Consumer complaint received 2023-01-12
Company: DriveTime
State: MO
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: High-pressure sales tactics

Complaint:
Drivetime dealership sold me a car and gave me no option to refuse a downpayment which it is not mandatory in order to finance a vehicle. Also, the finance charge is incorrect due to the sum of all charges wasn't taken into consideration. It is illegally to engage in a cash transaction involving a consumer 's credit. 

I never gave written permission to furnish any data on my consumer credit profile which a violation of " Federal Law '' due to congress.

15 U.S. Code 1662 - Advertising of downpayments and installments : No advertisement to aid, promote, or assist directly or indirectly any extension of consumer credit may state ( 1 ) that a specific periodic consumer credit amount or installment amount can be arranged, unless the creditor usually and customarily arranges credit payments or installments for that period and in that amount.

( 2 ) that a specified downpayment is required in connection with any extension of consumer credit, unless the creditor usually and customarily arranges downpayments in that amount.

( Pub. L. 90321, title I, 142, May 29, 1968, 82 Stat. 158 " Truth in Lending Act '' violations include the following practices on the part of lenders : Unfair credit billing ; Unfair credit card practices ; High-pressure sales ; Misrepresentations ; Failure to disclose necessary information about a loan.

Lawsuits Under the Truth in Lending Act ( TILA ) T'he Gramm-Leach-Bliley Act '' requires financial institutions companies that offer consumers financial products or services like loans, financial or investment advice, or insurance to explain their information-sharing practices to their customers and to safeguard sensitive data.

15 U.S. Code 1611- Criminal liability for willfu
l and knowing violation Whoever willfully and knowingly ( 1 ) gives false or inaccurate information or fails to provide information which he is required to disclose under the provisions of this subchapter or any regulation issued thereunder, ( 2 ) uses any chart or table authorized by the Bureau under section 1606 of this title in such a manner as to consistently understate the annual percentage rate determined under section 1606 ( a ) ( 1 ) ( A ) of this title, or ( 3 ) otherwise fails to comply with any requirement imposed under this subchapter, shall be fined not more than {$5000.00} or imprisoned not more than one year, or both.

15 U.S. Code 1681a - Definitions ; rules of construction Exclusions.Except as provided in paragraph ( 3 ), the term consumer report does not include ( A ) subject to section 1681s3 of this title, any ( i ) report containing information solely as to transactions or experiences between the consumer and the person making the report ; ( ii ) communication of that information among persons related by common ownership or affiliated by corporate control ; or ( iii ) communication of other information among persons related by common ownership or affiliated by corporate control, if it is clearly and conspicuously disclosed to the consumer that the information may be communicated among such persons and the consumer is given the opportunity, before the time that the information is initially communicated, to direct that such information not be communicated among such persons ; ( B ) any authorization or approval of a specific extension of credit directly or indirectly by the issuer of a credit card or similar device ; ( C ) any report in which a person who has been requested by a third party to make a specific extension of credit directly or indirectly to a consumer conveys his or her decision with respect to such request, if the third party advises the consumer of the name and address of the person to whom the request was made, and such person makes the disclosures to the consumer required under section 1681m of this title ; or ( D ) a communication described in subsection

Company response to consumer: Closed with explanation