Consumer complaint received 2023-04-21
Company: FORD MOTOR CREDIT CO.
State: FL
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Credit denial

Complaint:
I am writing to express my concern regarding the recent car purchase experience I had at your dealership. Unfortunately, I believe that your dealership violated several federal laws designed to protect consumers from unfair and discriminatory practices. 

Specifically, I believe that your dealership violated 15 USC 6802 and 12 CFR 1002, which are regulations issued by the Consumer Financial Protection Bureau ( CFPB ) under the Equal Credit Opportunity Act ( ECOA ). This regulation sets forth the rules for lenders to follow in order to prevent discrimination against borrowers based on certain prohibited factors, such as race, ethnicity, gender, religion, national origin, age, marital status, or receipt of public assistance. 

During the car purchase process, the loan terms and interest rates offered to me were significantly less favorable than those offered to other customers with similar financial backgrounds. ( inconsistent required down payment amount ) ( cash not required in consumer credit transaction ) Furthermore, I believe that your dealership also violated 15 USC 1611 and 15 USC 1681m, which are regulations issued by the Federal Trade Commission ( FTC ) under the Fair Credit Reporting Act ( FCRA ). These regulations require lenders to provide consumers with accurate and complete information about their credit scores and credit reports. 

During the car purchase process, I was not provided with accurate information about my credit score and credit history. I later discovered that the dealership had misrepresented my credit score and history in order to justify the unfavorable loan terms offered to me.

In addition to these violations, I also believe that your dealership violated 15 USC 1642, 15 USC 1691c, and 15 USC 1681dd, which are regulations issued by the CFPB under the Truth in Lending Act ( TILA ), the Equal Credit Opportunity Act ( ECOA ), and the Fair Credit Reporting Act ( FCRA ), respectively. These regulations require lenders to provide consumers with clear and accurate information about loan terms and conditions, the right to rescind certain types of loans, the right to receive a copy of their credit report, and the option to opt out of having their credit pulled in certain circumstances. 

During the car purchase process, I was not provided with the option to opt out of having my credit pulled, as required by law. This constitutes a violation of my rights as a consumer. 

These actions are unacceptable and may constitute violations of federal law. I urge your dealership to take immediate action to correct these practices and ensure that all customers are treated fairly and equitably. 

I have already filed a dealership complaint with Ford motors/ ford credit/ ford marketing . If I do not receive I prompt response back in a timely manner. I will escalate these matters to the FTC, and the CFPB. 

Please forward to finance manager/underwriter I look forward to hearing back from you regarding this matter. 

The above statement is a email I sent to the sales manger and the company on XX/XX/2023 the date the incident accrued is XX/XX/2023 it outlined what my complaints are about. I have a photo as well that can confirm that I did sign a credit application in this date at that dealer. it was the only document presented to me to be signed. All after I ask if they participated in Truth in lending and that I was there to do a consumer credit transaction if I could opt out and was told no. The photo i have can be emailed but i cant link it here. location of the incident was XXXX XXXX XXXX XXXX XXXX, XXXXXXXX XXXXXXXX XXXX XXXXXXXXXXXX

Company response to consumer: Closed with explanation