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Leap Auto Loans


Leap Auto Loans a Ripoff

Complaint Rating:  92 % with 26 votes
92% 26
Contact information:
Leap Auto Loans
San Diego, California
United States
I was facing a reposesion and didn't know what to do so I called this company (they were refeerred to me by another company). They told me that everything would be okay and they could save my car from reposesion. After going through the whole process they told me at the very end that my payment would be 8 dollars more than it currently was and instead of owning the car when I was done, I would be leasing it from them the whole time. At the end of the payments I would still owe them like 4 thousand dollars of I wanted my car. I owed close to 15 thousand and they were gonna pay the bank $11 thousand for my car. My payments to my bank were $430 and I had 2 years left before I could pay my car off. These scammers wanted me to pay them $438 for 5 more years and they were only paying $11 thousand (by my caluclations those payments are over $26 thousand) and THEN I was going to have to pay them $4 thousand to buy the car out after 5 years. So the entire loan they wanted to give me was for close to $30 thousand for what they were going to pay $11 thousand which means they wanted to make $19 thousand dollars off me because I was in a bad situation. Then I talked to my tax man and he said that if they bought my car vfor $11 thousand and I owed $15 thousand I would have to pay taxes on the $4 thousand I didn;t pay. Those scammers at Leap Auto Loans NEVER told me that so the whole loan would have been way worse than just losing my car and starting over. Do not be fooled by these guys as they are WORSE than your lender.
Complaint comments Comments (20) Complaint country United States Complaint category Auto Insurance & Loan
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Leap Auto Loans - Fraud-bait and switch [2]


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A  28th of Aug, 2010 by    0 Votes
YES, Stay away for sure. AFter revieiwng the contract they sent me I refused to take their calls. These guys are profiting severely off of people in bad situations. I had an offer to reduce the balance of my car from $40k to $15k and after talking to this company everything seemed great. My payment was going to be reduced from $800 to around $460. But after doing the math and considering they were taking my payments back out another 5 years for a total of $27k in payments and then being told that I could pay $600 for them to take the car or $5k to buy it I figured this was worse than the position I was in already. They were going to pay $15k for my car and they would have maide $32k. That is more than DOUBLE. Add to this the fact that I had to pay a $2k down payment and $1k for GPS installation fee and these bandits are ripping people off big time. of course they never said a word about the fact that I would be leasing my car from them. steer clear.
A  2nd of Sep, 2010 by    0 Votes
I was about to believed that LeapAutoLoans was going to be the solution to prevent loosing my vehicle from repossession. I submitted all the required paperwork to start the process. I owed $14, 000 on my car, had 3 years left on loan paying $430 per month on a 2008 Toyota matrix.
This is the reply i got:

***We still need some information from you in order to proceed. We feel confident that we can offer Toyota $11, 000 to settle your account. However, the monthly payments will likely increase to about $450. If you would like us to try and find you a different vehicle which will run between $300 and $325 per month, we will. Let me know what you want to do.
Jeremy Kolins
LEAP Auto Loans, Inc.

...and this was my response:

Mr. Kolins, I was very surprised to see that for $11, 000 I would end up paying about $450 per month, the math doesn't add up. I was under the impression that LEAP auto program was to help decrease payments, not to increase them. For that option, I would just keep financing through Toyota at $435 or give up my vehicle.
I would request from you to break down for me the charges, ie: how much I am paying for the car?, how much for fees?, how long is the term option?, etc. I am not interested in another vehicle, what I am interested is in reducing my car payments as much as possible and keeping the car, like lets say If I was refinancing $14, 000 for 5 or seven years terms.
It's very difficult to have a clear idea of your program without any additional informational paperwork in writing were all the details are S P E L L E D out.
It's very difficult to engage in business talk without having anything in writing for my review. I have submitted all the necessary paperwork so, I would expect the same in return. If its not possible to produce in writing any of the information you have mentioned and explained in details, then I rather pass on it. As you may understand in today's world, there are to many scams, rip-off's...you name it. I just want to make sure that I am not going to end up in this type of situation.

