Consumer complaint received 2023-05-06
Company: SANTANDER HOLDINGS USA, INC.
State: IL
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Changes in terms mid-deal or after closing

Complaint:
I am writing this complaint to seek remedy and resolution in a matter involving XXXX XXXX XXXX XXXX XXXX XXXX XXXX ( XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX ), and CHRYSLER CAPITAL ( XXXX XXXX XXXX XXXX XXXX, Tx XXXX ). On XX/XX/XXXX, I exercised my right to rescission as per 15 U.S. Code 1635, and in accordance with 12 CFR 1026.15 ( CFPB ) due to violations of the Truth in Lending Act ( TILA ) under 15 U.S. Code 1601 et seq committed by both parties. The consumer credit transaction that I am referring to is regarding a vehicle purchase agreement entered into by the following parties : myself, XXXX XXXX XXXX XXXX XXXX XXXX, and CHRYSLER CAPITAL, on XX/XX/XXXX, is in violation of the TILA due to unfair credit billing, misrepresentations, and failure to disclose necessary and accurate information in the Truth in Lending Disclosure portion of the contract clearly and conspicuously. 

On XX/XX/XXXX, as part of the financing process the purchase of a XXXX XXXX XXXX, I was led to believe that a trade-in value, as well as a down payment, was necessary to secure financing for the vehicle. However, upon reviewing the loan documents I realized that was not accurate. I also discovered that the TILA disclosure in the original retail installment contract is not accurate with the information that is being reported by the same creditor to the consumer reporting agencies, nor does the original contract accurately reflect, in a clear and conspicuous manner, the amount of payments, the number of payments, the total of payments, the amount financed, the finance charge, or the annual percentage rate. The down payment amount is not accurately reflected in the buyers order section of the contract and was misrepresented as a balance owed to the dealer, which resulted in a deceptively higher finance charge and annual percentage rate, and possibly the amount financed for the consumer while enriching Chrysler Capital and XXXX XXXX XXXX XXXX XXXX XXXX. These violations also occurred just days after a prior purchase agreement was cancelled between all parties after I was completely unsatisfied with the terms of that purchase agreement and the vehicle choice. This is a violation of Consumer Credit Protection Act under 15 U.S. Code Chapter 41. This is also a violation under 15 U.S. Code 1692 Fair Debt Collection Practices Act, and 15 U.S. Code 1611, and 15 U.S. Code 1640, 15 U.S. Code 1638, 15 U.S. Code 1637, and pursuant to 15 U.S.C. 1681 ( o ), 15 U.S. Code 1681 ( n ), 15 U.S. Code 1605, 15 U.S. Code 1606, and 18 U.S. Code Chapter 25. 
I am also acting on this claim in accordance with Illinois State law which states that I am entitled to file claim for damages for Truth in Lending Act violations, in which case that action has been taken within the one-year limitation required to file a claim for damages. 

On XX/XX/XXXX, I formally requested by certified mail, a validation of the debt and all original contracts and documents related to the transaction. However, I have not received any response, nor have I been provided with said documents or a copy of the original contract. Chrysler Capital has also failed to stop reporting the inaccurate information that has been disputed and has not been validated. They are in direct violation under 15 U.S. Code 1692 Fair Debt Collection Practices Act as well as The Fair Credit Reporting Act, which also states that I am entitled to file a claim for damages. 

I have submitted a total of two disputes on two separate occasions thus far with XXXX, XXXX, and XXXX regarding the inaccurate and unvalidated information that is being reported by Chrysler Capital on my consumer credit profile. I submitted the first dispute by mail on XX/XX/XXXX. I submitted the second dispute by mail to the credit reporting agencies on XX/XX/XXXX. All three of the XXXXredit Reporting agencies claim that both disputes thus far have been verified although there are clear and apparent discrepancies with the information be reported to their agencies. This is a direct violation of the Fair Credit Reporting Act as well as the Fair Debt Collection Practices Act, which also states that I am entitled to file a claim for damages. 

