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M & M Funding in Colorado Springs, CO
M&M Funding is a Colorado Springs-based auto lender offering car financing with high interest rates (20-25%) and reportedly inconsistent credit reporting practices.
Data compiled from public sources · Rating from CreditDoc methodology
M & M Funding Review
M&M Funding operates as an auto financing company based in Colorado Springs, Colorado at 1793 S 8th Street. According to available information, they specialize in vehicle financing for customers who may have difficulty obtaining traditional auto loans, including financing for older vehicles (7-9 years old). The company can be reached at 719-632-5281.
The company offers car loans and auto financing products. They appear to market themselves to subprime borrowers and those with limited financing options, positioning themselves as willing to finance vehicles that traditional lenders may decline. Their stated business model involves providing credit to customers with challenged credit histories or limited conventional lending access.
M&M Funding distinguishes itself through willingness to finance older model vehicles and customers with poor credit. However, the WalletHub review data suggests they may operate with less transparency than mainstream lenders, with customer reports indicating selective service practices favoring previous customers or referrals.
The company currently maintains a 1.3/5 star rating on WalletHub based on 4 verified reviews, all of which are negative. Major complaints include: extremely high interest rates (20-25% APR), failure to report loans to credit bureaus after initial funding, potential fraudulent practices related to vehicle defects and service plans, and alleged discrimination in lending decisions. These factual complaints suggest significant consumer protection and transparency concerns that prospective borrowers should carefully consider before engaging with this lender.
Services & Features
Auto financing for used vehicles
Car loans for 7-9 year old vehicles
Financing for customers with poor credit history
Same-day or rapid funding for approved loans
Subprime auto lending
Feature Checklist
Mobile App
Online Portal
Score Tracking
Credit Education
Personal Advisor
Identity Theft Protection
Pros & Cons
Pros
- Willing to finance vehicles 7-9 years old when traditional lenders decline
- Serves subprime borrowers with limited conventional lending options
- Local Colorado Springs operation with phone support available
- May offer same-day or quick funding for approved applicants
- Operates dedicated auto financing product line
Cons
- Extremely high interest rates between 20-25% APR on vehicle loans
- Inconsistent credit reporting to bureaus despite initial funding
- Customer reports of selective lending favoring previous customers over new applicants
- Multiple verified complaints about vehicle condition disclosure and fraudulent service plan practices
- 1.3/5 star rating with 100% of written reviews being one-star ratings expressing serious concerns
Rating Breakdown
Value 5.0
Effectiveness 3.0
Customer Service 3.7
Transparency 3.5
Ease of Use 3.9
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Frequently Asked Questions
Is M & M Funding legitimate?
Yes. M & M Funding is a registered company, headquartered in 1793 S 8th St, Colorado Springs, CO 80905.
Quick Facts
- Headquarters
- 1793 S 8th St, Colorado Springs, CO 80905
- BBB Accredited
- No
- Starting Price
- Contact provider
- Setup Fee
- None
- Money-Back Guarantee
- No
CreditDoc Diagnosis
Doctor's Verdict on M & M Funding
M&M Funding is best suited only for subprime borrowers with very poor credit who have exhausted all other lending options and can tolerate 20-25% APR rates. The critical caveat: multiple verified customer complaints indicate potential non-reporting of loans to credit bureaus, selective lending practices, and fraudulent activity related to vehicle condition disclosure—making this a high-risk lender that warrants extensive verification and legal review before engagement.
Best For
- Borrowers with very poor credit unable to qualify for traditional auto loans
- Individuals needing immediate vehicle financing despite risk tolerance for high rates
- Subprime auto buyers who've been rejected by mainstream lenders and credit unions
Updated 2026-04-29
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Read guide →Financial Terms Explained (10 terms)
New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
Interest & Rates
APR — Annual Percentage Rate
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Why it matters
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
Compound Interest
Interest calculated on both the original amount borrowed AND the interest that's already been added. It's 'interest on interest' — and it makes debt grow faster than you'd expect.
