Consumer complaint received 2023-12-12
Company: AMERICA FIRST FEDERAL CREDIT UNION
State: AZ
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Billing problem

Complaint:
Dear XXXX, I am writing to submit a formal complaint with the Consumer Financial Protection Bureau ( CFPB ) regarding a transaction I entered into with XXXX XXXX XXXX XXXX at XXXX XXXX XXXX XXXX XXXX XXXX, az XXXX XXXX concerning the purchase of a XXXX XXXX XXXX XXXX XXXX XXXX XXXX, on XX/XX/XXXX. My concerns pertain to multiple violations of federal regulations and consumer protection laws, which I believe warrant immediate investigation by the CFPB, in coordination with other relevant regulatory bodies. 

The key issues I wish to bring to your attention are as follows : Delay in Contract Disclosure : After purchasing the XXXX XXXX XXXX XXXX on XX/XX/XXXX, I electronically signed the contract, but I did not receive a copy of the contract until XX/XX/XXXX, despite requesting it earlier. This delay in providing the contract raises concerns about transparency and compliance with federal regulations, particularly those related to the disclosure of financing terms and agreements. 

Attempted Revocation of Security Interest : Upon receiving the contract, I performed a UCC 11 search and discovered that the company had not perfected the lien. Under UCC provisions and other regulatory bodies, this suggests that the company may have sold the contract on the secondary market. In response, I sent a letter of remission to the company to revoke security interest, right to title, right to insurance, and right to repossess. It is my understanding, in accordance with the UCC and related regulations, that once the debt is sold, it is no longer my responsibility as the investor. However, the company responded by asserting that the debt remains my responsibility. 

Negotiable Instrument for Payment : Following the company 's response, I sent a negotiable instrument for payment, registered mail # XXXX XXXX XXXXXXXX XXXX which is recognized as legal tender under law, properly endorsed to the company for payment, in accordance with CFR 31 328.5-6, to be turned in to the US Treasury as it so states. Despite my compliance with the relevant regulations, the company has neither applied the payment to the account nor released my title, and they have not deposited the original principal or the monthly interest payments as required by regulations. 

Discrepancies in Handling of Debt : It appears that the company may be selling my security interest while retaining the dividend profits associated with the XXXX number on this account. Furthermore, they have failed to return the negotiable instrument, have not applied the payment, and have not responded to my list of violations against my consumer credit. 

This company has also taken adverse action against my consumer credit which is also not legal. 

Considering the seriousness of these issues and their implications for my rights as a consumer, I request that the CFPB initiates an investigation into this matter. Additionally, I believe that the involvement and coordination of other relevant regulatory bodies, including but not limited to the Federal Trade Commission ( FTC ), Securities and Exchange Commission ( SEC ), XXXX XXXX XXXX XXXX ( FINRA ), and Internal Revenue Service ( IRS ), may be necessary to ensure a comprehensive examination of the alleged violations and a resolution of this matter. 

I have enclosed copies of the relevant documents, including the contract, UCC 11 search results, correspondence with the company. 

I appreciate your attention to this matter, and I urge the CFPB to take prompt and appropriate action to protect my consumer rights and investigate the potential violations of federal regulations and consumer protection laws Thank you for your assistance and commitment to upholding consumer protection and financial integrity. 

Sincerely, XXXX XXXX XXXX

Company response to consumer: Closed with explanation