As per the TILA regulations, consumers have the right to rescind certain transactions that involve a lien on their principal dwelling within three business days after the transaction date. If the lender fails to provide the required disclosures, the consumer may have the right to rescind the transaction within three years. The rescission period may also be extended to three years if there are material TILA disclosures that are omitted or inaccurate. 

I have listed the TILA violations as well as other known violations that have been committed, and I am intending to seek the maximum amount of all damages and compensation allotted to me by law for every violation committed by both mention parties in regard to this consumer credit transaction, as well as legal expenses and fees incurred in pursuit of a resolution in this matter. 

1. Failure to disclose necessary and accurate information in the Truth in Lending Disclosure clearly and conspicuously in accordance with 12 CFR Part 226 Truth In Lending ( Regulation Z ), 15 U.S. Code 1601-Congressional Findings and Declaration of Purpose, Illinois Administrative Code Title 14. Commerce subtitle B. Consumer Protection Chapter 2. Attorney General Part 475.210, 15 U.S. Code Chapter 2, 15 U.S. Code 1606 Determination Annual Percentage Rate, 15 U.S. Code 1605 Determination of Finance Charge, 15 U.S. Code Subchapter 1 Consumer Credit Cost Disclosure, 15 U.S. Code Chapter 41- Consumer Credit Protection, 15 U.S. Code 1640 Civil Liability, 15 U.S. Code 1681 ( o ) - Civil Liability for Negligent Noncompliance, 15 U.S. Code 1681 ( n ) - Civil Liability For Willful Noncompliance , 15 U.S. Code 1611 -Criminal Liability for Willfulness and Knowing, 15 U.S. Code 1692 - Fair Debt Collection Practices Act, 15 U.S. Code 1637 Open End Consumer Credit Plans, 15 U.S. Code 1638 Transactions Other Than Open End Credit Plan, 15 1681 Fair Credit Reporting Act. 

2. Deviation from the Truth and Lending Act as pursuant to 12 CFR Part 226 Truth In Lending ( Regulation Z ), 15 U.S. Code 1601-Congressional Findings and Declaration of Purpose, Illinois Administrative Code Title 14. Commerce subtitle B. Consumer Protection Chapter 2. Attorney General Part 475.210, 15 U.S. Code Chapter 2, 15 U.S. Code 1606 Determination Annual Percentage Rate, 15 U.S. Code 1605 Determination of Finance Charge, 15 U.S. Code Subchapter 1 Consumer Credit Cost Disclosure, 15 U.S. Code Chapter 41- Consumer Credit Protection, 15 U.S. Code 1640 Civil Liability, 15 U.S. Code 1681 ( o ) - Civil Liability for Negligent Noncompliance, 15 U.S. Code 1681 ( n ) - Civil Liability For Willful Noncompliance , 15 U.S. Code 1611 -Criminal Liability for Willfulness and Knowing, 15 U.S. Code 1692 - Fair Debt Collection Practices Act, 15 U.S. Code 1637 Open End Consumer Credit Plans, 15 U.S. Code 1638 Transactions Other Than Open End Credit Plan, 15 1681 Fair Credit Reporting Act. 

3. Misrepresentation of the down payment amount in the Buyers Order as pursuant to 15 U.S. Code Subchapter 1 Consumer Credit Cost Disclosure, 15 U.S. Code Chapter 41- Consumer Credit Protection, 15 U.S. Code 1640 Civil Liability, 15 U.S. Code 1681 ( o ) - Civil Liability for Negligent Noncompliance, 15 U.S. Code 1681 ( n ) - Civil Liability For Willful Noncompliance , 15 U.S. Code 1611 -Criminal Liability for Willfulness and Knowing, 15 U.S. Code 1692 - Fair Debt Collection Practices Act, 15 U.S. Code 1637 Open End Consumer Credit Plans, and 15 U.S. Code 1638 Transactions Other Than Open End Credit Plan.

4. Reporting inaccurate information to the credit reporting agencies pursuant to 15 U.S. Code 1692 Fair Debt Collection Practices Act, and 15 1681 Fair Credit Reporting Act.

