Product: Vehicle loan or lease

I am writing to file a formal complaint against Hyundai Motor Finance regarding their unfair, deceptive, and abusive practices, which have caused me significant financial and emotional harm. Their actions not only violate my consumer rights but also reflect systemic misconduct that may be affecting other consumers as well. 

In support of my complaint, I would like to refer to the following U.S. Codes that govern unfair, deceptive, and abusive practices within the financial industry : 1. Fair Debt Collection Practices Act ( FDCPA ) - 15 U.S.C. 1692 et seq. 
[ Car Finance Company Name ] 's practices, including misleading payment demands and coercive tactics, may be in violation of the FDCPA. Under this act, debt collectors must provide clear information and refrain from using misleading or threatening tactics in their communications with consumers. The demand for large payments under threat of repossession and confusion about my payment status is in direct violation of these provisions. 


2. Truth in Lending Act ( TILA ) - 15 U.S.C. 1601 et seq. 
The failure to provide accurate and transparent information regarding the terms and status of my loan may constitute a violation of the Truth in Lending Act. The act requires clear and complete disclosures of loan terms, including payment options and any penalties.Hyundai Motor Finance has not provided the necessary documentation or full account reconciliation despite my requests. 


3. Consumer Financial Protection Act ( CFPA ) - 12 U.S.C. 5531 The Consumer Financial Protection Act mandates that financial institutions must refrain from engaging in unfair, deceptive, or abusive practices. I believe Hyundai Motor Finance has violated these provisions by failing to offer assistance when I was facing financial hardship, misrepresenting my payment options, and reporting inaccurate information on my credit files. 


4. Fair Credit Reporting Act ( FCRA ) - 15 U.S.C. 1681 et seq. 
Hyundai Motor Finance 's inaccurate reporting of my loan status across three different credit bureaus, despite my payments, is a violation of the Fair Credit Reporting Act. The FCRA requires that all information provided to credit bureaus be accurate, and I request an investigation into this reporting discrepancy. 


5. Breach of Contract U.S. Common Law ( General Contract Law ) By failing to work with me in good faith regarding my payment schedule and failing to provide clear documentation about the status of my loan, Hyundai Motor Finance has breached the original terms of our contract. Under U.S. common contract law, a partys failure to honor its contractual obligations constitutes a breach, and I seek the voiding of the charge-off status. 

Summary of Issues : 1. Misleading Payment Demands : I was instructed to pay {$3000.00} to retain my vehicle after being informed that it had been charged off. I made a payment of {$1500.00} upfront, followed by {$700.00} shortly thereafter. Despite these payments, I was told to pay an additional {$330.00} to bring my account current. After making all these payments, my account still shows an outstanding balance of {$1000.00} without any explanation or documentation to justify this amount. 

2. Failure to Provide Clear Account Reconciliation : Despite my repeated requests, [ Car Finance Company Name ] has failed to provide a clear breakdown of the charges, payments, and the current balance on my account. This lack of transparency has contributed to my confusion and frustration, particularly because I have made consistent efforts to meet the payment requirements. 

3. Deceptive Communication Practices : Hyundai Motor Finance claimed they did not have my updated phone number or address on file, despite me providing this information multiple times. Additionally, I did not receive any proactive communication or written notices from the company about my account status, repayment options, or potential solutions to avoid charge-off. 

4. Coercive and Abusive Tactics : Representatives from Hyundai Motor Finance frequently demanded large payments under the threat of repossession, even after I made substantial efforts to meet their terms. They created confusion by asking whether I still had possession of the vehicle while simultaneously claiming they wanted to help me retain it. 


Details of Phone Calls : On multiple occasions when I called Hyundai Motor Finance, their representatives first asked if I was still in possession of the vehicle before discussing any potential solutions or payment options. This question was always the first thing they asked during the call, even before they provided any clarity on my options to avoid repossession. This tactic not only caused confusion but also felt like a way to pressure me into believing I had limited options, even when I was attempting to make arrangements. 

5. Limited Options and Repo Status : Despite showing good faith by making payments of {$800.00} to {$1000.00} every other month, I was continually placed in " repo status. '' This left me with only one option : pay a large amount immediately or risk losing my car. On multiple occasions, I was forced to give them my last dollars, depriving me of the ability to pay for basic necessities. My landlord was forced to wait for rent payments as I had to prioritize paying Hyundai Motor Finance.Their demand for full payments at once, without offering a payment plan, left me behind in paying my phone, water, internet, and electricity bills. The company could have worked with me on more manageable payment options, such as lower monthly payments or a temporary deferment, but they chose not to, worsening my financial hardship. 

