Consumer complaint received 2024-12-07
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: HYUNDAI CAPITAL AMERICA (TX)

The complainant ( XXXX ) drafted a Billing Error Notices Pursuant to Account XXXX to Kia Finance America XXXX XXXX XXXX XXXX XXXXXXXX XXXX  XXXX in which was delivered on XX/XX/XXXX, XXXX, additionally, XXXX also provided within the referenced separate billing error notices, Notices of Defaults, in which included the necessary data of notice and discovery of which Kia Finance America would have knowledge or come to discover that XXXX XXXX a tender of payment before Kia Finance America indenture trustee XXXX XXXX XXXX including the date such payment was delivered associated with XXXX 's account with Kia Finance America. Pursuant to 12 CFR 1026.13 - Billing error resolution ( c ) Time for resolution ; general procedures. ( 1 ) The creditor shall mail or deliver written acknowledgment to the consumer within 30 days of receiving a billing error notice, unless the creditor has complied with the appropriate resolution procedures of paragraphs ( e ) ( Procedures if billing error occurred as asserted. If a creditor determines that a billing error occurred as asserted, it shall within the time limits in paragraph ( c ) ( 2 ) of this section : ( 1 ) Correct the billing error and credit the consumer 's account with any disputed amount and related finance or other charges, as applicable; and ( 2 ) Mail or deliver a correction notice to the consumer. ). and ( f ) ( Procedures if different billing error or no billing error occurred. If, after conducting a reasonable investigation, a creditor determines that no billing error occurred or that a different billing error occurred from that asserted, the creditor shall within the time limits in paragraph ( c ) ( 2 ) of this section : ( 1 ) Mail or deliver to the consumer an explanation that sets forth the reasons for the creditor 's belief that the billing error alleged by the consumer is incorrect in whole or in part ; ( 2 ) Furnish copies of documentary evidence of the consumer 's indebtedness, if the consumer so requests ; and ( 3 ) If a different billing error occurred, correct the billing error and credit the consumer 's account with any disputed amount and related finance or other charges, as applicable. of this section, as applicable, within the 30-day period; and ( 2 ) The creditor shall comply with the appropriate resolution procedures of paragraphs ( e ) and ( f ) of this section, as applicable, within 2 complete billing cycles ( but in no event later than 90 days ) after receiving a billing error notice.

Pursuant to the statute rule 12 CFR 1026.13 ( 3 ) Acceleration of debt and restriction of account prohibited. A creditor shall not accelerate any part of the consumer 's indebtedness or restrict or close a consumer 's account solely because the consumer has exercised in good faith rights provided by this section. A creditor may be subject to the forfeiture penalty under 15 U.S.C. 1666 ( e ) ( Any creditor who fails to comply with the requirements of this section or section 1666a of this title forfeits any right to collect from the obligor the amount indicated by the obligor under paragraph ( 2 ) of subsection ( a ) of this section, and any finance charges thereon, except that the amount required to be forfeited under this subsection may not exceed {$50.00}. ) for failure to comply with any of the requirements of this section. A tender of payment was delivered before Kia Finance America indenture trustee for XXXX XXXX. in which was to discharge the debt and to crediting XXXXXXXX XXXX account for past, current and future related payments to her principal account per the expiration of the underlying contract between XXXX and Kia Finance America. see 12 CFR 1026.13 ( 4 ) A reflection on a periodic statement of the creditor 's failure to credit properly a payment or other credit issued to the consumer 's account. The references of Kia Finance America indenture trustee is located on the U.S. Security & Exchange Commission Board XXXX 8k and 10k filings, which also includes the mailing address in which the tender of payment was delivered to be [ ing ] an accurate address in which the billing error notice & notice of default was sent to. After such expiration of dates, Kia Finance America continued to request payments from XXXX and reported such failure of payment before the credit reporting agencies affecting XXXXXXXX XXXX credit score report.

The primary such requirement, at issue in this case, is that if a creditor receives written notice from a consumer that indicates [ his ] belief that [ his ] statement contains a billing error within 60 days after the creditor transmitted that statement, the creditor must comply with two separate obligations. ( citing 15 U.S.C. 1666 ( a ) ). First, within 30 days of receiving that written notice, it must acknowledge receipt to the consumer in writing. 15 U.S.C. 1666 ( a ) ( 3 ) ( A ). Second, within two billing cycles and in no event later than ninety days after the consumer files his written dispute, it must either ( 1 ) make appropriate corrections to the consumers account, including the crediting of any finance charges on amounts erroneously billed, or ( 2 ) conduct [ ] an investigation into the dispute and send a written explanation to the consumer setting forth to the extent applicable the reasons why the creditor believes the account... was correctly shown in the statement. Id. 1666 ( a ) ( 3 ) ( B ) ( i ) ( ii ). The creditor must take these steps before making any attempt to collect the disputed amount. Kia Finance America was given NOTICES and did not comply with such obligations and must be subject to the forfeiture penalty under 15 U.S.C. 1666 ( e ) for failure to comply with any of the requirements of this section.