Consumer complaint received 2022-09-20
Company: ALLY FINANCIAL INC.
State: OH
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Credit denial

Complaint:
I asked Ally financial and XXXX XXXX XXXX about my denied application and they refused to talk to me or discuss anything that I wanted to talk about. 

They stated that ally financial We can not provide credit to you on the terms you requested. 
I have not requested any terms other than no down payment but instead charge all charges to the finance charge. They stated there was a finance charge and that they were in compliance with truth and lending. so why havent i been given the vehicle i paid for? 
In accordance with my last complaint, a finance charge covers ALL charges and that it does not include charges of a type payable in a cash transaction. 

So why was I charged a downpayment? 
It is illegal to charge a downpayment in a consumer credit transaction according to the FDIC 15 USC 1662 They also stated we generally sale or lease vehicles on credit only. If a third-party like a bank or finance company will agree to buy the contract from us on terms that are financially acceptable to us. 

This is proof that they have furnished me with a deceptive form creating the belief that there is a debt that i would owe Legal definition of debt means that there is a credit liability owed to me ( which there now is ) The application they provided me is really a financial asset ( promissory note, which is a form of payment ) that they have made me sign, unknowingly giving them my permission to access my assets from XXXX XXXX que trust account with the US Treasury Then after telling me that my application was denied, They sell the securities & promissory note to the secondary market. 
My signature on the deceiving application granted them the right to purchase my assets on my credit. 

They are now obligated to repay me the credit liability. I am the grantor of the trust and they are supposed to be the agent ( trustee ) Who execute my transaction but instead of doing that they have deceived me and withheld me from the receipt of my transaction/trade for my benefit. Then had the nerve to sell it for their benefit. 
This is clearly a pawn transaction according to law that they have willingly and knowingly deceived me into signing and then refused to give me the car that I paid for simply because I didnt want to put a down payment which is clearly ILLEGAL in a transaction that uses consumers credit UNLESS they charge the SAME down payment to EVERY customer! They clearly do not charge a downpayment in the same amount to EVERY customer/consumer. 

They have also told me they generally sell leaves vehicles on credit only According to the law 12 CFR S 1002.2 Credit means The right granted by a creditor to an applicant to deferred payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment therefore. 

In broader terms credit means ; the creditors decision to delay payment of a financial obligation, become liable to the delayed financial obligation and delay payment, OR purchase property or services and delay payment thus-for. 
This means that the creditor passes their debt down to you while withholding payment on their debt. Then they make you sign a deceiving application ( promissory note; turned into monies after signing ) giving them your authorization to access your assets. ( XXXX XXXX tXXXX ) This is why they ask for the Social Security number in my signature and also failed to disclose what a finance charge is required by law. 

I, XXXX : XXXX XXXX did NOT authorize upsell. 

Promissory note- promise to deposit of monies signed by the marker ( consumer ) According to the FDIC Adverse action is when the applicant applied IN ACCORDANCE with the creditors procedures, A refusal to refinance or extend the term of a business or other loan is adverse action. 

Applicant- request to assume loan if a mortgagor sales or transfer is the mortgaged property and the buyer makes an application to the creditor to assume the mortgage loan the mortgagee must treat the buyer as an applicant unless its policy is not to permit assumptions. 
this means that the creditor is requesting me to assume their loan. It is unlawful to request assumption of a loan in a deceiving way. 

They stated the factoring decisions to deny me a extension of my own credit was that I didnt want to put down the down payment & that my credit score had no comp or auto installment loan. 
However those are factors, but NOT Deciding Factors! 

Why was I charged a down payment when all other applicants have not been charged that SAME AMOUNT? That is illegal. 
According to the FDIC procedures used states The term procedures refers to the actual practices followed by a creditor for making credit decisions as well as its stated application procedures for example if a creditor stated policy is to require all applications to be in writing on the creditors application form, but the creditor also makes credit decisions based on oral request, The creditors procedures are to except both oral and written application. 

Legally they have to have procedures that charge the same down payment to every customer! 
So why do I have to pay a XXXX down payment if everyone else has not paid that same amount but on top of me not paying a down payment the finance charge covers everything so there is nothing for me to pay as everything has already been paid for with my signature on the deceiving application ( promissory note ) Also according to the IRS Exempt transactions states The law exams some transactions from being prohibited transactions. For example, if you are a disqualified person and receive any benefit to which you are entitled as a plan participant or beneficiary ( such as a participant loan ), this is not considered a prohibited transaction. However, the benefit must be ON THE SAME TERMS AS FOR ALL OTHER PARTICIPANTS AND BENEFICIARIES. 

I am the beneficiary and I have not received my benefit they, the fiduciaries/creditor, have acted only in THEIR best interest ( upselling and stealing my assets from my Cestui que trust ) and then refused to give me the benefit that I participated for!! 

This is also a prohibited transaction according to 26 USC S 4975 prohibited transaction states General rule for purposes of this section, the term prohibited transaction means any direct or indirect sale or exchange, or leasing, of any property between a plan and a disqualified person lending of money or other extension of credit between a plan and a disqualify person furnishing of goods services or facilities between a plan and a disqualify person transferred to or use by or for the benefit of a disqualify percent of the income or assets of a plant act by a disqualified person who is a fiduciary whereby he deals with the income or assets of a plan in his own interest or for his own account or receipt of any consideration for his own personal account by any disqualify person who is a fiduciary from any party dealing with the plan in connection with a transaction involving the income or assets of the plan. 

When I signed the promissory note/deceiving application they accepted a fiduciary obligation ( contract ) acting as my Trustee of the trust. Because they excepted the application they are supposed to do what is in the beneficiaries best interest but instead they have deceived me and did the exact opposite- acting in only their best interest. 

this complaint has been sent by overnight express mail to the US Department of treasury. They will confirm weather ally financial accessed my XXXX XXXX trust account. Check attachments for proof.

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 explanation