...and then he responded:
We are not asking you to commit to anything at this time. If you would like me to explain our process and answer your questions then you need to call me. There are far too many variables for me to address every possible scenario in writing.
Jeremy Kolins
LEAP Auto Loans, Inc.
PO Box 910620
San Diego, CA 92121
(858) 222-8187 - Office
(858) 244-0991 - Fax

D  3rd of Sep, 2010 by    -1 Votes
We apologize for any confusion or frustration any of these potential LEAP customers may have experienced. LEAP may not always be the best or only option for every customer facing repossession of their auto, but we know for sure that every day we help people keep their cars and put them in a better situation.
As we read the 3 complaints listed above, we note the following:
1. LEAP has taken no money from these customers. We presented them with offers they did not like, and they turned them down. No obligation.
2. “Rugmunch” notes that we offered to reduce this payment from $800 per month to $460. It is true that we need to extend the term to do this, but our settlement also sharply reduced his balance due on the loan. Most people would be impressed that we can get their car back and reduce their car payments by over $4, 000 per year when they are in the midst of a repossession.
3. It is true that if you add up the lease payments they exceed what LEAP paid for the vehicle. This is true for all auto leases. The difference covers taxes, operating costs, credit losses, borrowing costs and profit. Most people would acknowledge that LEAP is taking considerable risk to lease vehicles to customers who have not paid their auto loan for several months.
4. “Almostleapped” notes that we proposed a settlement with the lender in which the lender would sell the vehicle for $11, 000 even though he owed $14, 000, and he is angry because there is a potential tax liability for the income of $3, 000 of debt forgiveness. We tell all customers about this potential tax liability, and this disclosure is included in writing the settlement letter with the lender (which the customer receives). We insist in all of our transactions that the lenders waive any further collections so that the customer can move forward without this burden. Since “almostleapped” did not want to complete the transaction, there is no settlement letter with the lender.
5. “Havanswer4U” complained that he did not like the proposed terms, and that he needed to have everything in writing. When reaching a settlement with a lender, LEAP does not know what the lender may require in the settlement. Once we reach a firm agreement, a draft lease is sent to the customer detailing all of the proposed terms. The customer is under no obligation until they execute the lease. Since “Havanswer4U” did not wish to proceed with the transaction and did not take further calls from LEAP, we could not complete the transaction and provide a written description of the terms.
We are sorry these consumers did not like their LEAP offers. As we advertise, there is no obligation to talk to LEAP to see if we can save your vehicle. We will continue to work to improve our offers in a very difficult and risky market segment. We believe our program is valuable to people struggling in a difficult economy. Feel free to call us at (877) 410-5327. We welcome a fair dialogue.
N  17th of Sep, 2010 by    -1 Votes
@Tim Condom & Leap Auto Loans

Whatever you say and try to clarify here its just an excuse to further screw people and make lame stories just to defend what's obvious...LEAP AUTO LOANS its a RIP-OFF SCAM regardless.

All of the above are not just dissatisfied potential clients, we are actually smart people that figured out before getting into a contract that your company claims are just bogus and misleading.

FYI...I have reported Leap Auto Loans to the BBB and the California Dept. of Consumer Affairs for investigation.

So, save your time in trying to explain anything else, it is what it is..a RIPP-OFF & a SCAM!!!
N  2nd of Oct, 2010 by    -1 Votes
It sounds like HAVANSWER4U is a competing company.

All customers that have reached this point are VERY high risk customers that have had repossession, bankruptcies, multiple late car payments, or more debt that income.

Leap is there to help you keep your car, your lender is ready to taketh away. If you see this as not helping you to make it to work then you must have wings and know how to fly.
D  6th of Oct, 2010 by    0 Votes
Seems like you got the answer...right? Who are you anyway...the same Leap Auto Loans rep passing as a regular Joe?

How can I be a competing company? Is that your strategy now, make me look like I am the bad guy?

Just for the record let me clarify for you...the reason I contacted Leap Auto Loans was to save money and avoid a repo. Why? because earlier this year(2010)I became partially disabled and unable to work. I was left with no income and car payments started piling up. So it was not due to multiple debts, a repo or bankruptcies, bad $$ administration. A plain simple circumstance that can happen to anyone anytime...that includes you!!!

So don't give me you BS rhetoric ...Go F*ck with someone else life..

A  7th of Oct, 2010 by    0 Votes
I was doing some research because I'm having a toigh time with my car payments and a friend told me about Leap loans. (Not a client of theirs, just someone who knows about it.) Anyway, the one thing that strikes me as very curious is the fact that Mr. Condon (if it's really him, but he is listed as the owner of the company on the state of California website) claims that "LEAP has taken no money from these customers" which stops me in my tracks as someone trying to hide something.

Anytime someone makes a statement like that you should be aware because they are probably going to stick it to you BIG TIME on the back end. Which is exactly what this complaint started about as almostleaped was complaining that Leap was trying to make over $19, 000 off him/her when all was said and done. Mr. Condon, after reading this, do you still stand behind your statement that, "...we help people keep their cars and put them in a better situation"? How can that be considered a "better" situation?

