Consumer complaint received 2022-11-02
Company: Exeter Finance Corp.
State: FL
Product: Vehicle loan or lease
Sub-product: Lease
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
XXXX XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, FL XXXX RE : RIGHT OF RESCISSION TO WHOM IT MAY CONCERN, We, XXXX XXXX XXXX and XXXX XXXX XXXX XXXX, Original Creditors and Natural Person ( s ) hereby rescind our consent to be liable to perform in the IMPLIED contract agreement We entered with XXXX on XX/XX/XXXX concerning the XXXX XXXX XXXX XXXX XXXX XXXX # XXXX ). 


We entered into this IMPLIED contract agreement with XXXX without 1 ) Full disclosure of my right to rescind. 2 ) Transparency regarding the process of the Consumer Credit Application being the financial asset ( 12 C.F.R. 360:6 ( 2 ) ) as well as self-liquidating paper ( 17 C.F.R. 260.11b-6 ). We have reason to believe XXXX took advantage of us and our Consumer Credit under IMPLIED contract.

After reviewing the documents furnished to Us consumers in this transaction for personal use, it's come to our attention that they are intentionally deceptive and misrepresentation of material fact. The documents appear to be hypothecation agreements for your benefit and to the detriment of Us ( consumers ). Us consumers neither abandoned, gifted, nor pledged our assets for your benefit and demand and closure and XXXX balancing of our account along with a check for the debt and interest held in escrow in our favor as entitlement holder. We are NOT in contract with the feigned lender ( Exeter ) aka the XXXX, XXXX is XXXX 

XXXX took our proceeds because they create the presumption that you are the accommodation party and relinquished/abandoned your claim to reimbursementyou have to correct that false impression by expressing the trust as the grantor and beneficiary not being the owner / trustee. We did NOT abandon the underlying obligation nor the proceeds generated therefrom. 


All debts are PRE-PAID. A DEBT is CREDIT LIABILITY and is OWED to Us because We created it and are entitled to reclaim it. XXXX created the false impression that the feigned lender ( Exeter ), who in FACT is a XXXX XXXX advanced Us their capital to acquire a XXXX XXXX XXXX XXXX 


The Retail Installment Contract ( aka Indenture Lien ) indicates retention or acquisition of a security interest in our principal dwelling, respectfully, which is indicated via Our signatures because our principle dwelling our person ( s ). 


Pursuant to 15 U.S. Code 1662, No advertisement to aid, promote, or assist directly or indirectly any extension of consumer credit may state : ( 1 ) that a specific periodic consumer credit amount or installment amount can be arranged, unless the creditor usually and customarily arranges credit payments or installments for that period and in that amount. 
( 2 ) that a specified down payment is required in connection with any extension of consumer credit, unless the creditor usually and customarily arranges down payments in that amount.

Pursuant to Title 12 C.F.R. 1026 a1 ; In a credit transaction in which a security interest is or will be retained or acquired in a consumer 's principal dwelling, each consumer whose ownership interest is or will be subject to the security interest shall have the right to rescind the transaction.. The addition to an existing obligation of a security interest in a consumer 's principal dwelling is a transaction. The right of rescission applies only to the addition of the security interest and not the existing obligation. The creditor shall deliver the notice required by paragraph ( b ) of this section but need not deliver new material disclosures. Delivery of the required notice shall begin the rescission period. 

We granted XXXX Exeter the right to purchase Our security on CREDIT and you all are OBLIGATED to REPAY Us the Credit Liability . This is a Principle/ Agent Relationship. Were the Grantors of Trust and you all are the special agents to execute Our transaction, however, Youll willingly deceived Us and withheld the receipt of Our transaction for your benefit. You pawned it and used Our assets as collateral and have Us repaying the loan/advance. 

The vehicle was already PAID with Our signatures. The signatures turned the paper into money, which youll cashed in. The vehicle has an original bond with interest that XXXX is supposed to pay, but XXXX deceitfully directed those payments to Us in the form of car payments. 

The Effects of Rescission Pursuant to 12 C.F.R. 1026.23d are as follows : ( 1 ) When a consumer rescinds a transaction, the security interest giving rise to the right of rescission becomes void and the consumer shall not be liable for any amount, including any finance charge. 

( 2 ) Within 20 calendar days after receipt of a notice of rescission, the creditor shall return any money or property that has been given to anyone in connection with the transaction and shall take any action necessary to reflect the termination of the security interest.

