Consumer complaint received 2022-02-01
Company: Bridgecrest Acceptance Corporation
State: GA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Confusing or misleading advertising or marketing

Complaint:
NOTICE TO AGENT IS NOTICE TO PRINCIPAL. NOTICE TO PRINCIPAL IS NOTICE TO AGENT. 

To Whom It May Concern : I am exercising my right to rescind this transaction under 15 U.S. Code 1635 ( a ) ( b ) ( f ) - Right of rescission as to certain transactions. Account : Bridgecrest Credit Company LLC XXXX ( a ) DISCLOSURE OF OBLIGORS RIGHT TO RESCIND Except as otherwise provided in this section, in the case of any consumer credit transaction ( including opening or increasing the credit limit for an open end credit plan ) in which a security interest, including any such interest arising by operation of law, is or will be retained or acquired in any property which is used as the principal dwelling of the person to whom credit is extended, the obligor shall have the right to rescind the transaction until midnight of the third business day following the consummation of the transaction or the delivery of the information and rescission forms required under this section together with a statement containing the material disclosures required under this subchapter, whichever is later, by notifying the creditor, in accordance with regulations of the Bureau, of his intention to do so. The creditor shall clearly and conspicuously disclose, in accordance with regulations of the Bureau, to any obligor in a transaction subject to this section the rights of the obligor under this section. The creditor shall also provide, in accordance with regulations of the Bureau, appropriate forms for the obligor to exercise his right to rescind any transaction subject to this section. 
( b ) RETURN OF MONEY OR PROPERTY FOLLOWING RESCISSION When an obligor exercises his right to rescind under subsection ( a ), he is not liable for any finance or other charge, and any security interest given by the obligor, including any such interest arising by operation of law, becomes void upon such a rescission. Within 20 days after receipt of a notice of rescission, the creditor shall return to the obligor any money or property given as earnest money, downpayment, or otherwise, and shall take any action necessary or appropriate to reflect the termination of any security interest created under the transaction. If the creditor has delivered any property to the obligor, the obligor may retain possession of it. Upon the performance of the creditors obligations under this section, the obligor shall tender the property to the creditor, except that if return of the property in kind would be impracticable or inequitable, the obligor shall tender its reasonable value. Tender shall be made at the location of the property or at the residence of the obligor, at the option of the obligor. If the creditor does not take possession of the property within 20 days after tender by the obligor, ownership of the property vests in the obligor without obligation on his part to pay for it. The procedures prescribed by this subsection shall apply except when otherwise ordered by a court. 


( f ) TIME LIMIT FOR EXERCISE OF RIGHT An obligors right of rescission shall expire three years after the date of consummation of the transaction or upon the sale of the property, whichever occurs first, notwithstanding the fact that the information and forms required under this section or any other disclosures required under this part have not been delivered to the obligor, except that if ( 1 ) any agency empowered to enforce the provisions of this subchapter institutes a proceeding to enforce the provisions of this section within three years after the date of consummation of the transaction, ( 2 ) such agency finds a violation of this section, and ( 3 ) the obligors right to rescind is based in whole or in part on any matter involved in such proceeding, then the obligors right of rescission shall expire three years after the date of consummation of the transaction or upon the earlier sale of the property, or upon the expiration of one year following the conclusion of the proceeding, or any judicial review or period for judicial review thereof, whichever is later. 
Bridgecrest/XXXX  failed to disclose my right to rescind the transaction and could face legal penalties. 
As a consumer I have 3 business days from the consummation of the transaction to rescind my right to the retail installment contract. The disclosure forms notifying me of my right to rescind were never disclosed or received. My right to rescind was not disclosed to me within 3 business days from the consummation of the transaction so the time to exercise my right to recission has converted to 3 years from the consummation of the transaction. Failure to disclose my right to rescind is a direct violation of the Truth and Lending Act. Due to not disclosing my right of recission from the consummation of the transaction, by law the retail installment contract is now NULL AND VOID! 
Pursuant to 15 U.S. Code 1692h - Multiple debts If any consumer owes multiple debts and makes any single payment to any debt collector with respect to such debts, such debt collector may not apply such payment to any debt which is disputed by the consumer and, where applicable, shall apply such payment in accordance with the consumers directions. 
All payments must be returned to the consumer ( ME ) according to statue above. 
Failure to respond satisfactory to the inquiry of the above account, will result in legal actions being taken against your company, for which I will also be seeking {$1000.00} per violation for : 1. Defamation of Character 2. Negligent Non-Compliance 3. Civil Liability 4. XXXX XXXX 5. Fair Credit Reporting Act 15USC 1681 violations for willful noncompliance- 616 Civil Liability for willful noncompliance [ 15 USC 1681n ] Best regards, XXXX XXXX

Company response to consumer: Closed with explanation