Consumer complaint received 2023-04-24
Company: General Motors Financial Company, Inc.
State: TN
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
I, XXXX XXXX went to XXXX XXXX for a credit transaction on XX/XX/XXXX. Unfortunately, the transaction was not processed according to the Truth in Lending act and contains several violations and inaccuracies which make this contract void upon my request. 
Please see the attached sworn affidavit that states the violations that make this contract void. the TN state Attorney General also received a copy as witness. 

GM FINANCIAL Attn : Legal Deptartment XXXX XXXX XXXX. 
XXXX XXXX TX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, TN XXXX STATE OF TENNESSEE, OFFICE OF THE ATTORNEY GENERAL XXXX XXXX XXXX XXXX, TN XXXX Affidavit of Truth My name is XXXX XXXX XXXX XXXX XXXX the natural person, consumer and Executor for the account ( as defined by 12 CFR 1002.2 ), for the federally protected person and Card issuer, XXXX XXXX XXXX XXXX XXXX On or around XX/XX/XXXX, I arrived at XXXX XXXX XXXX XXXX XXXX XXXX XXXX TN XXXX, to acquire a vehicle using Consumer Credit. 
1. The Consumer credit transaction was not processed in accordance with the Truth In Lending Act, and was misrepresented as a loan. 
2. During the transaction I spoke with the Finance manager XXXX who refused to add the insurance to the Finance Charge pursuant to 15 USC 1605b. but still required proof of insurance before I could leave.

3. According to the Truth in Lending Act 15 U.S. Code 1601 - Congressional findings and declaration of purpose ( a ) INFORMED USE OF CREDIT The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices. 
Definitions : Credit - means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment. 
Creditor - refers only to a person who both ( 1 ) regularly extends, whether in connection with loans, sales of property or services, or otherwise, consumer credit which is payable by agreement in more than four installments or for which the payment of a finance charge is or may be required, and ( 2 ) is the person to whom the debt arising from the consumer credit transaction is initially payable on the face of the evidence of indebtedness or, if there is no such evidence of indebtedness, by agreement. Notwithstanding the preceding sentence, in the case of an open-end credit plan involving a credit card, the card issuer and any person who honors the credit card and offers a discount which is a finance charge are creditors.

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.

Cardholder- means any person to whom a credit card is issued or any person who has agreed with the card issuer to pay obligations arising from the issuance of a credit card to another person.

Finance Charge- ( 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.

( b ) Life, accident, or health insurance premiums included in finance charge Charges or premiums for credit life, accident, or health insurance written in connection with any consumer credit transaction shall be included in the finance charges unless ( 1 ) the coverage of the debtor by the insurance is not a factor in the approval by the creditor of the extension of credit, and this fact is clearly disclosed in writing to the person applying for or obtaining the extension of credit ; and ( 2 ) in order to obtain the insurance in connection with the extension of credit, the person to whom the credit is extended must give specific affirmative written indication of his desire to do so after written disclosure to him of the cost thereof.

( c ) Property damage and liability insurance premiums included in finance charge Charges or premiums for insurance, written in connection with any consumer credit transaction, against loss of or damage to property or against liability arising out of the ownership or use of property, shall be included in the finance charge unless a clear and specific statement in writing is furnished by the creditor to the person to whom the credit is extended, setting forth the cost of the insurance if obtained from or through the creditor, and stating that the person to whom the credit is extended may choose the person through which the insurance is to be obtained.

4. Based on these definitions listed above, under the Truth in Lending Act, upon reviewing the contract, parts of the contract were misrepresented, by furnishing deceptive forms.

