Consumer complaint received 2022-07-27
Company: PNC Bank N.A.
State: SC
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Problem with fees charged

Complaint:
On XX/XX/XXXX I submitted a complaint against PNC BANK with regards to a consumer credit transaction for a XXXX XXXX XXXX. PNC BANK responded, " PNC has reviewed your concerns, including the documentation you provided, and is unable to substantiate your assertions. Pursuant to the Retail Installment Sale Contract ( the Note ), signed by you on XX/XX/XXXX, you agreed to finance {$34000.00} for the purchase of the Vehicle at a fixed interest rate of 8.68 %. The Finance Charge ( {$11000.00} ) is the dollar amount the extension of credit will cost you, resulting in a total sales price of {$46000.00}, which includes your {$2000.00} down payment. You agreed to make 84 monthly payments of {$550.00} beginning on XX/XX/XXXX. A copy of the Note is enclosed A copy of the Note is enclosed for your reference. The GAP policy of {$1000.00}, as shown on the Note, was included in the total sales prices of the Vehicle. On page 4 of the Note, in the section titled No Cooling Off Period, it states that state law does not provide for a cooling off or cancellation period for this sale. 
The section titled Finance Charge and Payments of the Note provides details on how the finance charge is calculated and how late or early payments will be applied. Please refer to page 3 of the Note. The section titled Insurance you must have on the vehicle states you agree to have physical damage insurance covering loss of or damage to the vehicle for the term of this contract. Please refer to page 3 of the Note. '' The Retail Installment Sales Contract you speak of is in fact a Consumer Credit Transaction. The law protects me the Consumer under the Truth in lending Act. You stated that I agreed to finance {$34000.00} for the purchase of the Vehicle at a fixed interest rate of 8.68 %. The Finance Charge ( {$11000.00} ) is the dollar amount the extension of credit will cost you, resulting in a total sales price of {$46000.00}, which includes your {$2000.00} down payment. According to 15 USC 1605, which I have attached here states and I quote, '' 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. You stated that the Finance Charge was ( {$11000.00} ) according to 15 USC 1605 this should be the total cost of this consumer credit transaction to me the consumer. However, you stated the total sales price was {$46000.00} .You also stated that there was a {$2000.00} down payment. According to 15 USC 1605, it states that the finance charge does not include charges of a type payable in a comparable cash transaction. There are 2 violations here of the same law. You stated that, On page 4 of the Note, in the section titled No Cooling Off Period, it states that state law does not provide for a cooling off or cancellation period for this sale. This is another clear violation. According to 15 USC 1635, which is attached, states, in the case of any consumer credit transaction ( including opening or increasing the credit limit for an open end credit plan ) in which a security interest, including any such interest arising by operation of law, is or will be retained or acquired in any property which is used as the principal dwelling of the person to whom credit is extended, the obligor shall have the right to rescind the transaction until midnight of the third business day following the consummation of the transaction or the delivery of the information. It also goes on to say, " The creditor shall clearly and conspicuously disclose, in accordance with regulations of the Bureau, to any obligor in a transaction subject to this section the rights of the obligor under this section. The creditor shall also provide, in accordance with regulations of the Bureau, appropriate forms for the obligor to exercise his right to rescind any transaction subject to this section ''. Instead of receiving this information I was deceived to believe that there was " NO COOLING OFF PERIOD '' as you stated. The law offers the solution, I am only requesting that you uphold the law. 
XXXX XXXX XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation