Consumer complaint received 2022-10-31
Company: SANTANDER HOLDINGS USA, INC.
State: OH
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Billing problem

Complaint:
In XXXX of XXXX I purchased a vehicle from XXXX XXXX of XXXX, Ohio. The vehicle was financed through Santander Consumer USA. On that day I was not provided with a copy of the XXXX  or a copy of the contract agreement. One year later I learned that multiple violations had occurred with this contract. " To exercise the right to rescind, the consumer shall notify the creditor of the rescission by mail, telegram or other means of written communication. Notice is considered given when mailed, when filed for telegraphic transmission or, if sent by other means, when delivered to the creditor 's designated place of business '' which I had done and will provide a copy of the receipt from the XXXX. 

XXXX ( a ) ( 3 ) The consumer may exercise the right to rescind until midnight of the third business day following consummation, delivery of the notice required by paragraph ( b ) of this section, or delivery of all material disclosures, whichever occurs last. If the required notice or material disclosures are not delivered, the right to rescind shall expire 3 years after consummation, upon transfer of all of the consumer 's interest in the property, or upon sale of the property, whichever occurs first. In the case of certain administrative proceedings, the rescission period shall be extended in accordance with section 125 ( f ) of the Act. I was not provided a contract or a TILA I had to request it on XX/XX/XXXX XXXX The finance charge is the cost of consumer credit as a dollar amount. It includes any charge payable directly or indirectly by the consumer and imposed directly or indirectly by the creditor as an incident to or a condition of the extension of credit. It does not include any charge of a type payable in a comparable cash transaction. 
At the dealership I was convinced that we had to get the gap coverage. Upon doing research I learned that the gap coverage or any insurance premium was to be included in the final finance charge which it wasn't. 
XXXX ( b ) ( 10 ) : Charges or premiums paid for debt cancellation or debt suspension coverage written in connection with a credit transaction, whether or not the coverage is insurance under applicable law. 

On XX/XX/XXXX I called the creditor, the number called was ( XXXX ) at XXXX XXXX  EST and asked for an update on my contract recission and was told by XXXX in the executive office that " we here at Santander do not operate by those rules and that we do not acknowledge the recission. '' She blatantly stated the only option I had was to surrender the vehicle I then recited her XXXX ( d ) ( 2 ) " Within 20 calendar days after receipt of a notice of rescission, the creditor shall return any money or property that has been given to anyone in connection with the transaction and shall take any action necessary to reflect the termination of the security interest. '' She said that we do not return money here at Santander, I encouraged to look up the laws I was reciting and included in my recission letter, and she politely told me to have a nice day. 

According to XXXX " 1. Termination of security interest. Any security interest giving rise to the right of rescission becomes void when the consumer exercises the right of rescission. The security interest is automatically negated regardless of its status and whether or not it was recorded or perfected. Under XXXX ( d ) ( 2 ), however, the creditor must take any action necessary to reflect the fact that the security interest no longer exists. '' The creditor calls and harasses my fianc and I every day during the period where the contract is supposed to be rescinded.

Company response to consumer: Closed with explanation