Consumer complaint received 2022-12-14
Company: WELLS FARGO & COMPANY
State: GA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
On XX/XX/XXXX I sent the following Billing Error Notice to Wells Fargo Auto. It was signed on XX/XX/XXXX and a response from Wells Fargo Auto which failed to rescind and return all monies in response on XX/XX/XXXX. I have since sent 2nd notice along with notarized XXXX XXXX XXXX. on XX/XX/XXXX I, XXXX XXXX who is a natural living being exercise my right to rescission. Upon reviewing my contracts, obligations, and rights as a natural person operating in commerce, I observed that there are multiple violations present which invalidate my contract pursuant 12 CFR 1026.3 named Truth in Lending. Full disclosure of my right to rescind. Transparency regarding the process of the consumer credit application being the financial asset ( 12 CFR 360.6 ( 2 ) ) ; As well as self-liquidating paper ( 17 CFR 260.11b ( 6 ) ).

Per the congressional findings of Truth In Lending Act, The purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit. 

The referenced account is an agreement, not a contract. Based on the consumer protection laws and your lack of complete disclosure I rescind the entire transaction due to fraud. Any fraud vitiates the entire financial transaction. 

Finance charge is on money given to you, not credit transactions Agreement has finance charges by the finance company in this case Wells Fargo Auto therefore, committed predatory lending in a consumer credit transaction under Regulation Z. Pursuant to15 USC 1605 ( a ) : the amount of a finance charge in connection with any consumer credit transaction shall be determined as the sum of all charges. 

Down payments are unlawful in consumer credit transactions. XXXXXXXX XXXX XXXX XXXX on behalf of Wells Fargo Auto accepted a CASH down payment of {$500.00} violating 15 U.S. code 1605 which clearly states the finance charge does not include charges of a type payable in a comparable cash transaction. 

It is appropriate for me to assume that the salesperson that assisted me with the purchase of my XXXX XXXX XXXX at XXXXXXXX XXXX XXXXXXXX XXXX XXXX intentionally withheld pertinent information to complete the sales. Thus, being the case, pursuant 12 CFR 1026.23 I have the right to rescind my obligations and renege my initial consent to pursue the previous terms. There are many fees within this finance charge that are in violation of 15 USC 1605. It is clear you are not trustworthy and have predatorily conducted business in commerce.

Pursuant to 15 US code 1611 ( 1 ) ( 3 ) : one can be fined up to {$5000.00} or face imprisonment for up to one year, or both, for giving false and inaccurate information or fails to provide information which he is required to disclose. In this case Wells Fargo Auto willfully violated this law when you failed to disclose and provide all information clearly to me as a consumer. 

Wells Fargo in violation of 15 U.S. Code 6802 - Obligations with respect to disclosures of personal information the consumer is given the opportunity, before the time that such information is initially disclosed, to direct that such information is not disclosed to such third party. 

I am no longer responsible for any security interest, finance charge, or fees associated with this contract. I am concluding this letter with a demand for you to return all my money since you failed to indicate that my finance charge was all I needed to complete the deal and that my CASH DOWNPAYMENT was only of benefit to you. 

I did not enter KNOWINGLY, VOLUNTARILY, AND INTENTIALLY. I do not accept the liability of any compelled benefit or lack thereof, or any unrevealed contact or commercial agreement. I have a right to sue you under the Common Law for violating my rights under the UCC. I did not sign any contract where I received COMPLETE DISCLOSURE AND EQUAL CONSIDERATION. If I did, it was UNKNOWINGLY, INVOLUNTARIY AND UNINTENTIONAL. Cease and desist all collection activities and have all consumer reporting agencies delete this account from their reports. If you do not remove this information, your company will be committing fraud, not preserving my rights, and will be fined {$5000.00} : CONSUMER PROTECTION LAWS Equal Credit Opportunity Act / Truth in Lending Act Regulation Z Fair Credit Reporting Act / 15 USC 1611 - False & Inaccurate information Fair Debt Collections Practice Act / 15 USC 1692 - Debt collection practices CFPB 1026.23 Right of Rescission ( cancellation )

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