Product: Vehicle loan or lease

I am submitting this formal complaint against the sellers Carvana and XXXX regarding my auto financing contract as the debtor. After a thorough review, I have identified significant violations of federal and state laws, including the Truth in Lending Act ( TILA ), CFPB regulations, and Michigan state law. Below, I outline these violations in detail : Misrepresentation of Amount Financed ( 15 U.S.C. 1638 ( a ) ( 2 ) ( A ) ; 12 C.F.R. 1026.4 ) The contract included a down payment within the amount financed, which should have been disclosed as part of the finance charge, as required by TILA. Regulation Z ( 12 C.F.R. 1026.4 ) mandates that any finance charge must be clearly disclosed and separated from the amount financed to avoid misrepresentation.

Failure to Disclose Holder in Due Course ( 16 C.F.R. 433.2 ) The contract did not include a statement that Carvana, as the holder, is subject to all claims and defenses that I, as the consumer, could assert against the seller. This omission violates federal regulations designed to protect consumers from unfair practices. 

Incorrect Credit Reporting ( 15 U.S.C. 1681s-2 ( a ) ( 1 ) ( B ) ( ii ) ) The contract is inaccurately reported to credit bureaus as an auto loan. According to CFPB guidelines, a loan and a retail installment contract are distinct, and this misclassification constitutes reporting of false or inaccurate information.

Unclear and Unitemized Fees ( 15 U.S.C. 1601 et seq. ; 15 U.S.C. 1638 ) A {$270.00} registration fee was charged without a clear breakdown or explanation. TILA mandates clear and itemized disclosures of all fees associated with the contract, which were not provided in this instance.

Failure to Provide Right to Obtain Amount Financed ( 15 U.S.C. 1638 ( a ) ( 2 ) ( B ) ) The contract lacks a required statement informing me of my right to request an itemization of the amount financed. This omission constitutes non-compliance with TILA disclosure requirements. 

Insurance Charges Not Properly Disclosed ( 15 U.S.C. 1638 ) If insurance was a required condition of this financing agreement, it was neither included in the finance charge nor was an option provided for me to accept or waive the insurance. This violates TILA 's requirement for comprehensive and clear disclosure of loan terms.

Electronic Signature Consent Violations ( 15 U.S.C. 7001 et seq. ) I did not give explicit consent for the use of an electronic signature, nor was there a clear disclosure process explaining the terms of signing electronically. This omission violates federal electronic contract regulations that mandate transparent consent and disclosure. 

Failure to Identify the Creditor ( 15 U.S.C. 1638 ( a ) ( 1 ) ; 12 C.F.R. 1026.18 ( a ) ( 1 ) ) The contract does not clearly identify the creditor responsible for the disclosures. TILA requires that the creditor making the disclosures be properly identified, which did not occur in this agreement.

Non-Compliance with Michigan State Law ( MCL 455.853 ) The contract did not include the legally required legend, The seller retains a security interest in the subject matter of this agreement, printed in 10-point bold type. This oversight violates Michigan state requirements for secured contracts. 

Failure to Print Acknowledgment in Required Font Size ( MCL 445.853 ) The acknowledgment indicating that a copy of the contract was provided should have been printed in 10-point bold type. This was not done, violating Michigan state law governing consumer contracts.

Civil Liability : As the seller and holder of the contract, Carvana and XXXX are civilly liable for these violations. They have an obligation to uphold the law and ensure that their practices comply with federal and state regulations, and failure to do so has caused me significant harm. 

Requested Relief : Correction of Disclosures : Require Carvana and XXXX to provide corrected and legally compliant disclosures. 
Correct Reporting : Ensure accurate reporting of my account status to the credit bureaus. 
Monetary Damages : Award statutory and actual damages as allowed under 15 U.S.C. 1640, as well as any damages applicable under state law.

Injunctive Relief : Mandate that Carvana and XXXX implement corrective measures to prevent future non-compliance. 
Reimbursement : Refund of unclear and improperly disclosed charges. 
Compliance Assurance : Ongoing review and monitoring to ensure Carvana and XXXX meet all TILA, CFPB regulations, and state consumer protection laws in the future. 
I trust this complaint will be addressed with the seriousness it deserves, and I look forward to your prompt response.