Consumer complaint received 2021-03-02
Company: General Motors Financial Company, Inc.
State: DC
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:
On XXXX XXXX I signed a " promissory note '' to get a " loan '' from GM Financial. However was not disclosed full details of the consumer credit transaction and how the transaction would be fulfilled. In addition there was no consideration given for the promissory note that was recorded on the companys books. The vehicle was also repossessed which is illegal as the the property was not the companies to have re-possessed as it was never In their possession. We had to pay almost XXXX dollars I XXXX XXXX XXXX, natural person, living man and original creditor was not given full disclosure on the consumer credit transaction. GM FINANCIAL is not the original creditor and that is false and misleading per the FDCPA. GM Financial did not disclose their initial relationship with the dealership that would bring a natural person into commerce. GM FINANCIAL did not disclose that upon the consumer providing their social security number ( credit card ) per the Truth in Lending Act and subject to 18USC 8, by the cardholder ( XXXX XXXX XXXX ) that the consumer who is the ORIGINAL CREDITOR in the consumer credit transaction, credit would be used by the dealership and the financial institutions to obtain a Loan from the federal reserve bank ( 12 USC 1431 ) in the consumers name ( identity theft ) and returned as if anything of value was provided in consideration by GM FINANCIAL. I am requesting validation of debt per 15 USC 1692g. In addition GM FINANCIAL is a debt collector per 15 USC 1692a ( 6 ). Debt Collector has thirty ( 30 ) days to properly and timely verify and validate the alleged account and debt as follows : a. Present all original account/loan level documentation from the original transacting parties containing verified signatures from all original transacting parties verified under oath and penalty of perjury to support your claim of indebtedness. Also please PROVIDE per the Generally Accepted Accounting Principles ( GAAP ) an audit trail of the aforementioned account. Lastly, There are other questions below that I would like answered point for point on a sworn affidavit. 


The first question is based on Federal Reserve Banking publications, by whom was the " loan '' funded I.e, who put an up ( asset ) to fund the loan and where did the funds ( I.e, cash, money, check ) come from? 

Second, provide full bookkeeping entries for account # XXXX created XXXX XXXX be explained in detail? And based on banking principles when the " note '' was signed and deposited to " create the funds '' an asset and liability was created to " balance the books, does that constitute as an exchange and settlement for the goods received, I.e, XXXX XXXX  vehicle? 

Please also note That the giving a ( federal reserve ) note does not constitute payment. See Echart v Commissioners C.C.A., 42 Fd2d 158. 

That the use of a ( federal reserve ) 'Note ' is only a promise to pay. See Fidelity Savings v Grimes, 131 P2d 894.

That Legal Tender ( federal reserve ) Notes are not good and lawful money of the United States. See Rains v State, 226 S.W. 189.

Company response to consumer: Closed with explanation