Consumer complaint received 2022-08-25
Company: DriveTime
State: NJ
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Loan balance remaining after the vehicle is repossessed and sold

Complaint:
I opened an account with Drivetime/XXXX  on XX/XX/2019 First, I want to say that while negotiations went on at the drivetime location for the automobile that they committed fraud. The first would be by accepting a down payment and the second fraud would be not extended me insurance in which they should have because that comes within the finance charge. Per 15 USC 1605 a " finance charge '' is defined as Except as otherwise provided in this section, the amount of the finance charge in connection with any consumer credit transaction shall be determined as the sum of all charges, payable directly or indirectly by the person to whom the credit is extended and imposed directly or indirectly by the creditor as an incident to the extension of credit. The finance charge does not include charges of a type payable in a comparable cash transaction. The finance charge shall not include fees and amounts imposed by third party closing agents ( including settlement agents, attorneys, and escrow and title companies ) if the creditor does not require the imposition of the charges or the services provided and does not retain the charges. Examples of charges which are included in the finance charge include any of the following types of charges which are applicable : ( 1 ) Interest, time price differential, and any amount payable under a point, discount, or other system or additional charges. 
( 2 ) Service or carrying charge.

( 3 ) Loan fee, finders fee, or similar charge.

( 4 ) Fee for an investigation or credit report.

( 5 ) Premium or other charge for any guarantee or insurance protecting the creditor against the obligors default or other credit loss. 
( 6 ) Borrower-paid mortgage broker fees, including fees paid directly to the broker or the lender ( for delivery to the broker ) whether such fees are paid in cash or financed. 

The finance charge does not include charges of a type payable in a comparable cash transaction. ( Illegal acceptance of down payment ) by asking me for one and not telling me I didn't have to is unlawful.

( 5 ) Premium or other charge for any guarantee or insurance protecting the creditor against the obligors default or other credit loss. ( Didn't extend insurance to me ) Also, they continued to repo my car which was a non-judicial act it wasn't an order given by a judge. 
15 USC 1692F ( 6 ) Taking or threatening to take any nonjudicial action to effect dispossession or disablement of property if ( A ) there is no present right to possession of the property claimed as collateral through an enforceable security interest. 
( B ) there is no present intention to take possession of the property; or ( C ) the property is exempt by law from such dispossession or disablement. 

They also committed identity theft by giving my information to a tow company which is a third party per 15 USC 6802 ( a ) Notice requirements Except as otherwise provided in this subchapter, a financial institution may not, directly or through any affiliate, disclose to a nonaffiliated third party any nonpublic personal information, unless such financial institution provides or has provided to the consumer a notice that complies with section 6803 of this title.

( b ) Opt out ( 1 ) In general A financial institution may not disclose nonpublic personal information to a nonaffiliated third party unless ( A ) such financial institution clearly and conspicuously discloses to the consumer, in writing or in electronic form or other form permitted by the regulations prescribed under section 6804 of this title, that such information may be disclosed to such third party ; ( B ) the consumer is given the opportunity, before the time that such information is initially disclosed, to direct that such information not be disclosed to such third party ; and ( C ) the consumer is given an explanation of how the consumer can exercise that nondisclosure option. 

They never told me about the non disclosure option to exercise my rights to opt out and not share my information and bullied and caused me harm.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation