GO Financial (a.k.a. “GO Credit” or “GFC Lending”) Finances Subprime Auto Sales. If you applied for a loan with them and were denied, speak to a consumer protection lawyer right away.
We are currently investigating claims where car buyers who sought financing for car sales via GO Financial had their loan applications denied, but were not notified of any denial in writing. Whenever you apply for a loan or to purchase a vehicle on credit or an installment plan, the law requires that whoever receives your credit application provide you with a 30 day written notice if they deny your application for credit. This includes situations where a dealer initially tells you that you were approved, when in fact you weren’t actually approved for financing.
Who is GO Financial?
GFC Lending, LLC is a subprime auto finance company based in Phoenix Arizona, doing business under the name of “Go Financial.” You can find their website here: https://www.gofinancial.com/
What is a subprime auto lender? That means that they specialize in making loans to people with poor credit. But though their corporate name is “GFC Lending,” they don’t typically lend money directly to consumers or individual car buyers. What they do is purchase retail installment sales contracts. See, when you finance the purchase of a car through a car dealership, you enter into a sales contract with the dealer in which the dealer agrees to let you spread the purchase price of the vehicle over time, and in return you pay the dealer a huge amount of extra money for the car.
Though the contract is between you and the dealer, the dealer immediately assigns it to a third party finance company, who then pays the dealer a lump sum for the contract. GFC Lending is one such finance company.
Because they specialize in financing deals with low credit score customers, Go Financial can enable a lot of bad business practices by shady car dealers. Some laws that are frequently violated by car dealers are:
- Truth in Lending Act
- Equal Credit Opportunity Act
- Fair Credit Reporting Act
- Alabama Deceptive Trade Practices Act
- Federal Motor Vehicle Information and Cost Savings Act (the ‘Odometer statute’)
Some auto dealers will tell you that they’ve gotten you approved for financing with GO Financial, when in fact they’ve only received conditional approval, or none at all. Then, after you’ve driven off the lot with the vehicle and paid your down payment or given them your old ride as a trade-in, you find that you were never approved for any loan. These are called “Spot Delivery” or “Yo-Yo” sales, and while sometimes they are legal, they’re often outright scams. Even if the dealer is the one doing all the fraud, if you submit a credit application to GO Financial, they are legally obligated to provide you with a notice of their decision on your application within 30 days. And the notification must be in writing.
One thing that a lot of buyers do not understand is that a sketchy car dealer’s violations of the law are usually enforceable against the finance company. If you think that your rights have been violated in an automobile sales transaction financed by Go Financial, you should contact a qualified consumer protection attorney in your area. For more information, give us a call: 251.272.9148.
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I am dealing with Go Financial right now. I have had a car “loan” through them since 2012 and the terms of the loan are not even half over.
far I have paid out of pocket $6700 on a car worth less than $2k on KBB/NADA. If I paid this loan out I would be paying over $12K for a 14 year old car worth less than $1k by 2017.
When I got this car I could get no other loan due to poor credit score brought on by long-term unemployment, then underemployment. I thought I would be able to “better” my credit score and re-finance, so signed the contract reluctantly as I had no other way to get to work.
Well, no one was ever willing to re-finance me and I continue to be under-employed, in spite of constantly trying to get a full-time job in my profession.
Realizing how I have been “ripped off” so far by Go Financial, and not being able at all now to pay this payment, I am getting calls from Go Financial. They, of course, are not willing to re-negotiate a lower payment and I frankly am not willing to continue to be ripped off by them.
Reading your article has helped me realize that I was never “financed” by these people in the first place. I believe that the monthly payment has been going back to the local dealership, which has a tainted reputation for scamming people on many levels.
I am not paying and cannot fathom the prospect of ever giving Go Financial a dime again. I feel robbed of what I did give them. They can take the car if that is what it comes to, but somehow I doubt the dealership will do that. It is not worth the money to repossess, but that is just my opinion.
I feel that in the near future I may be in need of your financial/legal expertise. I am in Ohio, but you are the only attorney that I have found anywhere on-line that “gets” just what “Go Financial” really is, which as you describe it seems to be a “front” for unethical dealerships.
Thank you for this article. It really helped “open my eyes” to the reality of my financial nightmare with Go Financial.
hi.. got mess with first payment with go financial..im on disabilty needed 210.00 mt got 252.weeks pass get payment book its 12 of month. tommorrow i called go fin. ( 2weeks ago) told em concerns was told if dealer would of we would of now to late .. back at dealer they said when bank pays them then i get it right with them. no right has come of it now yesterday go fin. said i no pay on 12 th contract is void that first payment seals the deal. called dealer told them was told they lying . i said you get payed yes they said what about what i wanted was told call go fin. an work it out. is it true no pay first note void deal
David,
I am afraid that I need more information. Feel free to give us a call and we can discuss your legal options.
Droped my car off to get fixed after having it for 2 week and they wouldnt give it back saying that my loan wasnt approved after i called the finance company and they said it was approved. And i whent back for my down payment he pulled out a paper i have never seen before and it said that i couldnt get my down payment back if it wasn’t aproved. I took one look at the signature and my jaw dropped . They forged it and i didn’t have a copy in my contract. They will not give me the car or down payment
Forgery is a crime. If you can prove that they’ve forged your name on documents, then you need to take action. Feel free to give me a call if you want to discuss this. 251.272.9148
JEC
In desperate need of help. My friend supposedly has a financed vehicle through go financial and they repo his car every few months. They come up with some kind of bogus charge and then make him pay storage and pay a month in advance to get his car back. He was headed to work this morning and found that his vehicle is gone. They told him he owed money from months back and that he must pay $1100. He needs direction as of what to do. He feels very helpless at this point. When they picked it up a few months ago he had to pay a month in advance and they told him everything was paid up. Now this. Please help!
Joetta,
this situation sounds complex and unusual. To figure out whether or not they have the right to repo the car, you going to need to sit down with a lawyer and review all the documents and the transaction history relating to this matter. If you live in Alabama, you can call me at 251-272-9148.