Consumer complaint received 2024-02-01
Company: TRUIST FINANCIAL CORPORATION
State: MS
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Repossession
Sub-issue: Loan balance remaining after the vehicle is repossessed and sold

Complaint:
Regional Acceptance Bank Attn : Claims Department, XXXX XXXX XXXX XXXXXXXX XXXX, XXXX, XXXX  XXXX. 

Regional Acceptance Corp XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX Subject : Dispute and Resolution Request for Improper Repossession and Loan Handling. 
RE : Account number : XXXX ( XXXX ) - XXXX - XXXX XXXX  XXXX : XXXX Regional Acceptance Bank, I am writing to address a series of grievances concerning the handling of my car loan for the XXXX XXXX, financed through Regional Acceptance Bank. Despite my efforts to communicate and voluntarily surrender the vehicle due to its unendurability 's and high theft risk, there have been numerous issues, including unauthorized payment extensions, lack of proper communication, and improper repossession procedures. 

Firstly, I want to emphasize that I called Regional Acceptance Bank to discuss the situation when I found it impossible to obtain insurance for the XXXX XXXX due to its high theft risk. I explicitly stated my intention to voluntarily surrender the vehicle. However, I experienced delays, unauthorized payment extensions, and a lack of clear communication regarding the repossession process. 

In accordance with Mississippi state law, specifically Mississippi Code Ann. 75-17-101 et seq., and the Uniform Commercial Code ( UCC ), there are clear procedures that must be followed during repossessions, including proper notices and identifying the repo administrators involved. Regional Acceptance Bank failed to adhere to these legal requirements, creating a breach in the repossession process. 

Moreover, the sale of the vehicle at auction raises concerns, and I request documentation, including the purchase and sell agreement from the auction that matches the amount claimed to have been sold for, as well as all invoices for holding costs and other repossession fees. Federal law, including the UCC ( Uniform Commercial Code ) - Article 9, mandates transparency in these matters. 

I believe that providing this information is crucial for the following reasons : Legal Compliance : Federal law, under the Uniform Commercial Code ( UCC ) - Article 9, mandates that a secured party, in this case, the repossessing entity, must provide an accounting of the disposition of collateral, including a breakdown of the expenses incurred during the repossession process. The failure to provide such details may be considered a violation of the UCC. 

Consumer Protection Laws : The Truth in Lending Act ( TILA ) - 15 U.S.C. 1601 et seq., and other federal consumer protection laws emphasize the importance of transparency and fair practices in financial transactions. Providing a detailed breakdown of costs ensures compliance with these laws. Notable cases, such as XXXX XXXX XXXXXXXX XXXX, XXXX XXXX XXXX. XXXX XXXX ( XXXX [ XXXX ] XXXX ), highlight the importance of providing comprehensive invoices and notices to consumers during the repossession process. 
Notice of Sale Confirmation : A document confirming the details of the sale, including the date, location, and terms of the sale. 
Invoices that explicitly break down the costs incurred for Towing, Storage, Legal Proceedings, and all Administrative Fees associated with the repossession. 
Failure to comply with this request may be considered a violation of federal and UCC law, and I reserve the right to pursue legal remedies, including but not limited to seeking damages under applicable statutes. 
I also request the original retail agreement, along with proof of the GAP insurance coverage for the vehicle. If GAP insurance covered the remaining debt balance, as per the terms of the agreement, I should not be held liable for any remaining balances. Federal law, including UCC provisions such as UCC 9-610, supports this claim. 

Additionally, I need verification of the prorate used as a down payment and request the return of all down payments, as no repossession-related costs should be deducted from it. Federal law codes, including the Truth in Lending Act ( TILA ) - 15 U.S.C. 1601 et seq., and relevant case law, such as XXXXXXXX XXXX XXXXXXXX XXXX XXXX, XXXX XXXX XXXX. XXXX XXXX ( XXXX XXXX. XXXX ), underscore the necessity of returning down payments when repossession violates the agreed-upon terms. 

It is crucial to highlight that my credit report has been negatively affected by Regional Acceptance Bank 's actions, and I insist on the removal of this tradeline from all credit reporting agencies in accordance with the Fair Credit Reporting Act ( FCRA ) - 15 U.S.C. 1681 et seq. 

Failure to provide the requested documentation, clear the tradeline from my credit reports, and return the down payment will result in the pursuit of punitive damages. I expect the Regional Acceptance Bank to promptly address these concerns and provide the necessary information and resolutions within 10 days of receiving this letter. For the down payment return, please return payment to my contact and mailing address above. 

Thank you for your immediate attention to this matter. 

Sincerely, XXXX XXXX

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