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Business Profile

Consumer Finance Companies

Nicholas Financial, Inc.

Headquarters

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Consumer Finance Companies.

Complaints

This profile includes complaints for Nicholas Financial, Inc.'s headquarters and its corporate-owned locations. To view all corporate locations, see

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Nicholas Financial, Inc. has 45 locations, listed below.

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    Customer Complaints Summary

    • 49 total complaints in the last 3 years.
    • 16 complaints closed in the last 12 months.

    If you've experienced an issue

    Submit a Complaint

    The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

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    Complaint status

    Complaint type

    • Initial Complaint

      Date:11/29/2023

      Type:Order Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      I had a van through Nicholas it was paid in full over 5 years ago. I misplaced the title so went to bmv to get a copy to find out they still have a lien on it. They are out of business and no one can access old paid off accounts. I was in a wreck and totaled my van in order for my insurance to pay I need my title or release of lien

      Business Response

      Date: 11/30/2023

      I have attached the requested lien release letter for her to take to the **** The original will be mailed to the customer at the address she provided in her complaint. If she needs further assistance, she can call ***************** at **************.

    • Initial Complaint

      Date:09/26/2023

      Type:Customer Service Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      In Sept 2014 I financed a car through Nicholas Financial. The loan was paid in full in 2018. I am trying to sell the car and have discovered Nicholas Financial still has a lien on the title. I have attempted to contact NF. Nicholas Financial does respond to email enquiries and attempts to contact by phone are directed to a company named West Lake, however West Lake does not have record of my loan or the lien and can not help. I need a lien release letter as soon as possible.

      Business Response

      Date: 09/27/2023

      The title was released to the customer on 05/29/2018. Since she never had us removed as the lienholder, I have attached the requested lien release and the original will be mailed to the address provided. 

    • Initial Complaint

      Date:09/01/2023

      Type:Service or Repair Issues
      Status:
      Resolved
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      The amount to due on the car do not match the total payments I have left

      Business Response

      Date: 09/11/2023

      I have reviewed the customer's complaint as well as her account history. She signed her automobile retail installment contract on 09/13/2019, promising to pay $342.96 per month for 51 months. If she had paid the account as agreed (all payments made on the due date with no extra charges), the account would have paid out on 12/13/2023. Unfortunately, she has not paid as agreed, causing her to have a much higher balance than amortized. She has incurred 20 late fees, 345 CPI (force placed insurance) charges. When a customer pays late, they accrue an additional day of interest for each day past the due date, which reduces principal reduction and causes more interest to accrue on future payments than originally scheduled. Additionally, if a customer incurs extra charges and doesn't include them to their standard monthly payment, they also experience less principal reduction than scheduled because the interest and extra charges are always taken from the payment prior to principal reduction. Hopefully this helps her to understand how her handling of the account has negatively affected her balance. 

      Nicholas Financial, Inc. (NFI) has partnered with ***************************** (WPM) to provide customer service and account management. As of 12/01/2022, all NFI accounts were transferred to WPM for servicing. NFI remains the lender and the transfer does not affect any of the terms, conditions or obligations of the contract other than who services the account. All accounts are still NFI customer, and the accounts have not been sold.

      Her balance at the time of the transfer was $9645.01. This balance was stated on her last Nicholas Financial statement that was sent to her and this is what was transferred to *****************************. She is welcome to reach out to Nicholas Financial at ************** if she needs any further explanations regarding her balance. 

      Customer Answer

      Date: 09/11/2023

       
      Better Business Bureau:

      I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is not satisfactory to me.

      Sincerely,

      *****************************

    • Initial Complaint

      Date:08/24/2023

      Type:Sales and Advertising Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      Hello, I am making complaint regarding my vehicle being repossessed every other month. My vehicle was reposed on August 22, 2023. When I called to find out what I needed to pay to retrieve my vehicle, they said that I was at the end of my contract (******************) and I had to pay the remaining balance in order to get my vehicle back. I have had that car for almost 5 years and was not told this. I would like to know if this is in my contract before I try to further actions.

      Business Response

      Date: 08/24/2023

      Nicholas Financial has partnered with ***************************** (WPM) to provide customer service and account management. As of 12/01/2022, all Nicholas Financial accounts were transferred to them for account servicing. ********************** remains the lender and all servicing will be managed by WPM. This transfer does not affect any of the terms, conditions or obligations of the contract other than who services the account. The accounts are still Nicholas Financial customers and the accounts have not been sold.

      It is stated in her contract (page 3, under paragraph DEFAULT) that we may recover the full remaining amount due. I have attached a copy of the contract. 

      She will need to contact ***************************** if she has further questions regarding her account.

