Consumer complaint received 2022-12-20
Company: HYUNDAI CAPITAL AMERICA
State: NY
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
After reading the Fair Credit Reporting Act, the XXXX, a few XXXX 's and what was given to me as my entire car contract which was just and installment agreement. I started to become very aware that both the KIA dealership and KIA XXXX were both committing Security fraud among a few other violations. I starting sending them mail asking for my full contract that I signed and was reverted back to the dealership.I went in person to the dealership and was told they no longer have said document and the installment agreement that I was in possession of was all I needed. I then processed to mail in about a billing error and they denied my request. On XX/XX/2022 I sent a certified mail to both the CEO and their general cooperation address with a RIGHT OF RESCISSION because in the contract I was given it DID NOT state I even had the right to do so with in 3 days of the contract per 15 USC 1635 ( a ). In this same letter I made them aware that I paid cash down payment to the dealership which is a third party in connection with said loan which is a violation per 15USC 1605- ( a ) Finance charge defined Except as otherwise provided in this section, the amount of the finance charge in connection with any consumer credit transaction shall be determined as the sum of all charges, payable directly or indirectly by the person to whom the credit is extended, and imposed directly or indirectly by the creditor as an incident to the extension of credit. The finance charge does not include charges of a type payable in a comparable cash transaction. The finance charge shall not include fees and amounts imposed by third party closing agents ( including settlement agents, attorneys, and escrow and title companies ) if the creditor does not require the imposition of the charges or the services provided and does not retain the charges. Examples of charges which are included in the finance charge include any of the following types of charges which are applicable : I pointed out 15 USC 1635 ( b ) - ( b ) Return of money or property following rescission When an obligor exercises his right to rescind under subsection ( a ), he is not liable for any finance or other charge, and any security interest given by the obligor, including any such interest arising by operation of law, becomes void upon such a rescission. Within 20 days after receipt of a notice of rescission, the creditor shall return to the obligor any money or property given as earnest money, downpayment, or otherwise, and shall take any action necessary or appropriate to reflect the termination of any security interest created under the transaction. If the creditor has delivered any property to the obligor, the obligor XXXXay retain possession of it. Upon the performance of the creditors obligations under this section, the obligor shall tender the property to the creditor, except that if return of the property in kind would be impracticable or inequitable, the obligor shall tender its reasonable value. Tender shall be made at the location of the property or at the residence of the obligor, at the option of the obligor. If the creditor does not take possession of the property within 20 days after tender by the obligor, ownership of the property vests in the obligor without obligation on his part to pay for it. The procedures prescribed by this subsection shall apply except when otherwise ordered by a court. 
I gave them 20 days to both return the money I have paid thus far and remove any negative things from my credit report, instead on XX/XX/2022 they illegally repossessed my car. When I called KIA and asked them to see a copy of the repo order they referred me to the third party company that towed my car and that company did the same thing referring me back to KIA XXXX so I did a UCC 11 search to see if they legitimately had a lien on my car and to my surprise there was non. in closing there was no transparency regarding the process of the consumer credit application being the financial asset per 12CFR 360.6 ( 2 ) as well as self liquidating paper per 17 CFR 260.11b ( 6 ) which leads me to believe Kia XXXX XXXX willingly and knowingly took advantage of me and my consumer credit.

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