Consumer complaint received 2023-07-29
Company: TRUIST FINANCIAL CORPORATION
State: CA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Problems at the end of the loan or lease
Sub-issue: Problem with paying off the loan

Complaint:
In XX/XX/XXXX, I visited XXXX XXXX XXXX  In XXXX, California to redeem a flyer I received in the mail, which I had won. Given my credit score and the amount I owed on my current vehicle, I didn't expect to be able to purchase a new car. Despite previous attempts where I was told I needed a cosigner, I decided to speak with XXXX, the salesman, and show him the flyer with matching numbers to find out what I had won. It turned out to be a timeshare for the new XXXX XXXX  in XXXX XXXX, which was a common offer. During our conversation, I shared my previous disappointments in trying to get rid of my problematic XXXX XXXX XXXX. Due to my credit score and the need for a cosigner, I had been consistently turned down. However, XXXX somehow convinced me to stay and let them check my credit. When he returned, he informed me that I was qualified to purchase a brand new XXXX XXXX XXXX XXXX XXXX XXXX. I was amazed because just six months prior, I couldn't even get a used XXXX XXXX XXXX. I felt extremely happy about this unexpected opportunity. 
My XXXX XXXX was causing issues, and it was no longer covered by the XXXX miles warranty ( it had XXXX miles at the time of the trade-in ). Although I didn't have any savings, the finance manager assured me that I could pay {$1000.00} within 30 days. The sticker price for the XXXX was {$20000.00}, and I assumed that I would end up owing more than the trade-in value. When I signed the sales contract, I noticed a high-interest rate of 17.95 % with a $ XXXX  monthly payment, which alarmed me. The finance manager reassured me that I could come back after a year and refinance the loan. This provided some comfort, so I proceeded with signing the contract. 
However, when I attempted to refinance my loan after a year with XXXX XXXX, I was informed that the sales price of the car exceeded its value. My finance company is Regional Acceptance Corp and I've been with them for 7 years. In that length of time, they have reported my payments late to the credit bureaus over 18 times and to keep my car from being repossessed, I had to defer the loan 14 times due to financial difficulties. My loan is set to mature on XX/XX/XXXX, and based on my understanding of the contract, I may be held responsible for the remaining loan amount, which is currently over $ XXXX after the loan matures. 
Upon reviewing my payment history, I found that I have paid a total of {$39000.00}, out of which only {$8200.00} was applied to the principal, while {$29000.00} went towards interest. I also have an outstanding late fee balance of {$1500.00}. I've also called and sent two emails to XXXX XXXX at Regional Acceptance Corp twice ( XX/XX/XXXX, and XX/XX/XXXX ) requesting paperwork showing details on what my current percentage rate is that is penalizing me. I can only assume it's more than the original percentage from my contract because I have basically paid off that contract ( that should've never happened ) and now I owe an additional {$18000.00}! I never realized that I could be a victim of predatory lending until I tried to buy a house and the mortgage lender mentioned I could possibly be a victim of predatory lending. I requested my contract and noticed the now obvious discrepancies as I now scrutinize my contract with a more critical eye. In the final sales price of {$26000.00}, I was charged {$1900.00} for a theft determent device that I was told was part of the standard upgrade package. There is also a charge of {$1400.00} ( item Q ) listed as a fee paid to XXXX XXXX ( XXXX XXXX  trade-in ) for the balance-which I dont understand what that is or what its for. I was expecting to have negative equity because I did owe more than what the car was worth on the XXXX XXXX XXXX. I was given {$10000.00} as the net trade-in with the negative equity of {$5900.00}, a deferred down payment of {$1000.00} which I paid, I feel this deal shouldn't have been done because it is evident that the finance manager manipulated the numbers to make the sale work in their favor and a set-up for failure for me. On the contract, it listed a manufacturer rebate of {$1500.00} and {$2000.00} paid in cash. That was fraudulent information. I was never offered a Manufacturer Rebate of {$1500.00} nor did I pay {$2000.00} in cash as its mentioned on the contract. 
I feel like I was targeted because of the conversation I had with the salesperson. 
In order to manipulate their numbers and create fraud to make the deal work, they had to charge me {$1900.00} plus {$1400.00}, and then indicate a padded credit of {$3500.00} on paper. This obscured the true nature of the transaction, and I was fooled when I signed the contract. In my opinion, this contract was designed for me to fail. Please let me know if there is any assistance you can provide in resolving this matter.

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