Consumer complaint received 2021-10-14
Company: AUTOMOTIVE CREDIT CORPORATION
State: FL
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
On XX/XX/ I entered into a consumer credit transaction with ACC. ACC produced an illegitimate contract as they have violated the TILA. As defined under the TILA 15 USC 1605 ( a ), the finance charge is determined as the sum of all charges, payable directly or indirectly by the person to whom the credit is extended and does not include charges of a type payable in a cash transaction. ACC states on its contract that the finance charge is The dollar amount the credit will cost you, which is false, misleading, and a violation to my consumer rights. ACC included a down payment of {$5000.00} which is also a violation. As stated under the TILA, Charges which are included in the finance charge, but were not, are as follows : ( 1 ) Interest, time price differential, and any amount payable under a point, discount, or other system or additional charges. ACC did not include the interest in the finance charge which is a violation. Section ( c ) also states charges or premiums for insurance shall be included in the finance charge unless a clear and specific statement in writing is furnished by the creditor to the person to whom the credit is extended, setting forth the cost of the insurance if obtained from or through the creditor, and stating that the person to whom the credit is extended may choose the person through which the insurance is to be obtained. ACC did not include my insurance in the finance charge and did not disclose the option to obtain the insurance of my choice through them which is a violation. Per 15 USC 1631 ( a ) a creditor or lessor shall disclose to the person who is obligated on a consumer lease or a consumer credit transaction the information required under this subchapter. Per 15 USC 1635 ( a ) In the case of any consumer credit transaction the obligor has the right to rescind the transaction until midnight of the third business day following the consummation of the transaction. XXXX stated there is no Cool Off Period and I can not cancel this consumer credit transaction. ACC did not disclose my right of rescission which is a violation. These are just a few violations under the TILA backed up with evidence that was provided to ACC. Per 15 USC 1611, Whoever willfully and knowingly ( 1 ) gives false or inaccurate information or ( 3 ) fails to comply with any requirement imposed under this subchapter, shall be fined or imprisoned, or both. I have tried to settle with ACC, sending them an Affidavit of Truth stating a few of the violations under the TILA and an invoice for violations. They disregarded my request and stated they did not breach their contract. Due to violations ACCs contract is null and void and they have been collecting on this alleged debt after receiving a request for validation. On XX/XX/ ACC received my second attempt to settle before taking legal action.

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