    • Initial Complaint

      Date:08/22/2023

      Type:Service or Repair Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      I purchased a white ***** Suburban through Nicholas Financial *** in 2017 and paid it off in full in march of 2020 vin#***************** I never received the title for the car and when I went to the dmv they informed me I was unable to obtain one because there is a lien on the vehicle. Like previously stated the car has been paid off for years now. I would like the lien removed and a title sent to my address. I have called Nicholas financial multiple times and they have now switch their account to West Lake ********************. West lake financial only have open and active accounts, so anything that is inactive they cant account for or pull it ** in their system. I have went to multiple dmv as well as ******** Secretary of State and have gotten a complete run around

      Business Response

      Date: 08/22/2023

      We have reached out to this customer earlier today, when we received this same complaint from our registered agent. We have sent him the lien release letter he requested. If he requires further assistance, he can reach out to us at

      **************.

    • Initial Complaint

      Date:08/08/2023

      Type:Sales and Advertising Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      Nicholas finacial has closed .. they transferred my account to west lake profolio. When my account was transferred I owed 4 more payments .. theirs west lake company has taken my account all the way back to the original sale of the car .. I have all bank statements showing payments to Nicholas financial from 2019 until now when I started paying Westlake for my remainder amount .. my contract was only for 48 months I have made a total of 51 payments as of today 8/7/2023 .. I dont owe them anything else .. when I was switched I had made 45 payments I also uploaded my original contract ..

      Business Response

      Date: 08/08/2023

      I have reviewed the customer's complaint as well as her account history. She signed her automobile retail installment contract on 01/09/2019, promising to pay $306.80 per month for 48 months. If she had paid the account as agreed (all payments made on the due date with no extra charges or deferments), the account would have paid out on 01/08/2023. Unfortunately, she has not paid as agreed, causing her to have a much higher balance than amortized. She has incurred 15 late fees, 45 CPI (force placed insurance) charges and received a hardship deferment (which extended her original maturity date out an extra month). When a customer pays late, they accrue an additional day of interest for each day past the due date, which reduces principal reduction and causes more interest to accrue on future payments than originally scheduled. Additionally, if a customer incurs extra charges and doesn't include them to their standard monthly payment, they also experience less principal reduction than scheduled because the interest and extra charges are always taken from the payment prior to principal reduction. Hopefully this helps her to understand how her handling of the account has negatively affected her balance. Her balance at the time of the transfer was $8130.39. This balance was stated on her last Account E-statement that was sent to her and this is what was transferred to *****************************. Her original loan was on our old Servicing Platform (TERMULATOR) with account number *******. On **/**/2019, we switched over to a new Servicing Platform (CIM) with account number *********** 8.

      ********************** (NFI) has partnered with ***************************** (WPM) to provide customer service and account management. As of 12/01/2022, all NFI accounts were transferred to WPM for servicing. NFI remains the lender and the transfer does not affect any of the terms, conditions or obligations of the contract other than who services the account. All accounts are still NFI customer, and the accounts have not been sold. 

      I have attached copies of her account on all three servicing platforms along with the corresponding payment histories. 

      Customer Answer

      Date: 08/11/2023

       
      Complaint: 20436853

      I am rejecting this response because:

      Sincerely, I have all my payments that I have made through my bank an their was never a partial payment. Not only that you dont see when I made full payments with in the months an so on .. Im getting a lawyer., 

      *************************

      Business Response

      Date: 08/14/2023

      It was never stated in the response to her original complaint that she made partial payments or that she missed payments. It was explained to her why she still owes a balance after her loan matured. She signed her automobile retail installment contract on 01/09/2019, promising to pay $306.80 per month for 48 months. If she had paid the account as agreed (all payments made on the due date with no extra charges or deferments), the account would have paid out on 01/08/2023. She has incurred 15 late fees, 45 CPI charges and a deferment. When she made her payment of $306.80 each month, she did not include any amount over this to cover the extra charges she incurred. By making only standard monthly payments, any extra charges were paid before principal causing less principal reduction and more interest to accrue on future payments than originally scheduled, resulting in her having a much higher balance than originally amortized. She has to realize that, just because she made the number of payments she originally was contracted for doesn't mean she paid her loan off. Again, the 48-month term of her contract only applies if she had made all of her payments as scheduled. I have attached a copy of her contract. She is welcome to reach out to Nicholas Financial at ************** if she needs any further explanations regarding her balance. 

    • Initial Complaint

      Date:04/14/2023

      Type:Service or Repair Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      On 07-08-2022, another truck hit me, leading to an insurance claim being filled. At the time of the accident, I was insured through Nicholas Financials (N.F.) vendor ******* Insurance. During this time, N.F. sold their accounts to ******************* (W.L.P.), and W.L.P. was not notified, so the claim went to a closed state due to inactivity. I have been going in circles with these companies trying to figure out what is going on with the repair of my truck, and as you can see, it's eight months later. After many phone calls and circles today, I got answers and figured I would expose this company. Look out for it on news channels, as they have also been informed. So the information I was given today goes as follows: I called the insurance company that W.L.P. had given me today for the first time (which was never given to me prior), to which I called and explained the situation. The lady was amiable and told me a claim was started on their part, claim #**********, and was closed and paid out to N.F. for $8,673.71, Check #*******, on 8/18/2022. This was never sent to the ****** dealer nor me for repairs to the truck that is still at the ****** dealer who had called me Tuesday to inform me if I do not have the truck towed, they will tow it off the lot and park it.Also, on 02/08/2023, I had two separate charges to my account: payments of $512 and another of $512. The description says N.F. ACH. Trace # ******** and # ********. I never authorized these payments to N.F. as they are no longer my finance company.I tried calling N.F. with no luck getting a live person to discuss this. However, I am requesting the insurance check to fix my truck and a return on the withdrawal of $1024 total for the unauthorized ACH withdrawals on 02/08/2023, long after N.F. sold their accounts to W.L.P.

