Consumer complaint received 2020-05-08
Company: U.S. BANCORP
State: IN
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
On or around XX/XX/XXXX I contacted XXXX XXXX XXXX  Center in XXXX TN AKA XXXX XXXX XXXX to inquire about a brand new XXXX XXXX boat they had listed for sale After several discussions I selected one, was approved for a loan through US Bank and agreed to move forward with it. 
Nearly 3 weeks later, XXXX XXXX from the boat center reached out stating we had to buy a service package in order for us to qualify for US Banks 3.99APR buy down program. 
Under protest, we agreed and added {$3500.00} to our loan to get the rate originally quoted. 
The contract was signed via scanner as I am out of state. 
No notary was present. Any notarized signatures are false. 
On XX/XX/XXXX, the delivery driver dropped off a used boat, not the new one we purchased, and would not allow us to refuse delivery. 
So I read over the contract and saw the terms were Ohio. So I requested a right of rescission through the boat center, they refused to allow us to cancel the purchase contract. 
So I called US bank and informed them of the issues and explained I wanted to rescind they noted the account and provided me an address to send my recission. I did. 
I asked about the buy down rate, and they said that was a false statement its not part of their programs. 
US Bank knew at this time that false information was used to induce a loan and loan terms and options were violated. 
US Bank did nothing. 
The boat center said they could upgrade us. 
Then we received a contract showing they were not cancelling the other loan but doing a 'trade in ' I expressed concern that this was not ethical. We were not even in possession of the boat to trade in and we were losing money. 
My credit WAS run again. 
A new loan was generated but I did not agree to a new loan. 
When I informed him of that he said then I'd owe for the used boat and they'd make me take possession of it. 
Under duress and threats I signed because I literally had no option. 
The old loan they kept the funds from.The profits and commissions. I complained to US bank. 
They rewrote the contract and said we'd have the same service package ( we were forced to buy ) transferred. 
I signed. 
The new boat was delivered XX/XX/XXXX and also had issues. 
They would not allow us to cancel. I notified US Bank again about the issues. 
I spoke with the Loss Prevention department and dealer department in addition to my local branch. 
The fraud is well documented. 
I called the bank XX/XX/XXXX, XXXX, XXXX, XXXX as well. 
This entire process was built on false advertising, fraudulent threats, unjust enrichment and illegal sales tactics. 
I researched and found SO MANY CUSTOMERS have gone through this same situation and US Bank is the lender, it seems the ONLY lender that will work with this company. 
US Bank has been notified of this companys illegal tactics before my complaints and did nothing to mitigate or prevent harm to me, and other customers. 
I believe US Bank is facilitating fraud, whether intentionally or not, and I would like the OCC to fully investigate the loans provided to this company. I will gladly attach statements from so many customers who have experienced the same fraud to illustrate how this is not a coincidence, but a pattern of conduct. One that US Bank should have recognized long before now. 
I would like both loans cancelled without adverse affect to me or my credit. 
I would like the boat to be returned to the dealer and I would like my {$3500.00} + payments returned to me.

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 monetary relief