Consumer complaint received 2021-12-14
Company: BMW Financial Services NA, LLC
State: GA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
I entered into a consumer credit transaction with BMW FINANCIAL SERVICES company on XX/XX/2021. XXXX credit company is a debt collector pursuant to 15 usc 1692a ( 6 ) and the failed to disclose this upon our initial communication which was I initiated the transaction that they were debt collectors this is a violation of 15 usc 1692e ( 11 ). I later started to receive statements in the mail that said that I the consumer allegedly owed them for this debt. These statements were false and misleading representation. The balances on these accounts were shown in the positive balance, this made me assume that these statements were coupons with refunds of money to me for the credit I extended to them because it is impossible to pay on a positive balance this is also a violation of 15 usc 1692e ( 2 ) ( a ). I exercised my right to rescind this consumer credit transaction on XX/XX/2021. It was delivered to BMW FINANCIAL SERVICES on XX/XX/2021 ( XXXX XXXX XXXX XXXX XXXX ). I exercised this right to rescind by mail pursuant to 15 usc 1635 ( f ) my right to rescind this consumer credit transaction extends to 3 years as a result of the defective Truth In Lending Disclosure statement and the notice was sent a delivered to them within that time. I rescinded this consumer credit transaction for some of the following reasons. BMW FINANCIAL SERVICES willfully and knowing failed to disclose information required under the provisions of 15 us 1601 this is a violation of 15 usc 1611. They also failed to disclose my rights under this contract as the obligor to rescind this consumer credit transaction pursuant to 15 usc 1635a and they have failed to provide me with the appropriate documents required for me to exercise this right. BMW FINANCIAL SERVICES is also in violation of 18 usc 242- I have been deprived of my rights they received my notice of recession and failed to abide by federal law and terminate any security interest created under the contract and return any money given to them within 20 days pursuant to 15 usc 1635b. BMW FINANCIAL SERVICES has failed to accept my offer to tender the property at my place of abode with 20 days and now ownership of the property vest in my with no obligation to pay for it and I am not responsible for any charges pursuant to 15 usc 1635b. I, XXXX XXXX XXXX XXXX am notifying you in writing that I refuse to pay this alleged debt, and I am demanding that you cease all forms of communication with me through any and all mediums unless it pertains to my remedy in writing via mail Pursuant to 15 USC 1692c. ( c ) BMW FINANCIAL SERVICES is a financial insinuation pursuant to 15 usc 6827 ( 4 ) ( a ). Pursuant to 15 usc 6821 It shall be a violation of this subchapter for any person to obtain or attempt to obtain, or cause to be disclosed or attempt to cause to be disclosed to any person, customer information of a financial institution relating to another person ( 1 ) by making a false, fictitious, or fraudulent statement or representation to an officer, employee, or agent of a financial institution ; ( 2 ) by making a false, fictitious, or fraudulent statement or representation to a customer of a financial institution; or ( 3 ) by providing any document to an officer, employee, or agent of a financial institution, knowing that the document is forged, counterfeit, lost, or stolen, was fraudulently obtained, or contains a false, fictitious, or fraudulent statement or representation. they violated this chapter by causing my customer information to be disclose to the credit reporting agencies without my consent which is identify theft. pursuant to 15 usc 6823 Whoever knowingly and intentionally violates, or knowingly and intentionally attempts to violate, section 6821 of this title shall be fined in accordance with title 18 or imprisoned for not more than 5 years, or both. Whoever violates, or attempts to violate, section 6821 of this title while violating another law of the United States or as part of a pattern of any illegal activity involving more than {$100000.00} in a 12-month period shall be fined twice the amount provided in subsection ( b ) ( 3 ) or ( c ) ( 3 ) ( as the case may be ) of section 3571 of title 18, imprisoned for not more than 10 years, or both.

Company response to consumer: Closed with explanation