Not sure how First Investors Financial Services works? Let us explain.
Summary: First Investors Financial Services has helped thousands of consumers own a car with their favorable loan terms. However, some consumers have had bad experiences with them after defaulting on the loan. Learn more about FIFS and what to do when you are in debt with them. If you're being sued for debt, you can settle the debt for less with the help of SoloSettle.
First Investors Financial Services (FIFS) is a third-party auto loan company in Atlanta, Georgia. It offers automobile loans and leases to consumers looking to purchase or lease a car. The company works with various automobile dealerships across America, providing loans for both new and used vehicles.
FIFS was founded in 1988 as Stellantis Financial Services, incorporated in 1994, and established its Better Business Bureau profile in 2008. In addition to auto loans, FIFS offers its customers personal loans and insurance products. They boast of being easy to do business with because of their favorable repayment plan and various payment methods.
Despite its successful business model, consumers have complained on multiple platforms regarding their services. Today, SoloSuit will explore the concerns raised and give you more information on FIFS and action you can take if you owe them.
If you're being sued by FIFS for a debt you owe, use SoloSettle to settle the debt once and for all.
FIFS work entails giving you the loan and following up through their debt collection department to ensure you pay the debt in full. The entire process generally follows these steps:
Apply for the loan: You apply for the auto loan through the FIFS website or the automobile dealership of your choice. The process entails providing your personal and financial information, including your credit score and employment history.
Loan approval: FIFS reviews the application and determines if you meet its lending criteria. For example, you must have a credit score of 510 and above. Once approved, they’ll send information on the loan terms.
Loan issuing: FIFS will disburse the loan to you or the automobile dealership after you sign the documents.
Repayment: You must begin repaying the loan from the first month until completion. FIFS expects you to honor the loan agreement without fail.
Debt collection: If you fail to make payments for over a month, your account goes into collection. Consequently, you'll start receiving calls or emails from their debt collectors.
Complaints against First Investors Financial Services
Despite an A+ rating on their BBB profile, FIFS has gathered tens of complaints from consumers dissatisfied with their services. For example, they have 31 complaints on their BBB profile and 110 complaints on their Consumer Financial Protection Bureau (CFPB) database. The following is an example from the CFPB database:
“I have an existing car loan through First Investors. Previously I had some late payments on my account, and when I called them to resolve the issue, they recommended I sign up for their Fresh Start program. The agent told me that after completing four on-time payments, my account would be brought current, and all late payments would be removed from my credit file as a courtesy. This has not been done. I completed the Fresh Start program at the beginning of 2023 and still show late payments on my credit report. I emailed First Investors several times and have not had a resolution. They keep attaching my agreement, which mentions nothing about late payments.”
Other complaints reported include talking to unprofessional agents, receiving multiple calls daily, refusing to verify the debt on request, and failing to update recent payments. Report FIFS to BBB, CFPB, and your attorney general's office.
Take action if in debt with First Investors Financial Services
Consumers sometimes feel helpless when large collection agencies aggressively follow up on their debt. Luckily, you can take action to stop debt collectors. The following are three tips you can use to get rid of FIFS:
Send a Debt Validation Letter: This requires FIFS to send a detailed response, breaking down your debt information. They will be breaking the law if they call without verifying the debt in written form.
Respond to the lawsuit: If FIFS sues you, do not panic. Respond to the court Summons and Complaint with a written Answer document, outlining your defenses.
Settle the debt: Offer to settle the debt with a one-time, lump-sum payment. SoloSettle can help you send and receive settlement offers until you reach an agreement with FIFS. Watch the following informative video to learn more.
SoloSuit can help
If you’re feeling overwhelmed by debt, SoloSuit can assist you in handling debt collectors at any stage of the collection process. Whether it is stopping their calls, responding to the lawsuit, forcing a debt collection case out of court, or settling the debt, SoloSuit will help you deal with your debt situation.
You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.
SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.
And 50% of our customers' cases have been dismissed in the past.
"Finding yourself on the wrong side of the law unexpectedly is kinda scary. I started researching on YouTube and found SoloSuit's channel. The videos were so helpful, easy to understand and encouraging. When I reached out to SoloSuit they were on it. Very professional, impeccably prompt. Thanks for the service!" - Heather