Consumer complaint received 2021-03-08
Company: Yamaha Motor Finance Corporation USA
State: AZ
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Problem with fees charged

Complaint:
In approximately XX/XX/XXXX, XXXX XXXX and I purchased a boat through Yamaha Motor Finance Corporation USA. Initially, the loan was managed by XXXXXXXX XXXX and we had problems with their management of the account mostly dealing with the timely processing of paperwork. In XX/XX/XXXX, we requested a deferment of the loan through XXXXXXXX XXXX and it was approved, however, XXXX never processed the paperwork. This resulted in two missed payments and incorrect reporting to the credit bureaus, which was remedied after I sent letters to XXXX and the XXXX XXXX XXXX in XX/XX/XXXX. The credit reporting was corrected and late fees were waived because the bank was at fault. 

In approximately XX/XX/XXXX, XXXX XXXX requested a forbearance due to COVID19. The paperwork was received by Yamaha on XX/XX/XXXX, but not processed until XX/XX/XXXX, resulting in late fees and unfavorable reporting to the credit bureaus again. I notified Yamaha in XX/XX/XXXX, when it came to my attention through my credit reporting service and they waived the late fees and corrected the credit reporting again. 

In XX/XX/XXXX, XXXX XXXX filed chapter XXXX bankruptcy individually. We are not married. I setup an online account through Yamahas online account management system and setup automatic payments in the amount of {$460.00} XXXX over the actual payment amount by a few dollars ), which have successfully drafted from my personal bank account for months XXXX if not years ) without issue. On XX/XX/XXXX, XXXX drafted {$460.00} from my account, then on XX/XX/XXXX, Yamaha canceled my automatic payments and failed to notify me or the co-borrower, Mr. XXXX. In fact, it wasnt until Friday, XX/XX/XXXX, I opened correspondence addressed to XXXX XXXX, from Yamaha Motor Finance. It was a demand letter, notifying Mr. XXXX that his account is 30 days past due in the amount of {$930.00}, inclusive of {$79.00} in late fees for XXXX and XXXX. I immediately contacted Yamaha and learned the following : 1. last automatic payment was debited from my checking account on XX/XX/XXXX ; 2. Yamaha canceled autopay on XX/XX/XXXX ; 3. Yamaha never notified me or Mr. XXXX that the autopay had been canceled via email, mail or telephone, nor did they ever notify me that the account was late ; 4. Yamaha refused to accept payment for the account and refused to remove the late fees from the account because they waived previous late fees despite the fact that the late fees were waived due to errors made by the bank, not me or Mr. XXXX ; 5. The letter sent to XXXX XXXX is in violation of Federal bankruptcy laws ; 6. Yamaha representative stated to me that I am responsible for the cancelation of the automatic payments and that I must dispute everything because of the bankruptcy which is not associated to my name or credit file. 

I have nothing to do with the bankruptcy and made every good faith effort to make timely monthly payments, including continuing the automatic payments that I had established directly from my account. Yamaha unilaterally canceled these payments and never notified me about it nor did they every contact me regarding any past due amounts. I have never received any correspondence on the subject from them.

It is a violation of Federal law to hold a consumer responsible for the exclusive actions of the bank and to then demand the payment of late fees which are the result of negligence on behalf of the financial institution. It is also a violation to hold me accountable for the bankruptcy of another individual and to fail to afford me the rights I have contractually as a consumer to be notified equally of actions on the account.

I am requesting assistance in : 1. Removing the erroneous late fees of {$79.00}, 2. bringing the account to current good-standing, 3. removing all inaccurate reports made to the credit bureaus due to the negligence of Yamaha, 4. pursuing legal action against Yamaha for violations of Federal law, including the Federal Trade Commission Act ( FTC Act ), the Dodd-Frank Wall Street Reform Consumer Protection Act ( Dodd-Frank Act ), the Gramm-Leach-Biley Act ( GLB Act ), the Truth in Lending Act ( TILA ), the Fair Credit Reporting Act ( FCRA ), The Fair Debt Collection Practices Act ( FDCPA ), the Equal Credit Opportunity Act, and any other applicable or potentially applicable Federal, state or local laws.

Company response to consumer: Closed with explanation