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Q: charged off in error ( Answered 5 out of 5 stars,   0 Comments )
Subject: charged off in error
Category: Business and Money > Finance
Asked by: praise3-ga
List Price: $2.00
Posted: 04 Jun 2003 07:36 PDT
Expires: 04 Jul 2003 07:36 PDT
Question ID: 212936
I am trying to locate where Mecrury Finance Company has transferred
their accounts to. I had a car financed through them and settled my
account. Now on my credit report it is showing as a charge off. They
where located at 555 lockerman St in Dover Delaware or 291
independence blvd in Virginia Beach, Va.The numbers I ahve are
Subject: Re: charged off in error
Answered By: sgtcory-ga on 04 Jun 2003 08:58 PDT
Rated:5 out of 5 stars
Hello praise3,

Great question. This company seems to have seen it's share of
ownership and scandal. Here is what I was able to find :

Originally they were known as Mercury Finance Company but they changed
their name to MFN Financial Corporation while restructuring a
bankruptcy :

Then it gets a little more complicated :

"It sold its consumer installment loan portfolio to First Tower
Corporation to consolidate operations and emerged from Chapter 11. The
company was then bought by rival subprime auto financier Consumer
Portfolio Services.",2982,10987,00.html

Your account must have been handed over Consumer Portfolio Services,
as I found a few sources that state the installment loans sold to
First Tower were non-auto related. Here is the information for
Consumer Portfolio Services :

Consumer Portfolio Services
Website :
Address : Consumer Portfolio Services
          16355 Laguna Canyon Road
          Irvine, CA 92618 USA
More    :

You will definitely be interested in reading these articles :

"Represented Mercury Finance Company in more than 60 class action and
derivative lawsuits filed against Mercury arising from various alleged
accounting irregularities.  These cases were ultimately consolidated
and settled in conjunction with Mercury's reorganization plan...."

To assist with this answer I searched using Google for:

Mercury Finance Company

Should you need further clarification, please do not hesitate to ask.
Thanks for the question -

praise3-ga rated this answer:5 out of 5 stars
Great research

There are no comments at this time.

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