Information, observations, and analysis from the James River valley on the Northern Plains-----
E-Mail: Enter 'Beacon' in subject box. Send to: Minnekota@Referencedesk.org
Erin, who is a consumer advocate, provides some details on who she finds the good guys and bad guys in the Dan Nelson Auto Group-MetaBank fiasco. She finds that some above-board financial institutions were victimized as much as private consumers by the modus operandi of the Nelson Group and MetaBank. We post her response to the post below up front so that consumers get a fuller perspective on what this scandal is all about. dln
I'd like to provide some details and background information on the South Dakota Attorney General's agreement with FSB.
The most important fact is that FSB, a company based in Arlington Texas has no legal obligation to make any deals that help consumers. FSB is another victim of DNA/SDAC/Metabank, and the press release makes reference to the lawsuit FSB filed against Dan Nelson in May. They purchased 1100 contracts from DNA/SDAC over the past year and a half.They're just now learning about the fact that the loans they purchased from the consumer loan portfolio, which Metabank allowed Dan Nelson to borrow against, have been "edited", and many of these loans are either inactive or in default.
The documents they looked at prior to purchase, indicated the loans were current. However, these loans were continually "edited", with the full knowledge of Metabank to make it appear that payments had been made. In fact, they hadn't been made for some time(321 days for example). In spite of DNA/SDAC/Metabank's criminal actions related to the loans, FSB has taken the high road and decided to try and make things as right as they possibly can for the customers.
Steve Burke, FSB's CEO has been working with me on individual customer's issues for about a month, and prior to that, FSB had already lowered interest rates, paid repair bills, forgave any past due payments, approved lower pay-offs for customers trying to get financing on a different vehicle. They have been completely open to any other ideas that would make it better for the customers, even it meant FSB's loss.
Mr.Burke has answered all of my calls and has backed up all of FSB's promises, and even beyond if necessary. He has been personally involved and participated in the resolution of the problems himself. He doesn't have to use "Paid Liars", to do the job, or more acurately to hide behind.What you need to know is that Metabank's partnership with DNA/SDAC has victimized these large companies as well as the consumers. [Emphasis the editor's.]
I resent anyone attempting to show any appearance of impropriety on the part of FSB in this particular situation, because they were hoodwinked by the Used Car Mafia/Metabank.
I want to inform the public about the fact that Metabank is not a victim, but a victimizer. I have some questions regarding Security National Bank in Sioux City who is the largest holder of Metabank's stock. Metabank recently paid out dividends, according to a press release. The criminals are still robbing and paying themselves as usual. I also read about the Robbers of Other Banks, Metabank's charity barbeques in Iowa and South Dakota. Go to their website, if you can stomach it, and get the details.
Hey idiots(Tyler and Jim Haahr) didn't your mother tell you charity begins where you live? Take care of the critically wounded consumers whose injuries are the result of your disregard for the law. Maybe some of us should attend your next barbeque which takes place tonight in Sac City, Iowa(check Metabank's website) or next week in Laurens, Iowa? There are also some of these charity barbeques in South Dakota, on the calender if anyone wants to contribute "something" to the assholes in charge mortally injuring consumers.