Consumer complaint received 2023-08-12
Company: Mercedes Benz Financial Services
State: NJ
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Problems at the end of the loan or lease
Sub-issue: Problem while selling or giving up the vehicle

Complaint:
I am writing this letter to express my concern about the unfair and deceptive practices of Mercedes-Benz Financial Services . As a dedicated patron of Mercedes-Benz since XXXX I have always been impressed with the company 's commitment to excellence. However, my recent interactions with Mercedes-Benz Financial Services have been anything but excellent. 

In particular, I am troubled by the following : Misreporting of trade-in credit : When I purchased my current Mercedes-Benz, I was assured that I would receive due credit for my trade-in vehicle. However, this credit has not been accurately reflected in my financial records. This has resulted in an undue financial burden and an inaccurate representation of my financial standing. 
Undisclosed cash down payment : I also made a cash down payment of {$5000.00} at the time of purchase. This substantial contribution was made in good faith, with the expectation that it would be properly acknowledged and reflected in my financial arrangements. However, the absence of this acknowledgment has further contributed to the existing confusion and imbalance in my financial records. 
Credit score impact without justification : Despite having a commendable credit score, I have been unjustly penalized with a negative credit score impact. This adverse consequence has transpired before the payment due date, a violation of ethical practices and a detriment to my overall financial stability. 
These actions on the part of Mercedes-Benz Financial Services are not only unfair and deceptive, but they also violate several consumer protection laws, including : The Consumer Financial Protection Act ( CFPA ) : The CFPA guarantees consumers the right to accurate and clear information regarding their financial agreements. Mercedes-Benz Financial Services has failed to provide me with this information, which has caused me financial harm. 
The Fair Credit Reporting Act ( FCRA ) : The FCRA mandates that creditors report accurate information to credit bureaus. Mercedes-Benz Financial Services has failed to do this, which has resulted in a negative impact on my credit score. 
The Equal Credit Opportunity Act ( ECOA ) : The ECOA prohibits creditors from discriminating against borrowers on the basis of race, color, national origin, sex, marital status, age, or because they receive income from a public assistance program. Mercedes-Benz Financial Services has discriminated against me by failing to provide me with the same level of service as other borrowers. 
I am requesting that the Consumer Financial Protection Bureau investigate my complaint and take appropriate action to hold Mercedes-Benz Financial Services accountable for its unfair and deceptive practices. I also request that the Bureau take steps to ensure that Mercedes-Benz Financial Services complies with all applicable consumer protection laws in the future. 

Thank you for your time and consideration.

Company response to consumer: Closed with explanation