Consumer complaint received 2022-11-15
Company: PRESTIGE FINANCIAL SERVICES INC
State: IL
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
XXXX of XXXX I initiated a consumer transaction with XXXX to purchase a used XXXX XXXX XXXX. I was asked to put down XXXX at the time which I did. It wasnt until XXXX of XXXX that I began looking off into consumer laws ( I had noticed alot of things while car shopping that I started to question ). I began to look over my retail installment contract ( not a loan as they lead me to believe ). I was asked for my social security number which I gave at the time. According to 15 U.S.Code 1602 ( l ) states The term credit card means any card, plate, coupon book or other credit device existing for the purpose of obtaining money, property, labor, or services on credit. By the company using my social security card they already had what they needed. The car was financed through Prestige Financial. I should not have needed a down payment to be approved for the car. 15 U.S.Code 1605 ( a ) Finance charge defined Except as otherwise provided in this section, the amount of the finance charge in connection with any consumer credit transaction shall be determined as the sum of all charges, payable directly or indirectly by the person to whom the credit is extended, and imposed directly or indirectly by the creditor as an incident to the extension of credit. The finance charge does not include charges of a type payable in a comparable cash transaction. The finance charge shall not include fees and amounts imposed by third party closing agents ( including settlement agents, attorneys, and escrow and title companies ) if the creditor does not require the imposition of the charges or the services provided and does not retain the charges. Examples of charges which are included in the finance charge include any of the following types of charges which are applicable : ( 1 ) Interest, time price differential, and any amount payable under a point, discount, or other system or additional charges. 
( 2 ) Service or carrying charge.

( 3 ) Loan fee, finders fee, or similar charge.

( 4 ) Fee for an investigation or credit report.

( 5 ) Premium or other charge for any guarantee or insurance protecting the creditor against the obligors default or other credit loss.

( 6 ) Borrower-paid mortgage broker fees, including fees paid directly to the broker or the lender ( for delivery to the broker ) whether such fees are paid in cash or financed.

This clearly states that the finance charge is the sum of ALL charges. And that no third party fees shall be included in a finance charge. I also notice that it says premium/insurance is included in the finance charge. None of this was disclosed to me.

According to the T.I.L.A, Regulation Z, and 15 U.S. Code 1635 states that I also have the right to rescind, this was to be disclosed to me I was never told that I could rescind nor did I sign anything waiving this.

I know that I signed an arbitration agreement. Since studying these things I have sent in form 56 to the IRS letting them know that I am a natural person. I have sent the dealership and finance company power of attorney letting them know I am capable of making my own decisions. I did send a notice of rescission to to the dealership but they told me they were not goin got comply. I realized I did not put all parties on notice. I did send rescission notice to the dealership, dealership registered agent, finance company, and finance company registered agent. I am currently waiting to hear back from all parties.

Company response to consumer: Closed with explanation