Consumer complaint received 2022-11-23
Company: Lendbuzz Inc.
State: NC
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
Good afternoon XXXX XXXX, I hope this email finds you well. I come to you in honor and in good faith about several written correspondence I have sent to your offices, addressing my dispute and concerns regarding the transaction between I XXXX XXXX, and the creditor/dealer XXXXXXXX XXXX XXXX XXXXXXXX. I am aware that XXXX XXXX entered and completed a consumer credit transaction by signing a credit application which created the promissory note, but was told his credit is marginal, then signed over 20 pages of documents prepared by the dealer/creditor. Among the papers signed are a buyer 's order, a yo-yo form and a RISC - ( Retail Installment Sales Contract ) which contains a " Seller 's Right to Cancel '' Regardless of the euphemism, such forms and provisions are flatly illegal contrary to ; TILA, the FCRA, The ECOA and UDAP. Such deceptive actions mislead XXXX XXXX to accept draconian credit terms. Furthermore, The consummation of the transaction was completed the moment I completed the application and the dealer received full compensation based on the value of said NOTE/APPLICATION. 

XXXX XXXXXXXX XXXX XXXXXXXX and XXXX XXXX XXXX  Failed to make clear and full conspicuously disclosure of TILA is a violation of my rights. TILA requires sellers to adhere to its purpose whether they reside in Florida, Illinois, Virginia, or California, Any form or pre-printed provisions such as a " Sellers Right To Cancel '' which purports to disclaim the seller 's creditor status is illegal and is flatly deceptive, unfair, and unconscionable trade practices contrary to the public policy enacted by TILA. As the Supreme Court observed in Brooklyn Savings Bank v, O'neil, 324 U.S. 697,65 S.Ct. 900-01 ( 1945 ) : Lendbuzz has also lied to the CFPB in regards to my previous CFPB complaint by responding, and I quote " Lendbuzz Funding, LLC reviewed the account to investigate the complaint. After review it was determined that the loan was appropriately provided. We then contacted the customer to see if we could resolve his concerns. The customer stated that he wanted to remove our security interest from the loan, which we could not do. We offered the customer alternate solutions, which he rejected. We will continue to work with the customer. '' I have reviewed all the extra documents ( RISC - Retail Installment Sales Contract ) and the Security agreement which was described as a consumer credit transaction given to XXXX XXXX to sign, which was then assigned to LendBuzz Funding LLC. Within these documents Lendbuzz Funding LLC has indicated numerous times they gave XXXX XXXX a LOAN, but according to the UCCC Section 3.301 ( 1 ) ( UNIFORM CONSUMER CREDIT CODE - XXXX ) The financing of an automobile by a bank was not a consumer loan transaction where the bank was only the assignee of the automobile sales contract and therefore acted illegally in taking security interest in addition to the purchased automobile. First nat. Bank Vs La Joie ( OKLA ) 537 P2d 1207, 86 ALR3rd 309. 

At no point in time have I asked Lendbuzz to release security interest in a LOAN which was not there from inception. I have demanded lendbuzz and The dealer to release my title that they are holding by extortionate means to have me pay for my property ( AUTOMOBILE ) more than once using yoyo forms Knowing that the dealer was the one who was given a loan after I, the consumer gave value to the dealer with the signed application and the RISC. The fact that I have been sending written correspondence since XX/XX/XXXX to both the dealer and the financial institution and neither has tried to resolve or respond to any of my disputes. I am left to assume that your company and representatives are in the business of fraud, coercion, racketeering, deception, trust fraud, taking advantage of innocent consumers, theft and misleading practices. Lendbuzz Funding LLC has repossessed my property without my consent which would be considered theft and damages to my personal property. 

The unlawful repossession of my property by Lendbuzz Funding has caused me major loss of wages, XXXX XXXX and stress. I have not received a notice in regard to me being in default or breach of contract or any form of notice of opportunity to cure such default according to federal and state laws. Furthermore there Is no contract between myself and Lendbuzz for my property. 
Myself on the other hand have received all return receipt slips showing proof that Lendbuzz Funding LLC and XXXX XXXXXXXX XXXX XXXX received and signed my affidavits of demands and all other exhibits.

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