Personally, I would much rather you charge me a small fee up front for your services rather than gouge me on the back end, but most people don't think about that and figure "outta sight outta mind" and you are obviously taking full advantage of the laziness of consumers. I would liken that to the mortgage fiasco where consumers were charged astronomical closing costs of 5% which ate up the equity of most of this country and has us in the position we're in now of not being able to pay for our cars.

No way I'll go near someone looking to profit so much in the end as that is unfair and you should be ashamed of yourself for hiding behind the "no obligation" spiel as that simply means your a crook in disguise.
A  16th of May, 2011 by    0 Votes
I am a current Leap customer and only recently starting researching the company when something fishy was brought to my attention which I will explain later.First let me tell you how I became a customer... I contacted Leap because I heard an advertisement on the radio. Recently hurt on the job and handicpped I contacted Leap Finance. The rep took my application, I was approved. I asked the rep (Luanne) o.k now I can start looking at cars right? She responded sure, "At the delearship we refer you to"...To my suprise there was only (1) in my entire state (red flag #1-Dealership in bed with the finance company) When I got to the dealership I was presented with a contract stating the car had to have a starter interrupter with gps attached to it. (red flag #2 violation of consumer privacy/scammer lender quick repo tactic ). My response to it all at the time was I shouldn't worry if the car is operatable and I plan on making the payments...(what a joke) .The great car I bought now has electrical issues due to the starter interrupter. It drains fuses and the lights have to constantly be replaced.The starter interrupter makes loud screeching noises during the payment grace period. I recently tried to trade the vehicle in and found out that only $100 out of the $490 payment goes towards the principle. It would take me over 10 years to pay off the car at that rate. They never send you detailed statementsto explain that what you are paying monthly is not going to car ownership but "ripoff fees".You'll never be able to trade in a car you financed with them because you'll forever be upside down on what its worth because of their outrageous fees. Donot finance with this company. You are better off riding the bus or taking a cab until your credit is better. Dont make the same mistake I did. They pride themselves on helping the ex-prime customer when only they a hustling peddalers giving you a shovel to digg your own debt grave.They dont care about you and you will never own any thing you finance with them.(Tim, Doug Brown, Luanne(Leap employees) your on my ### list penciled in red right next to the devil...God help us if this Company finds more customers like my dumb a*ss. I can truly say I "Leaped" into some b.s and drove off. I'm currently driving a bumper car controlled by Leap with shut off switch.Dont get scammed into being one of their puppets too...
A  16th of May, 2011 by    0 Votes
To: Leap Auto Employees and Tim Condon (Ceo)
These notes are true constructive critisim of what you have been providing your customers:
1.(Leap)"We know for sure that every day we help people keep their cars and put them in a better situation."
(Reality) You overcharge your customers everyday with outrageous fees placing them in a situation where they will never own what they are paying for. How can you possibly see a consumer riding in a financed rental car a better situation than giving them they keys to ownership?
Your auto loans agreements are similar to a 10 year Payday Loan. It is indeed a ripoff!
2.(Leap)"It is true that if you add up the lease payments they exceed what LEAP paid for the vehicle.The difference covers taxes, operating costs, credit losses, borrowing costs and profit."
(Reality) We all no thats b.s. The majority of it goes to profit! Your operating cost are next to nothing. The same (3) people answer the phones everytime a customer calls.LOL
3. (Leap) LEAP has taken no money from these customers.
(Reality) Are you kidding me? Knowing that you contract with ### dealerships, if the car is not in great shape your starter interrupter posses a great deal of trouble to the consumer pockets and your collateral. Did you even no that the majority of your customers have electrical issues with their vehicles???
4. (Leap)We will continue to work to improve our offers in a very difficult and risky market segment. We believe our program is valuable to people struggling in a difficult economy.
(Reality) Well heres a start at what you need to improve...
1.When you approve a customer let THEM choose what dealer they want to make a deal with
2. Offer payment books/detailed statements with what is due and the payoff balance monthly without your customer calling in geting the run around asking.
3. When a customer calls you to make payment arrangements disable your screeching starter interrupter until the newly arranged payment acceptance date.
4. Disclose to your customers that you will take there vehicle for not only non-payment but for non-insurance, residency or whaterver you feel like at your meetings.
5. Hire some More employees.Your cousins, brothers and sisters are not enough to mand the complaint lines.
6. Start offering your customers a referral to an Auto Repair shop in their area to check for starter interrupter mechanical problems at Leaps exspense. Smoke coming out of the ignition because your boxes are frying the fuses when your cutting on and off your switches is Not a good sign.
Most importantly...Stop the B.S. with these high a*ss Fees...Your hurting your customersnot helping!
A  23rd of Aug, 2011 by    0 Votes
We have been through and are going through the same thing now. It really sucks!
N  27th of Aug, 2011 by    0 Votes
Oh and I love Tim condon's comments on how they "settled" with the lender for less than what is owed so it saved the customer money. I guess he is the CEO but who knows... Total 100% pure ###. Lenders don't settle. The only time they will settle is if the account is in a loss status for many years and then they MIGHT settle. But if your car was just reposessed 99 out of 100 lenders won't settle at all. This company should be shut down. THEY ARE PURE BAIT AND SWITCH AT THE HIGHEST LEVEL
D  21st of Oct, 2011 by    +1 Votes
I don't think the commenters at being entirely fair. I don't work there but know some of the employees.

