Did American First Finance continue to take electronic payments after you told them to stop? Did they take more money from your checking account than you agreed to? If so, we can discuss your rights and a potential case under the EFTA.
How Do We Use The Law To Help You
We will use state and federal laws to immediately stop American First Finances debt collection. We will send a cease-and-desist letter to stop the harassment today, and if American First Finance violates the FDCPA, EFTA, FCRA, or any state law, you may be entitled to money damages. For example, under the FDCPA, you may receive up to $1,000 in damages plus actual damages. The FDCPA also has a fee-shift provision, which means the debt collector will pay your attorneys fees and costs. If you have a TCPA case against the agency, we will handle it based on a contingency fee and you wont pay us a dime unless you win.
THATS NOT ALL
We have helped thousands of consumers stop phone calls. We know how to stop the harassment and get you money damages. Once again: you will not pay us a dime for our services. We will help you based on a fee-shift provision and/or contingency fee, and the debt collector will pay your attorneys fees and costs.
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Strategic Merits Extend The Growth Runway Post
The acquisition opens up some compelling strategic options for FCFS, with clear synergies for both companies. On the one hand, FCFS obtains incremental inventory upon retail margins exceeding the 40% mark. And on the other hand, AFF gains a reverse-logistics channel that alleviates future credit risk. On a combined basis, the incremental customers and expanded ecosystem for the subprime customer are clear benefits as well – specifically, the combination adds several thousand pawn locations to AFFâs merchant footprint and provides the FCFS pawn borrower and customer with another financing option for retail purchasing.
Interestingly, there were no expense synergies contemplated in the guidance as AFF will be run as an independent business post-deal . While I think this could change down the line, there is conservatism embedded elsewhere in the guidance as incremental synergy levers such as margins from selling returned LTO goods, along with increased higher-ticket sales at FCFS stores, remain untapped. Net, this should drive further scale to the current c. $300 million asset size despite some run-off of the installment lending business ahead.
