Consumer complaint received 2023-03-25
Company: ALLY FINANCIAL INC.
State: GA
Product: Vehicle loan or lease
Sub-product: Lease
Issue: Managing the loan or lease
Sub-issue: Billing problem

Complaint:
I entered into a retail agreement with XXXX of XXXX XXXX XX/XX/XXXX. To my understanding this was a consumer credit transaction. I later learned there was much deception in the contract. Upon reading and understanding law I learned that a consumer credit transaction can not include cash. Pursuant 15 USC 1662 ( b ). There was a down payment given as well as a vehicle trade in during this transaction. I also later learned upon discovering Federal Reserve 16 section 2 states Any Federal Reserve bank may make application to the local Federal Reserve agent for such amount of the Federal Reserve notes hereinbefore provided for as it may require. Such application shall be accompanied with a tender to the local Federal Reserve agent of collateral in amount equal to the sum of the Federal Reserve notes thus applied for and issued pursuant to such application. The collateral security thus offered shall be notes, drafts, bills of exchange, or acceptances acquired under section 10A, 10B, 13, or 13A of this Act, or bills of exchange endorsed by a member bank of any Federal Reserve district and purchased under the provisions of section 14 of this Act, or bankers ' acceptances purchased under the provisions of said section 14, or gold certificates, or Special Drawing Right certificates, or any obligations which are direct obligations of, or are fully guaranteed as to principal and interest by, the United States. Which means that upon the submission of the note ( Agreement between ( consumer ) myself and the dealership ) the the promissory note has been securitized. This agreement has acted as collateral upon the endorsement of my signature. To my surprise there was more deception, learning that after the consumer credit transaction there were payments or financing due to a Lender Ally financial. I do not have a contract with Ally Financial nor did I know that my contract was assigned to Ally financial until AFTER the signing of the retail agreement. Based on that factor 15 USC 1692e- False and misleading representation. I was completely deceived by both the Dealership and now learning the bank ( ALLY ). Furthermore, I have never signed any loan agreements with Ally Financial however they have a loan on the LEGAL title of the vehicle. I've submitted 3 correspondences about the billing errors in question. All have gone ignored .Per 12 CFR 1026.13 Billing Error Resolution, as the consumer I have a right to withhold disputed amounts in which that was the entire finance agreement until there was a resolution. ALLY financial continued to harass me with phone calls asking for payments or repossession of my vehicle. XX/XX/XXXX my vehicle was picked up on the streets of XXXX Alabama, in which I was present with my entire family and stranded. This caused extreme harm to myself and my family as we were stranded in a state in which we did not reside. As I currently type ALLY financial has yet to send me any copies of the financial agreement or loan in which they state I am obligated to. I only have the customer copy of the retail agreement with XXXX of XXXX XXXX. My family and I have has extensive financial hardship since my vehicle has been stole by what I know know is a third party. I also sent documents to ALLY making them aware that the vehicle had been conveyed to my trust, in which they were ignored. My vehicle is now of trust property and has been since XXXX it is UNLAWFUL to uphold Trust property and collapse the Trust in any form. I do hold the equitable title to the vehicle, that has also been ignored. I am yet and still demanding that my vehicle be returned unto me. That my family and I are compensated for the deceptive practices of these corporations when they DO NOT have a security interest in this vehicle.

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