1. These companies are highly regulated. If you have a complaint, file it with the bbb and government. This is not a fly-by-night operation. these people have been in the business a long time, in major companies.

2. If it is soooooo profitable, why not go into the business and also get rich quick? Face it, You won't get rich easily, because at this level you are dealing with huge credit risk, and the big companies won't go near these customers. Even at the bottom of the bottom of the bottom of the barrel, the margins are pretty small when you consider the probability of default.

3. Read the contracts, even have a legal service do it for a fee. Know what you are getting into.

4. Perhaps most importantly, consider giving your ego a vacation and dump your expensive car for a $2000 junker until you are on solid footing again.
D  12th of Nov, 2011 by    0 Votes
The fact is... Purchase a new vehicle from a dealer. Finance it over 5 or 6 years. Add up your payments. Your 25000 vehicle becomes 45000 easily with finance charges and taxes. I am a repossessor, and have been for 20 years, and a clear understanding that I have come to is this... It's always the banks fault, and the consumer that has found themselves in the predicament they are in, is someone elses fault. If people have any sense, they should read the contracts provided by the finance company. If you don't like the terms, go somewhere else. Leap and other companies that are similiar to them, take a huge risk financing individuals that are defaulting on their existing loans already. Someone owes you money...they ask for more. What do you do? Not everyone that is facing the risk of repossession follow the same pattern. I agree that loss of job is a primary cause, as well as other factors that are unavoidable. It is easy to criticize when you see one side. Over and over again... Buyers remorse and individuals overextending themselves with payments that will never be made. Maybe these people should plan for a rainy day before tying their finances to a payment spanning 5 to 7 years. Better yet, instead of blaming everyone else for your misfortunes, surrender your vehicle back to the bank you already owe money to and failed to pay, and get a bus pass.
A  17th of Nov, 2011 by    -1 Votes
Stay away from THIS guys.I got myself in thee same predicament. My car was repoed, theey helped get it out for 8500 and wanted me to pay $19000 worthe of pmts(60).On top of theat, after thee lease, I would be required to pay an additional $4000 in order to own my car.I wish I could go back a year and a half from now.They lied to me as well about being able to trade in my car or refinance.I recently lost my job and due to unavoidable circumstance I fell behind, so I talked to thee customer service manager who seemed to try to want to work withe me but he turned on me.We had an agreement theat I would two pmts, one on 10/14/2011 and anotheer on thee 28the.I was able to acquire money to make thee first pmt on 10/15, I figured its thee weekend, I can make thee pmt Monday.He called me saturday afternoon, left a message but I wasn't able to return his call. Monday morning my car was GONE! I called and argued theat we had an arrangement but all he kept on saying was you should have called me back TOO BAD. I was not even 60days late. I was about 50 days. Making one pmt would dropped me 20days late.They don't have a grace period, theey put theat GPS interrupter device in your car. I just tried to get my car back and theey want over $2000.00 to get it back. my pmts were only 308 a monthe.They added fees I can't even explain and it keeps going up every single day, why? I don't know. This doesn't include thee daily storage fee of $10 a day at thee repo place and an additional monthely payment of 308 theey want me to pay. PLEASE DO NOT LEASE FROM LEAP AUTO. They may give a lower pmt which you could manage but you'll definitely have trouble trading in theat car and getting out of thee deal
D  8th of Dec, 2011 by    0 Votes
The ones that are upset about being ripped off, are the ones that didn't just miss a payment or 2, they are career debtors. Yes, there are some instances where someone is just in a situation due to disability or something uncontrolled. I can assure you, I have worked in the auto collections field for years. People buy cars they can't afford, they need a new car instead of a used car . People called in all day long, hundreds of loans trying to get extentions or arrangments. The bank helped these people, we would get them current and then it would start all over again 3 months later and they are calling due to they are in repo status again. WHY? They live beyond there means. Leap Auto is a service to those people. If you have worse then bad credit, you pay for it. My hats off to these peopleat Leap, I sure bet, there are people that have a car because of them. If you don't want to deal with companies that are for high risk credit. Then pay your bills. Ask yourself in the next 5 years can i pay for this car if i lost my job?? Or, just return the car you can't afford to the bank and take the bus. Instead of doing the right thing and turning in the car to the bank, the customer hides the car and makes it difficult for the agents to get it. HELLO...that is why they require a GPS in the vehicle. My final thought, Leap Auto is not begging you to take advantage of there offers, they are just giving you options whether you like it or not.
