Consumer complaint received 2022-04-01
Company: CREDIT ACCEPTANCE CORPORATION
State: NY
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
TILA RESCISSION NOTICE
 

DATE SENT:XX/XX/XXXX

VIA CERTIFIED MAIL, RETURN RECEIPT REQUESTED XXXX


CREDIT ACCEPTANCE  
XXXX XXXX XXXX XXXX XXXX XXXX  

TO WHOM IT MAY CONCERN:

PURSUANT TO THE PROVISIONS OF THE TRUTH IN LENDING ACT (TILA), 15 U.S.C. SECTION 1635, I HEREBY RESCIND THE ABOVE-REFERENCED LOAN, DUE TO VIOLATIONS OF TILA, INCLUDING BUT NOT LIMITED TO THE UNLAWFUL FAILURE TO GIVE TIMELY AND PROPER DISCLOSURES REQUIRED UNDER TILA.

IN ACCORDANCE WITH THE TRUTH IN LENDING ACT I EXERCISED MY RIGHTS UNDER THE FEDERAL TRUTH IN LENDING ACT, 15 U.S.C. CHAPTER 41 DUE TO THE FOLLOWING VIOLATIONS:

1.	15 U.S.C. 1601(A)(B)- FAILURE TO GIVE MEANINGFUL DISCLOSURE OF CREDIT TERMS; I WAS UNINFORMED OF THE USE OF MY CREDIT NOR DID I RECEIVE ADEQUATE COST DISCLOSURES.

2.	15 U.S.C. 1611- THE LENDER WILLFULLY AND KNOWINGLY PROVIDED ME WITH FALSE AND INACCURATE INFORMATION AND FAILED TO PROVIDE TRUE AND ACCURATE INFORMATION WHICH THEY ARE REQUIRED TO DISCLOSE UNDER THE PROVISIONS OF THIS SUBCHAPTER OR ANY REGULATIONS ISSUED THEREUNDER.

3.	15 U.S.C 1662, 15 U.S.C. 1605(A)(B)(C), 12 C.F.R. 1026.4(A)(B)- ILLEGAL ADVERTISEMENT AND REQUIREMENT FOR A DOWN PAYMENT IN CONNECTION WITH AN EXTENSION OF MY CONSUMER CREDIT; I WAS NOT INFORMED THAT THE FINANCE CHARGE IS THE SUM OF ALL CHARGES YET YOU ADDED THE FINANCE CHARGE, AMOUNT FINANCED, AND MY DOWN PAYMENT BUT DID NOT SUBTRACT ANYTHING FROM THE TOTAL SALE PRICE. I DID NOT RECEIVE FULL DISCLOSURE OF THE FINANCE CHARGE. I WAS ALSO MISINFORMED BY CREDIT ACCEPTANCE, THAT A DOWN PAYMENT WAS REQUIRED IN CONNECTION WITH AN EXTENSION OF MY CONSUMER CREDIT IN ORDER TO FINANCE AND PURCHASE THE VEHICLE; MY DOWN PAYMENT DID NOT REDUCE THE TOTAL SALE PRICE IN FACT IT WAS BOOSTED FROM XXXX XXXX XXXX I ALSO WAS NOT INFORMED OF LIFE, ACCIDENT, HEALTH, PROPERTY DAMAGE AND LIABILITY INSURANCE PREMIUMS INCLUDED IN FINANCE CHARGE.


4.	15 U.S.C. 1635- FAILURE TO PROVIDE THE INFORMATION AND RESCISSION FORMS REQUIRED UNDER THIS SECTION TOGETHER WITH A STATEMENT CONTAINING THE MATERIAL DISCLOSURES REQUIRED UNDER THIS SUBCHAPTER, IN ACCORDANCE WITH THE REGULATIONS OF THE BUREAU.


PURSUANT TO 15 U.S.C. 1635(F), MY RIGHT TO RESCIND THIS LOAN EXTENDS FOR THREE-YEARS AS A RESULT OF VIOLATIONS UNDER THIS SUBCHAPTER. MY RESCISSION NOTICE HAS BEEN SENT TO THEM WITHIN THAT TIME PERIOD.

IN ACCORDANCE WITH 15 U.S.C. 1635, 15 U.S.C. 1640, AND THE U.S. SUPREME COURT RULING IN XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, I NEEDED ONLY TO PROVIDED YOU (THE LENDER) WITH WRITTEN NOTICE EXERCISING MY RIGHT TO RESCIND WITHIN THE THREE-YEAR PERIOD ELAPSE. NO COURT ACTION IS REQUIRED. THE U.S. SUPREME COURT ALSO RULED THAT I AM ENTITLED TO ADDITIONAL RELIEF IN THE CASE OF AN INDIVIDUAL ACTION TWICE THE AMOUNT OF MY FINANCE CHARGE IN CONNECTION WITH THE TRANSACTION WHICH IN MY CASE WILL BE XXXX NOT INCLUDING THE RETURN OF ALL MONEY OR PROPERTY FOLLOWING RESCISSION.  

I RESERVED ALL RIGHTS TO RAISE ADDITIONAL OR ALTERNATIVE GROUNDS FOR RESCISSION UNDER FEDERAL OR STATE LAW.

CREDIT ACCEPTANCE HAVE TWENTY (20) DAYS AFTER RECEIPT OF THIS LETTER TO RETURN TO ME ALL MONIES PAID BY ME IN THE TRANSACTION AS WELL AS ADDITIONAL RELIEF ARISING FROM THE VIOLATIONS UNDER THE TRUTH IN LENDING ACT.

 THEY WERE SUPPOSED TO TAKE ANY ACTION NECESSARY OR APPROPRIATE TO REFLECT THE TERMINATION OF THE SECURITY INTEREST CREATED UNDER THIS TRANSACTION. IF THEY DID NOT CANCEL THE SECURITY INTEREST AND RETURN ALL CONSIDERATION PAID BY ME WITHIN TWENTY (20) DAYS OF RECEIPT OF THIS LETTER, THEY WOULD BE RESPONSIBLE FOR FURTHER ACTUAL AND STATUTORY DAMAGES PURSUANT TO 15 U.S.C. 1640(g). BUT I RECEIVED A LATE PAYMENT LETTER FROM CREDIT ACCEPTANCE EVEN THOUGH THE CONTRACT WAS VIODED BEFORE THE PAYMENT WAS DUE.

I ALSO ATTACHED AN INVOICE FOR THE AMOUNT OWED XXXX AND IF THE AMOUNT INVOICED WAS SOMEHOW INACCURATE THEY WERE TO PROVIDE ME WITH AN ITEMIZATION OF THE LOAN DISBURSEMENTS, THE LOAN CHARGES, THE CURRENT PRINCIPAL BALANCE, ALL PAYMENTS RECEIVED FROM ME, AND THE FINANCE CHARGE SO THAT WE MAY DETERMINE THE EXACT AMOUNT NEEDED FOR TENDER.

CREDIT ACCEPTANCE IS IN CLEAR VIOLATIONS OF THE TRUTH IN LENDING ACT.

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