5. GM FINANCIAL is misrepresenting this contract as a loan. Under the Truth in Lending Act the word loan is not defined. The Truth in Lending Act describes the definition open end credit plan and open end consumer credit plan as a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and which provides for a finance charge which may be computed from time to time on the outstanding unpaid balance. A credit plan or open end consumer credit plan which is an open end credit plan or open end consumer credit plan within the meaning of the preceding sentence is an open end credit plan or open end consumer credit plan even if credit information is verified from time to time. 15 USC 1602 ( j ) 6. If, GM FINANCIAL states that they indeed loaned funds from their account into my account for the purchase of THE XXXX XXXX XXXX, then, GM FINANCIAL, will provide the XXXX from the Financial Accounting Standards Board. Which will provide entries that show the creation of thus said loan. 
XXXX. If this can not be provided within 15 business days then, GM FINANCIAL, agrees to release the lien and to provide a clear title in my name. The clean title can be mailed to the address listed below, no later than XX/XX/XXXX : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. XXXX XXXX XXXX, TN XXXX XXXX. An officer of GM FINANCIAL will sign below under plenty or perjury. Under a sworn statement that the funds to complete my consumer transaction was loaned ; and/or received from, GM FINANCIALs account to my consumer account for the completion of a XXXX XXXX XXXX XXXX. 

XXXX. IF this title is not received then, GM Financial, agrees to assume the liability of two times the Finance charged associated with this credit transaction, Pursuant to 15 U.S. Code 1635, and three times the finance charge for the False Claims Act ( FCA ), 31 U.S.C. 3729 3733. 

_________________________ XXXX XXXX XXXX XXXX _________________________ GM FINANCIAL I submitted this information to GM FINANCIAL via USPS # XXXX. 

There failure to respond is a tacit acquiescence, and stands as fact that GM FINANCIAL never provided any " loan '' in US dollars from them as consideration for their end of the contract.

As a Consumer I have been willfully deceived by GM FINANCIAL 's Unfair abusive and deceptive practices. GM Financial is also Reporting late payments on my consumer report which is inaccurate, because they have provided no proof of a loan and have silently agreed to pay the damages listed below.

CLAIMS Of DAMAGES 1. Inaccurate disclosure of the Total Amount Financed. TILA violation of the Required Disclosure by Creditor { 15 USC 1638 ( a ) ( 2 ) ( B ) ( iii ) Gibson v. Bob Watson Chevrolet-Geo , Inc., 112 F.3d 283, 285 ( 7th Cir.1997 ) ( citing 12 C.F.R. pt. 226, Supp. I 18 ( c ) ; 15 USC1601 ) } 2.TILA Violation for Failure to provide the general disclose requirements of terminology pursuant to { 12 CFR 226.5 ( a ) ( 2 ) ( i ) ; 15 USC 1601 ) } 3. Violation of Unfair and Deceptive Practices Act. { Sec. 5 FTC Act, FDIC 6000 Consumer Protection, and 15 USC 45 } 4. Violation of Tennessee Unfair Trade and Consumer Protection. { Tennessee Code 47-18-104 } _____________________________________________________________________________________ Claim of Relief Plaintiff seeks total claim of relief in the amount of {$350000.00} as tabulated : 1. {$110000.00} { {$59000.00} X 2 } twice the amount of any Finance Charge { 15 USC 1640 ( a ) ( 1 ) ; Carrie Mars, Appellant, v. Spartanburg Chrysler Plymouth , Inc. and First National Bank of South Carolina, Appellees, 713 F.2d 65 ( 4th Cir. 1983 ) ; Carney v. Worthmore Furniture , Inc., 561 F.2d 1100, 1103 ( 4th Cir.1977 ) ; Turner v. Firestone Tire & Rubber Co. , 537 F.2d 1296 ( 5th Cir. 1976 ) } 2. {$59000.00} Refund of down payment or liquidated unpaid balance owed to Creditor. { FTC ; 6000 Consumer Protection, FDIC Law, Regulations, Related Acts } 3. {$170000.00} { {$59000.00} X 3 } Injunctive relief, damages for injured customers ; revocation of violator 's license ; willful violators fined up to {$1000.00} ( 47-18-106, 108 ) ; possibly treble damages for willful violator ( 47-18-109 ) ; Class B misdemeanor ( 47-18-104, 39-14-127 )

Company response to consumer: Closed with explanation