5. Violated my consumer rights by disregarding my request to have only one inquiry added to my credit profile in regard to this transaction, no matter whether I was approved or not. There is evidence that approximately 19 inquiries were added to the consumer credit report relating to this transaction. A host of these hard inquires took place months after the transaction and without my consent, which is a violation pursuant to 15 U.S. Code 1601, 15 U.S. Code Subchapter 1 Consumer Credit Cost Disclosure, 15 U.S. Code Chapter 41- Consumer Credit Protection, 15 U.S. Code 1640 Civil Liability, 15 U.S. Code 1681 ( o ) - Civil Liability for Negligent Noncompliance, 15 U.S. Code 1681 ( n ) - Civil Liability For Willful Noncompliance , 15 U.S. Code 1611 -Criminal Liability for Willfulness and Knowing, 15 U.S. Code 1692 - Fair Debt Collection Practices Act, 15 U.S. Code 1637 Open End Consumer Credit Plans, and 15 U.S. Code 1638 Transactions Other Than Open End Credit Plan, 15 1681 Fair Credit Reporting Act.

6. Other violations not listed in the list above have been documented throughout this notice with respect to the laws that correspond with said violations.

This is a communication and is intended to affect an out-of-court settlement of this matter within 20 days of the mailing date of the notice of right to rescind the contract. This section is also in accordance with 15 U.S. Code 1635 ( b ), 15 U.S. Code 1635 ( g ), and 15 U.S. Code 1640. To remedy this matter in an out-of-court settlement, I am willing to except the following terms : 1. Transfer of ownership and title to the consumer for the XXXX XXXX XXXX, free and clear of any liens and/or other holdings, no later than 20 days after the mailing date of the notice of rescission as pursuant to 15 U.S. Code 1635, 2. Recoupment of any and all payments made on the consumers behalf. Recoupment should be made payable to the consumer, no later than 20 days after the mailing date of the notice of rescission as pursuant to 15 U.S. Code 1635, 3. Total amount of the finance charge made payable to the consumer, no later than 20 days after the mailing date of the notice of rescission as pursuant to 15 U.S. Code 1635, 4. Compensation in the amount of {$25000.00} for the damages caused by these companies Made payable to the consumer because of this transaction, compensation for damages should be made payable to the consumer, no later than 20 days after the mailing date of the notice of rescission as pursuant to 15 U.S. Code 1635, As per all relevant laws in this notice, I am entitled to rescind the contract due to TILA violations, and XXXX XXXX XXXX XXXX XXXX XXXX XXXX and CHRYSLER CAPITAL are required to comply with the rescission. 

Furthermore, it is important to note that the Fair Credit Reporting Act ( FCRA ) requires that accurate information be reported by lenders to credit bureaus. Any reporting of inaccurate information will be considered a violation of the FCRA. 

I demand that both XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX and CHRYSLER CAPITAL confirm the process of rescinding the loan, as well as rescinding my signature from all contractual agreements in connection with this consumer credit transaction, in writing and provide any other information and remedy required to complete the rescission. 

I have advised both parties that any attempts to collect on the referred debt, mark it on my credit report, or pursue any litigation proceedings without responding to this letter or providing appropriate evidence of its validity will be considered violations of the Fair Debt Collection Practices Act ( FDCPA ), relevant Uniform Commercial Code, and all applicable FTC laws. 


I expect your prompt attention to this matter. Should any provisions or claims in this notice be found to not be enforceable by order of a court of competent jurisdiction, it shall not adversely affect any other provisions or claims included in this notice and reasonable opportunity and effort shall be taken to modify it to become enforceable. 



" Equality under the Law is PARAMOUNT and MANDATORY by Law '' NOTICE TO THE PRINCIPAL IS NOTICE TO THE AGENT NOTICE TO THE AGENT IS NOTICE TO THE PRINCIPAL Applicable to all successors and assigns

Company response to consumer: Closed with explanation