Why it matters
Credit cards and many loans use compound interest. If you only make minimum payments, compound interest is why a $3,000 balance can take 15 years to pay off.
Example
You owe $1,000 at 20% annual interest compounded monthly. After month 1 you owe $1,016.67. Month 2, interest is charged on $1,016.67 (not $1,000), so you owe $1,033.61. After 1 year without payments: $1,219.
MAPR — Military Annual Percentage Rate
A special APR calculation used for military servicemembers that includes ALL costs — fees, insurance, and add-ons — capped at 36% by federal law.
Why it matters
The Military Lending Act protects active-duty servicemembers and their families from predatory lending. Any lender charging above 36% MAPR to military is breaking federal law.
Example
A payday lender charges a $15 fee per $100 borrowed for 2 weeks. For civilians, that's technically legal in some states. For military: that works out to 391% MAPR — illegal under the MLA.
Usury Rate — Usury Rate (Interest Rate Cap)
The maximum interest rate a lender can legally charge in a particular state. Charging above this rate is called 'usury' and is illegal.
Why it matters
Usury laws are your main legal protection against predatory interest rates. But beware: some states have weak or no usury caps, and federal banks can sometimes override state limits.
Example
New York caps interest at 16% for most consumer loans (25% is criminal usury). If a lender tries to charge you 30% in NY, that loan is unenforceable — you could fight it in court.
How Loans Work
Collateral — Loan Collateral
An asset you pledge to the lender as security for a loan. If you stop paying, the lender can seize and sell that asset to recover their money.
Why it matters
Secured loans (with collateral) have lower interest rates because the lender has less risk. But you could lose your home, car, or savings if you default.
Example
A mortgage uses your house as collateral. A car loan uses your vehicle. A title loan uses your car title. If you miss payments, the lender can foreclose or repossess.
Fees & Costs
Late Fee — Late Payment Fee
A charge added to your account when you miss a payment deadline. Most credit cards charge $29-$41 per late payment, and many loans have similar penalties.
Why it matters
The fee itself hurts, but the real damage is to your credit score. A payment 30+ days late stays on your credit report for 7 years and can drop your score 60-110 points.
Example
Your credit card payment of $150 is due March 1. You pay on March 18. The bank charges a $39 late fee. If it's 30+ days late, it gets reported to credit bureaus and your 760 score drops to 670.
NSF Fee — Non-Sufficient Funds Fee
A fee your bank charges when a payment bounces because there isn't enough money in your account. Also called a 'bounced check fee' or 'returned payment fee.'
Why it matters
NSF fees hit you twice — your bank charges you AND the company you were trying to pay may charge their own returned payment fee. That's $50-70 for one missed payment.
Example
Your auto-pay tries to pull $350 for rent, but you only have $280 in checking. Your bank charges $35 NSF fee. Your landlord charges $25 returned payment fee. Total damage: $60 in fees.
Legal Terms
Usury — Usury (Illegal Interest)
The practice of charging interest rates higher than what the law allows. Usury laws set state-specific caps on how much lenders can charge.
Why it matters
If a lender charges usurious rates, the loan may be void, penalties can be reduced, or you may be entitled to damages. Know your state's limits.
Example
Your state caps consumer loans at 24% APR. An online lender charges you 36%. That loan may be unenforceable, and you might only need to repay the principal — no interest or fees.
Credit Cards
Cash Advance — Credit Card Cash Advance
Using your credit card to get cash from an ATM or bank. It's one of the most expensive ways to borrow — higher interest rate, immediate interest accrual (no grace period), and an upfront fee.
Why it matters
Cash advances are a debt trap: 25-30% APR with no grace period plus a 3-5% fee. Interest starts the second you withdraw, not at the end of the billing cycle.
Example
You take a $500 cash advance. Fee: $25 (5%). Interest: 28% APR starting immediately. After 30 days, you owe $536.67. After 6 months of minimum payments, you've paid $85 in interest on $500.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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