6. Violation of Consumer Rights through Forceful Practices : Hyundai Motor Finance not only violated my rights through deceptive tactics but also through forceful methods that put undue pressure on me. The company would consistently place me in a " repo status '' and demand full payments under the threat of repossession, leaving me no room for reasonable negotiation or payment plans. They forced me into an untenable position, demanding large lump-sum payments while I was struggling financially. These aggressive practices violated my rights by not allowing me the opportunity to recover from my situation or to make payments on terms I could afford. 

7. Breach of Contract : Hyundai Motor Finance failed to honor the terms of the original loan agreement by not providing clear and accurate information regarding my options. Although I was making regular payments of {$800.00} to {$1000.00} every other month, they chose not to offer any meaningful assistance, and instead misrepresented my payment requirements. I made a payment of {$1500.00} as requested, which I believe should have been sufficient to prevent the charge-off, but the company refused to work with me, leading to a breach of contract. As a result, my account was wrongfully charged off, and the breach of contract should nullify this charge-off status. 

8. Taxable Charge-Off at Year-End ( Violation of Tax Law and Financial Regulations ) : It appears that Hyundai Motor Finance may have charged off my account at the end of the year in order to use this for tax purposes. This practice appears to be a strategy to recover financial losses by writing off the debt as a taxable income at year-end while still attempting to recover the funds through continued collection efforts. The company is likely using this charge-off to create a tax benefit for themselves by reducing their taxable income for the year, which is a direct financial gain. This tactic is not only a financial disservice to me but could be affecting other consumers who may be unknowingly caught in this same cycle. The company 's decision to charge off the account without offering reasonable alternatives, such as lower payments or deferment, likely resulted in unnecessary financial distress, which should be investigated. 


9. Negative Impact on My Credit : The charge-off status of my account has caused significant damage to my credit. It has negatively impacted my credit score across three different credit bureaus, each reporting different information about my account. This inconsistency in reporting has made it extremely difficult for me to obtain financing for personal and business needs. 

Impact on Me : During this period, I faced severe financial hardships, including a period of homelessness, while working to repair and secure a new home. These personal challenges were made worse by Hyundai Motor Finances failure to assist me in good faith, exacerbating my emotional distress and further damaging my credit. The companys refusal to work with me despite my best efforts to resolve the situation has had lasting effects on my financial stability and my ability to secure future financing. 

Request for Assistance : I am seeking the CFPBs assistance in holding Hyundai Motor Finance accountable and ensuring they take the following actions : 1. Remove the Charge-Off Status : I request the charge-off be removed from my credit reports, as the companys deceptive and uncooperative actions directly contributed to the charge-off. I believe the payments I made, including the {$1500.00}, should have been sufficient to prevent the charge-off. 


2. Provide a Full Account Reconciliation : Hyundai Motor Finance should provide a full, itemized reconciliation of my account, including all payments, charges, penalties, and the current balance, as well as any discrepancies in their reporting. 

3. Compensation for Damaged Credit and Emotional Distress : I am requesting compensation for the financial harm and emotional distress caused by the damage to my credit and the unnecessary stress caused by their unfair practices. 


4. Address Breach of Contract : I am requesting that the breach of contract be acknowledged, and that the charge-off be reversed as a result of their failure to honor the original agreement. 

5. Investigate Taxable Charge-Off Practices : I ask the CFPB to investigate Hyundai Motor Finances practice of charging off the account at year-end for tax purposes, as this may constitute a violation of tax and financial reporting laws and could be negatively impacting multiple consumers. 

6. Offer Payment Options and Deferment : I request that Hyundai Motor Finance be required to offer more reasonable options for repayment, such as lower monthly payments, payment deferments, or other flexible plans that allow consumers to keep their vehicles while also managing their financial hardships. 

7. Consider a Class Action Lawsuit and Further Action : Given the nature of these systemic practices, I am considering a class action lawsuit to hold Hyundai Motor Finance accountable for their actions. I will not stop until a resolution is reached, and I am willing to take whatever legal steps are necessary to ensure that these unlawful practices cease, even if it means pursuing a legal remedy that leads to the shutdown of the company itself if warranted. If other consumers are similarly affected by these tactics, I will explore legal avenues to ensure justice is served. 


Thank you for your attention to this matter. I trust the CFPB will investigate these issues and take the necessary steps to protect consumers like myself from further harm. 

Sincerely, XXXX XXXX All calls are record...