( 3 ) If the creditor has delivered any money or property, the consumer may retain possession until the creditor has met its obligation under paragraph ( d ) ( 2 ) of this section. When the creditor has complied with that paragraph, the consumer shall tender the money or property to the creditor or, where the latter would be impracticable or inequitable, tender its reasonable value. At the consumer 's option, tender of property may be made at the location of the property or at the consumer 's residence. Tender of money must be made at the creditor 's designated place of business. If the creditor does not take possession of the money or property within 20 calendar days after the consumer 's tender, the consumer may keep it without further obligation.

( 4 ) The procedures outlined in paragraphs ( d ) ( 2 ) and ( 3 ) of this section may be modified by court order.

In Addition, We were given false and deceptive information ( Violation of 15 USC 1692e ) as we were told that a down payment of ( {$2500.00} ) was needed to drive off the lot. Pursuant to 15 USC 1605 a finance charge is a sum of all charges.

Pursuant to 12 C.F.R. 1026.23a3. Unexpired right of rescission. 

i. When the creditor has failed to take the action necessary to start the three-business day rescission period running, the right to rescind automatically lapses on the occurrence of the earliest of the following three events : A. The expiration of three years after consummation of the transaction. 

B. Transfer of all the consumer 's interest in the property. 

C. Sale of the consumer 's interest in the property, including a transaction in which the consumer sells the dwelling and takes back a purchase money note and mortgage or retains legal title through a device such as an installment sale contract. 

ii. Transfer of all the consumers ' interest includes such transfers as bequests and gifts. A sale or transfer of the property need not be voluntary to terminate the right to rescind. For example, a foreclosure sale would terminate an unexpired right to rescind. As provided in Section 125 of the Act, the three-year limit may be extended by an administrative proceeding to enforce the provisions of this section. A partial transfer of the consumer 's interest, such as a transfer bestowing co-ownership on a spouse, does not terminate the right of rescission. 

On your Page 2 of the Retail Installment Contract its states : Applicable Law ; Federal law and the law of the State of Florida apply to this Contract. If any provision is not valid, all others stay valid to the extent allowed by applicable law. In the Arbitration Provision section on page 3 of the Retail Installment Contract, section XXXX States : Governing Law ; This Arbitration Provision is governed by the Federal Arbitration Act and not by any state arbitration law. The arbitrator must apply applicable statutes of limitations and claims of privilege recognized at law, and applicable substantive law consistent with the Federal Arbitration Act. The arbitrator is authorized to award all individual remedies permitted by the substantive law that would apply if the action were pending in court. Section J states : Rules of Interpretation ; This Arbitration Provision survives the repayment of all amounts owed to us, the transfer of the Contract, and any bankruptcy by you, to the extent not inconsistent with applicable bankruptcy law. Except as provided in paragraph ( f ), if any part of this Arbitration Provision is determined to be invalid or unenforceable, this Arbitration Provision and the Contract will remain enforceable. In the event of a conflict or inconsistency between this Arbitration Provision and the applicable arbitration rules or the other provisions of this Contract or any other contract between you and us, this Arbitration Provision will govern. However, in the event that you finance ( his purchase with or through us, ( he Arbitration Provision in your Retail Installment Contract is controlling and supersedes the terms of this Arbitration Provision.

Pursuant to 17 CFR 240.10b-5 - Employment of manipulative and deceptive devices It shall be unlawful for any person, directly or indirectly, by the use of any means or instrumentality of interstate commerce, or of the mails or of any facility of any national securities exchange, ( a ) To employ any device, scheme, or artifice to defraud, ( b ) To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, or ( c ) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person, in connection with the purchase or sale of any security. 

In conclusion, We were NOT given full disclosure as to the nature of the transaction and refuse to have our money and property used to collateralize your investments for your profit and gain to Our detriment. Please supply the proper endorsement for account settlement and clearing rendering reimbursement to XXXX XXXX XXXX, the holder in due course. We are NOT canceling OR terminating the contract. We are deducting our liability to pay on behalf of the obligor, as we have found several violations. Notice the Pursuant to 15 U.S.C. 1635 ( b ) upon receipt of this rescission, we are NOT liable for ANY Finance Charge, security interest, etc, becomes void effective IMMEDIATELY. 




Down Payment Reimbursement shall be made by check payable to : XXXX XXXX XXXX, XXXX XXXX [ Beneficiary ] Without Prejudice All Rights Reserved

Company response to consumer: Closed with explanation