Consumer complaint received 2022-01-21
Company: Santander Consumer USA Holdings Inc.
State: AZ
Product: Money transfer, virtual currency, or money service
Sub-product: Money order
Issue: Problem with customer service

Complaint:
I have noticed several billing errors in the Truth-in-Lending disclosures section of the Retail Installment Contract and Security Agreement. The first one being the number of payments as well as the number of payments seems to be inaccurate on the Payment Schedule. 16 CFR 433.1 ( d ) which describes a purchase money loan in regards to the truth in lending disclosure is defined as : A cash advance which is received in return for a finance charge within the meaning of the truth in lending act and regulation z, which is applied, in whole or substantial part, to purchase of goods or services from a seller who ( 1 ) refers consumes to the creditor or ( 2 ) is affiliated with the creditor by common control, contract, or business arrangement. Under regulation Z also known as truth-in-lending the itemization of payments should mirror the finance charge amount as it is the dollar amount the credit will cost me. The next billing error is the down payment on the itemization of amount financed. The {$7800.00} cash payment placed under section f which references Net trade-in ( d-e ; if negative enter {$1500.00} here and enter the amount on line m ). Is in violation of 7 CFR 1436.10 ( c ) The down payment may not include any trade-in, discount, rebate, credit, deferred payment, post-dated check, or promissory note to the supplier or contractor. The next billing error can be seen on the amount of credit provided to me or on my behalf. There is no authorized representative other than the appointed attorney-in-fact by the consumer to receive any credits on behalf of the consumer. I am demanding additional clarification including documentary evidence of the procedures used to come up with these itemized amounts in accordance with Generally Accepted Accounting Principles ( GAAP ). These billing errors may be assumed to be a willfully intent on misleading and or deceiving the consumer of the character/ amount of any debt 15 U.S.C . 1692e. All debt obligations and securities are owed to the United States 18 U.S.C 8. Do NOT hinder nor delay the delivery of the consumer goods associated with the transaction.

the term " the term payment ( i ) means a payment that is ( I ) made to further the commercial development of oil, natural gas, or minerals ; 15 USC sec 78m ( q ) ( 1 ) ( C ). while A " coupon means a form which may be redeemed, at no cost or at a reduced cost, '' I am yet to receive the redemption to my account in the form of credits. 
Santander clearly states, To receive proper credit simply complete the amount of your payment in the Total Amount Enclosed payment field and other amounts you are sending to be applied to your account. such as Additional payment ( if applicable ). 
Please make checks payable to Santander Consumer USA Indicate amount paid in Total Amount Enclosed payment field below. 
Print and mail coupon to : Santander Consumer USA XXXX XXXX XXXX, XXXX, TX XXXX '' which is the incorrect address, noted by Santander Agent via phone. and is actually the XXXX  Address.

Company response to consumer: Closed with explanation