N  17th of Dec, 2011 by    +1 Votes
I work for a major automotive finance company. When our customers' vehicles are repossessed, Leap Auto Loans has the customer to call to negotiate a payoff for a lower amount. They expect our company to write off 15-30% of the remaining amount of the loan but the customer pays double for the car once Leap becomes the lender. In many cases, it is more beneficial for the customer just to pay the past due amount and repossession costs to get the vehicle back from the finance company. Many auto finance companies do have programs in place that allow customers to get their vehicles back after a repossession. Some state laws require auto lenders to reinstate the loan even after a second repossession. I would recommend that customers weigh all of their options before signing their life away to any kind of loan contract. With the primary lender, you already owe more than the vehicle is worth. Why drown deeper in debt if you don't have to? Many customers are able to refinance their loans with a credit union for a lower interest rate. Also, I can understand why Leap would want to protect/track its collateral but you're giving up your14th amendment rights (and paying $1000) to have a GPS tracking device installed to my car. So think before you commit to any loan agreement and read carefully before you sign. Good luck to any customer during these tough times.
N  17th of Jan, 2012 by    +1 Votes
My car was repossessed with me only owing $3500. I bought the car brand new and only had been paying on it for 5 years. My husband and I both had hours cut so we go behind. Leap helped me get my car back. Yes, the $3200 went to $8000 and it is stretched over a 24 month period. I can pay it off early and only end up paying about $5500 or $6000. I did notice on the contract that once the car is paid for, there is $2200 that has to be paid for me to own it. They did not tell me this. I found it when I went over the contract. The manager at Leap showed me that the $2200 was broken down over the 24 months. That is where some of the extra $4000 came from. These guys have to make money somehow and they are taking a huge risk with people that are in repossession. I would rather pay the extra money than to have a repossession on my record. Ive only had my car back for a few days so the first payment is not due yet. As of right now, I am pleased with Leap and their help. I pray that things go accordingly.
A  19th of Jan, 2012 by    +1 Votes
I'd rather not get into all the specifics, but I found this company and most of it's reps to be overly aggressive, pushy, and demanding for a business that is supposedly there to assist the public. Obviously they work on commission.
N  25th of Feb, 2012 by    0 Votes
I was told that they interrupt your car when they don't hear from you about your payment being late. They interrupt your car on the first of the month if you don't pay on time. I called a few times and made payment arrangements now all of a sudden you can't make payment arrangements. It's a rip off I feel they know people do have situations when they might be late and need to make payment arrangements I feel your car should be interruted when they don't hear from you at all. Customers who make their payments on time or stick to a payment arrangements they should be accommodated better I know they don't pay all their bills on time. They shouldn't lie to customers thats why they have a lot of negative feedback I do not recommend them to a dog.
N  7th of May, 2013 by    0 Votes
never ever do business with this company. You will end up paying (and this is no exaggeration) 30k for a 8000 car. The kill switch they put in the car messes up all your electronics as well. Everybody who works there is a former HSBC employee who knew NOTHING about lending and that is why HSBC IS not doing auto loans anymore. They lost their shirts in that business. Also, everyone who works there has swiss cheese credit just like the customers they bad mouth on the phone. You talk about a BOILER ROOM OPERATION-THIS IS IT. TIM CONDON AND CHARLES MARTINEZ ESPECIALLY. . THEY ARE POSTER CHILDREN FOR SHADY PREDATORY LENDERS WHO HAVE ### CREDIT THEMSELVES AND ZERO KNOWLEDGE ABOUT THE BUSINESS.

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