Product: Vehicle loan or lease

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, TX XXXX Date : XX/XX/XXXX To : Consumer Financial Protection Bureau ( CFPB ) XXXX XXXX XXXX XXXX XXXX XXXX DC XXXX XXXX : Formal Complaint Against XXXX and Carvana for Multiple Violations Dear Regulators, I, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX, TX XXXX XXXX am writing to formally file a complaint against XXXX and Carvana for several violations of federal laws and regulations. My concerns and the specific laws and regulations I believe have been violated against me are outlined below.

Background and Nature of the Complaint Upon entering a contract with Carvana in XXXXXXXX XXXX XXXXXXXX, followed by XXXX additional contracts in XXXX of XXXX, I encountered numerous discrepancies and non-compliant practices. The contracts involved different down payments and terms, indicating a need for more consistency and clarity in the contractual obligations. 

Violations Cited Violation of 15 U.S.C. 1692f ( 6 ) - Unfair Practices Related to Repossession Ambiguity in Default Date : The contract states, " If all or any portion of a payment is not paid within 15 days of its due date, a late fee of 5 % will be charged. '' This implies a grace period but fails to define when a default occurs, leading to ambiguity explicitly. Without a clear default date within the contract, it becomes challenging for the lender to determine the legal right to repossess the vehicle, potentially leading to premature or improper repossession.

Consequences of Late Payment : The clause specifies a late fee but does not detail other potential consequences, such as reporting to credit bureaus or initiating repossession. There is no indication of a cure period during which the default can be remedied by paying overdue amounts and fees.

Violation of SEC Regulations - Paragraph ( d ) of Item 1122 of Regulation AB Non-Compliance with Annual Compliance Assessment : According to SEC guidelines, services of asset-backed securities are required to conduct an annual compliance assessment. Carvana and XXXX have failed to demonstrate compliance with this regulation, as evidenced by the handling of my contracts and subsequent repossession. 



Violation of UCC Article 9-610 - Commercially Reasonable Sale of Repossessed Collateral Failure to Conduct a Commercially Reasonable Sale : The vehicle was repossessed, and I am contesting that Carvana/BridgeCrest did not conduct the sale commercially reasonably. This includes failing to evaluate the car 's market value to ensure it was sold fairly. I am requesting documentation to verify the market value assessment and the bill of sale post-repossession versus what is reported.

Requested Resolutions Given the violations above and the resulting impact on my credit and financial standing, I am requesting the following actions : Investigation : A thorough investigation by the CFPB and the SEC into the operations of Carvana and XXXX, particularly concerning their compliance with federal regulations and handling of my contracts. 

Credit Reporting Correction : The removal of the repossession entry from all major credit bureaus and agencies due to the improper handling and ambiguity surrounding the default date.

Financial Restitution : Any surplus funds resulting from the repossession and sale of the vehicle should be returned to me, as stipulated in the contract. Additionally, ensure that no improper finance charges are applied. 

Conclusion I urge the CFPB, SEC, to address these severe violations and ensure that Carvana and XXXX are held accountable for their actions. Their practices have caused me significant distress and financial harm, and I seek resolution and rectification through your intervention. Please review the XXXX different attached contracts. 

Thank you for your attention to this matter. I am available for any further information or clarification required. 

Sincerely, XXXX XXXX XXXX XXXX XXXX XXXX XXXX. 
XXXX XXXX XXXX XXXX, TX XXXX XXXX XXXX