Consumer complaint received 2023-07-31
Company: CarMax, Inc.
State: PA
Product: Vehicle loan or lease
Sub-product: Lease
Issue: Problems at the end of the loan or lease
Sub-issue: Unable to receive car title or other problem after the loan is paid off

Complaint:
On XX/XX/XXXX I sent a NOTICE OF THE RIGHT TO RESCIND Retail Installment Contract Number : XXXX Signed : XX/XX/XXXX to CEO of CARMAX AUTO XXXX, XXXX XXXX XXXX via certified mail number XXXX which was confirmed delivered on XX/XX/XXXX. I also sent a carbon copy to Consumer Financial Protection Bureau which was confirmed delivered via a response letter dated XXXX XXXX. This notice stated ( XXXX ) When a consumer rescinds a transaction, the security interest giving rise to the right of rescission becomes void and the consumer shall not be liable for any amount, including any finance charge. 
( XXXX ) 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. 
( XXXX ) If the creditor has delivered any money or property, the consumer may retain possession until the creditor has met its obligation under paragraph ( d ) ( XXXX ) of this section. When the creditor has complied with that paragraph, the consumer shall tender the money or property to the creditor or, where the latter would be impracticable or inequitable, tender its reasonable value. At the consumer 's option, tender of property may be made at the location of the property or at the consumer 's residence. Tender of money must be made at the creditor 's designated place of business. If the creditor does not take possession of the money or property within 20 calendar days after the consumer 's tender, the consumer may keep it without further obligation. Today is XXXX XXXX which is obviously well over the 20 day grace period and I have yet to receive the title to my private property, {$3000.00} which was used as the down payment for the property or a response from XXXX XXXX XXXX acting as CEO. This notice falls under the three years right of rescission period provided for under Federal Law, due to CARMAX AUTO XXXX XXXX XXXX failure to provide any right of rescission disclosures. It is a Fact that pursuant to 12 CFR 1026.23 ( b ) ( 1 ) In a transaction subject to rescission, a creditor shall deliver two copies of the notice of the right to rescind to each consumer entitled to rescind ( one copy to each if the notice is delivered in electronic form in accordance with the consumer consent and other applicable provisions of the E-Sign Act ). The notice shall be on a separate document that identifies the transaction and shall clearly and conspicuously disclose the following : ( i ) The retention or acquisition of a security interest in the consumer 's principal dwelling. 
( ii ) The consumer 's right to rescind the transaction. 
( iii ) How to exercise the right to rescind, with a form for that purpose, designating the address of the creditor 's place of business. 
( iv ) The effects of rescission, as described in paragraph ( d ) of this section. ( v ) The date the rescission period expires. It is a Fact, that I am the consumer and have now given CARMAX AUTO XXXX  a Notice of the Right to Rescind and under 12 CFR 1026.23 ( d ) ( 2 ) it states that 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. Let it be known that I immediately want CARMAX AUTO XXXX XXXXXXXX to terminate their security interest and remove their public lien over the vehicle shown in the local Department of Motor Vehicles and mail me the Title along with the XXXX XXXX It is also a Fact that pursuant to 15 U.S. Code 1605 ( a ) the amount of the finance charge in connection with any consumer credit transaction shall be determined as the sum of all charges; meaning the down payment for the car was not clearly or conspicuously explained to me, nor was it a part of the finance charge, that was the sum of all my charges! Therefore, I am demanding that ALL of my property be returned to me by CARMAX AUTO XXXX the seller-creditor including my Down Payment of {$3000.00} and ANY payment I made to the lender CARMAX AUTO FINANCE in connection with the Motor Vehicle Retail Installment Contract. It is a Fact that according to 12 CFR Part 1026.17 ( a ) this contract was not clear and conspicuous. It is a Fact that I demand the removal of my information from CARMAX AUTO FINANCE website, company records, or any and all derivatives therefore, of, and/or with any affiliates will ensure my privacy rights wont be violated again due to my lack of consent and this herein unrebutted notice being serviced to CARMAX AUTO FINANCE today and therefore, standing as truth in commerce, so be it.

Company response to consumer: Closed with explanation