      Business Response

      Date: 04/14/2023

      I reviewed this customer's complaint. I contacted the customer and was able to get this resolved for him. 

    • Initial Complaint

      Date:03/20/2023

      Type:Sales and Advertising Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      I purchased a 2011 ********** Jetta back in March 2017 and financed the purchase through Nicholas Financial, Inc. (account number ***********. The loan was paid off in August 2022. I received a letter from Nicholas Financial on August 8, 2022, acknowledging the loan had been paid off. We never received the title to the vehicle. I want to sell this automobile but upon going to ****************** of ***** Vehicles to get a replacement title for the vehicle, I was informed that there was an outstanding lien. Even though the loan had been paid off, Nicholas Financial never released the lien. The ****************** of ***** Vehicles advised me that a "Electronic Lien" needed to be filed by Nicholas Financial in order to receive a replacement title. I went to Nicholas Financial offices only to find an empty office and no employees. I have tried to contact Nicholas Financial via phone to correct this but instead the call was transferred to ***************************** in *******. Upon speaking with ******** regarding my situation, they informed me that they were only handling active accounts for Nicholas Financial and that any accounts that had been paid off prior to November 2022, they have no records. I need to have the lien released by Nicholas Financial and the title sent to me at the address given.

      Business Response

      Date: 03/21/2023

      Customer paid off her account with ********************** on 02/08/2021. Nicholas Financial requested the *** lien release on 02/17/2021. I have attached a copy of the transaction showing that the *** lien release was processed on 02/23/2021. Since we no longer have the *** record, I have attached a copy of a lien release letter. The original will be mailed to the customer's address that was provided on this complaint. If the customer has any further questions, she can contact us at *********************. If there is no answer, she will need to leave a message and her call will be returned. 

      Customer Answer

      Date: 03/23/2023


      Complaint: ********

      I am rejecting this response because: Thank you for providing documentation regarding lien release.  Went to the ******* Department of motor Vehicles and they said an "ELECTRONIC LEAN" still exists for this vehicle.  Was unable to get a title for vehicle.  I realize that Nicholas Financial provided documentation stating they released the lien but the ****************** of ******* says the "Electronic Lean" has not been released.  Nicholas Financial, please have this released, VIN#*****************.  

      Sincerely,

      ***********************

      Business Response

      Date: 03/24/2023

      We called this customer and explained that we did release the *** lien, but the **************** rejected it due to a hold on it. The original rejection was overridden, and we pushed our *** lien request through. Unfortunately, it looks like our request was not processed and we never received the *** record back, so we were unable to release it electronically. We have reached out to our third-party Title Vendor to see if we can get the *** lien released manually through them. We are in the process of trying to get this resolved for her and have her contact information. 

    • Initial Complaint

      Date:03/06/2023

      Type:Order Issues
      Status:
      Resolved
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      In January 2014 I financed an *** through Nicholas Financial for $6700. The loan was paid in full in March of 2015. I am trying to sell the *** and have discovered Nicholas Financial still has a lien on the title. I have attempted to contact NF. Nicholas Financial does respond to email enquiries and attempts to contact by phone are directed to a company named West Lake, however West Lake does not have record of my loan or the lien and can not help.

      Business Response

      Date: 03/06/2023

      Nicholas Financial did release the title to the customer on 03/18/2015 to the address that is listed on the complaint. Since we no longer have the title, we will provide a Lien Release Letter to the customer. I have attached a copy of this letter to this response and the original will be mailed out today. 

      Customer Answer

      Date: 03/13/2023

       
      Better Business Bureau:

      I have reviewed the response made by the business in reference to complaint ID ********, and find the resolution to mail a lien release letter is satisfactory to me.

      Sincerely,

      *************************

    • Initial Complaint

      Date:02/20/2023

      Type:Service or Repair Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      2-7-23 $235 Nicholas Finance

      Business Response

      Date: 02/21/2023

      Nicholas Financial has partnered with ***************************** (WPM) to provide customer service and account management. As of 12/01/2022, all Nicholas Financial accounts were transferred to WPM for account servicing. Nicholas Financial remains the lender and the transfer does not affect any of the terms, conditions or obligations of the contract other than who services the account. All accounts are still Nicholas Financial customers and the accounts have not been sold. 

      I'm not sure what exactly the customer's complaint is. A payment of $235.00 was applied to her Westlake Account ********, on 02/07/2023. If she has any further questions regarding her account, she can reach out to WPM at **************.

    Nicholas Financial, Inc. is NOT a BBB Accredited Business.

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