Product: Vehicle loan or lease

Subject : Complaint Against Kia Finance for Violations of Regulation Z, Regulation V, UDAAP, and FDCPA Dear Sir/Madam, I am writing to file a formal complaint against Kia Finance regarding multiple violations of Regulation Z ( Truth in Lending Act ), Regulation V ( Fair Credit Reporting Act ), UDAAP ( Unfair, Deceptive, or Abusive Acts or Practices ), and potentially the Fair Debt Collection Practices Act ( FDCPA ). I believe that Kia Finance has engaged in unfair and deceptive practices, resulting in substantial harm and inconvenience to me as a consumer. The details of the complaint are as follows : Account Information : Lease Agreement Number : XXXX Lease Period : XX/XX/XXXX, to XX/XX/XXXX Failure to Provide Statements and Online Access : From XX/XX/XXXX to the current date, I have not received any monthly statements from Kia Finance, despite providing my updated mailing address multiple times. Online access to manage my account and make payments was also discontinued in XX/XX/XXXX. These actions violate Regulation Z. 

Inadequate Payoff Information, Delayed Responses, and Verbal Payoff Amounts : On the following dates, I contacted Kia Finance and the dealership to obtain the written payoff amount for my lease agreement : XX/XX/XXXX : Contacted Kia Finance for assistance with regaining online access and obtaining the payoff amount. 
XX/XX/XXXX : Contacted Kia Finance to inquire about the required payments while awaiting the payoff amount. 
XX/XX/XXXX : Contacted Kia Finance to obtain the written payoff amount after the dealership failed to provide it. Spoke with Kia finance customer service representative. 
XX/XX/XXXX : Made another attempt to obtain the written payoff amount from Kia Finance. 
XX/XX/XXXX : Contacted the dealership to request the written payoff amount. Spoke with Kia finance customer service representative. 
XX/XX/XXXX : Contacted the dealership for the written payoff amount, but no documents were received. Also contacted Kia Finance and discovered the account had entered collections without prior notice. Verbal payoff amounts were provided, and I was directed to work with the dealership. Spoke with Kia finance customer service representative from Kia Finance.

Entry into Collections and Incorrect Credit Reporting : Kia Finance placed my account into collections in XX/XX/XXXX without proper notice or attempts to resolve the matter. Delinquencies were reported from XX/XX/XXXX to the current date, negatively impacting my credit report. This action is in violation of Regulation Z, Regulation V, UDAAP, and potentially the FDCPA. 

Inability to Locate Account, Lack of Escalation, and Failed Resolutions : XX/XX/XXXX : Contacted Kia Finance and XXXX Kia of XXXX XXXX on four separate occasions to request an update on the situation. Calls were not returned. 
XX/XX/XXXX : My son visited XXXX Kia of XXXX XXXX to obtain the required documents but was unsuccessful. Contacted XXXX XXXX at the dealership, but received no response. 
XX/XX/XXXX : Contacted Kia Finance on two separate occasions but no changes or resolutions were offered. 
XX/XX/XXXX : Contacted by XXXX from XXXX Kia to assist with lease concerns, but since previous attempts were made, no further contact was received. 
XX/XX/XXXX : Contacted XXXX Kia of XXXX XXXX for assistance, but was directed back to XXXX Kia of XXXX XXXX, which had already failed to honor previous requests for the written payoff amount. 
XX/XX/XXXX : Contacted Kia Finance to have my son and XXXX, a sales representative from XXXX Kia, added as authorized users in an effort to facilitate resolution. 
XX/XX/XXXX : Attempted to find an escalation team at Kia Finance but received no assistance. 
XX/XX/XXXX : Spoke with XXXX from XXXX Kia XXXX XXXX after communication with XXXX. Confirmed that I would be the purchaser and scheduled a meeting at the dealership on XX/XX/XXXX, to finalize all required paperwork. 
XX/XX/XXXX : Arrived at the dealership with my son and XXXX, a sales representative. Contacted Kia Finance to obtain the payoff information, but due to timing, no resolution could be reached. 
XX/XX/XXXX : Continued attempts were made to obtain the requested information from Kia Finance through XXXX, but no progress was made. 


Furthermore, I suspect that there may be a violation of the Consumer Leasing Act ( CLA ) in this case. The CLA imposes specific requirements and disclosures on lessors in consumer lease agreements, including motor vehicle leases. Upon review of the lease agreement and the actions taken by Kia Finance, I have identified potential discrepancies and noncompliance with the CLA 's provisions. These include but are not limited to : Failure to provide accurate and complete disclosures : Throughout the lease period, I have encountered difficulties in obtaining the written payoff amount, essential documentation, and clear information about my rights and options as a lessee, including any early lease payout options. 

Lack of transparency regarding fees and charges : I have not received comprehensive information about the breakdown of fees and charges associated with the lease, making it challenging to assess the accuracy and fairness of the financial obligations imposed on me. 

Inadequate provision of lease-end options : Despite expressing my intention to exercise the early lease payout option, I have faced significant obstacles in obtaining the necessary documentation and information to complete the purchase of the leased vehicle. 

Explanation of Applicable Regulations : The violations outlined in my complaint are in direct contravention of the following regulations : a ) Regulation Z ( Truth in Lending Act ) : Kia Finance 's failure to provide accurate and timely statements, discontinuation of online access without proper notification, and failure to provide the written payoff amount violate Regulation Z. This regulation ensures that consumers receive clear and accurate information about the terms and conditions of their lease agreements, including statements and payoff information. 

b ) Regulation V ( Fair Credit Reporting Act ) : The negative credit reporting by Kia Finance, resulting in impacts on available loan rates, is a violation of Regulation V. This regulation requires accurate and fair reporting of consumer credit information. The incorrect credit reporting from XX/XX/XXXX to the current date has had a detrimental effect on my creditworthiness and loan eligibility. 

c ) UDAAP ( Unfair, Deceptive, or Abusive Acts or Practices ) : The actions of Kia Finance, including their failure to provide the written payoff amount, inadequate responses, entry into collections without proper notice, and the lack of escalation or resolution options, constitute unfair and deceptive acts or practices under UDAAP. This regulation protects consumers from harmful and misleading practices by financial institutions.

d ) Consumer Leasing Act ( CLA ) : Based on the recent updates provided, it is apparent that the Consumer Leasing Act ( CLA ) may also be applicable to this complaint. The CLA sets specific requirements and disclosures for lessors in consumer lease agreements, including motor vehicle leases. Kia Finance 's failure to provide accurate and complete disclosures, lack of transparency regarding fees and charges, and inadequate provision of lease-end options may be potential violations of the CLA. These violations undermine the purpose of the CLA, which is to ensure fair and transparent practices in consumer lease transactions.