Consumer complaint received 2024-09-12
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Credit denial
Company: FORD MOTOR CREDIT CO. (TX)

ATTENTION CFPB : Consumer credit rights violation. 

I applied for financing with Ford Motor Credit and was denied my consumer credit. 
I called Ford Motor Credit at XXXX and spoke to XXXX, XXXX, XXXX on XX/XX/XXXX and they referred me to the financing manager at the dealership I was wanting to pick up the vehicle from, I was also told that the financing manager would have to aprove the financing. I located the dealership close to my house and called on XX/XX/XXXX and was told the financing XXXX XXXX XXXX had left for the day, I was given his email address and I sent the following to the finance XXXX XXXX XXXX of XXXX XXXX XXXX in XXXX XXXX XXXXXXXX. This was my email explaining my position and he has ignored me. 

Sent to XXXX from XXXX Greetings XXXX XXXX, I applied for financing in my consumer credit transaction with XXXX and was denied and that is an adverse action which is illegal. 

XXXX XXXX XXXX XXXX XXXX XXXX # XXXX I'm sure you are aware credit is a right not a privilege. I am able to be verified in regards to credit worthiness as I included the social security number in the application. Consider the following : 15 U.S. Code 1679a - Definitions ( 1 ) Consumer The term consumer means an individual.

( 2 ) Consumer credit transaction The term consumer credit transaction means any transaction in which credit is offered or extended to an individual for personal, family, or household purposes.

15 USC 1602 explains that the term credit is a right.

12 USC 1431 states that the banks are the borrowers.

15 USC 1611 explains there is criminal liability attached for willfull and knowing violation for false and misleading denial of my own credit.

12 CFR 202.9 Equal Credit Opportunity Act statements that the adverse action was based on the creditor 's internal standards or policies or that the applicant, joint applicant, or similar party failed to achieve a qualifying score on the creditor 's credit scoring system are insufficient 15 U.S. Code 1662 - Advertising of downpayments and installments No advertisement to aid, promote, or assist directly or indirectly any extension of consumer credit may state ( 2 ) that a specified downpayment is required in connection with any extension of consumer credit, unless the creditor usually and customarily arranges down payments in that amount.

15 U.S. Code 1605 - Determination of finance charge ( a ) Finance charge defined Except as otherwise provided in this section, the amount of the finance charge in connection with any consumer credit transaction shall be determined as the " sum of all charges '' 15 U.S. Code 1691 - Scope of prohibition ( d ) Reason for adverse action ; procedure applicable ; adverse action defined ( 6 ) For purposes of this subsection, the term adverse action means a denial or revocation of credit, a change in the terms of an existing credit arrangement, or a refusal to grant credit Federal Reserve Act Section 16. Note Issues 1 ) Issuance of Federal Reserve notes ; nature of obligation ; where redeemable : The said notes shall be obligations of the United States 2 ) Application for notes by Federal Reserve banks : 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. 

Denying me my own credit is illegal and could possibly lead to criminal liability. Now that you, a representative of XXXX have been noticed of these facts in law how would you like to proceed? 

Here is the automobile at your facility that I have selected. 
XXXX XXXX XXXX XXXX # : XXXX XXXX By initially denying my right to consumer credit XXXX has already broken my trust in your company. Please expedite this consumer credit transaction within the next XXXX to XXXX hours or I will report these violations to the regulatory agencies and have them pursue this against you in your personal capacity as well as XXXX. 

Kindly, XXXX XXXX My preferred method of contact is email since XXXX has initially acted in dishonor by violating my consumer rights in this consumer credit transaction. 
XXXX Consumer Financial Protection Bureau ( XXXX ) XXXX. 

Federal Trade Commission ( XXXX ) XXXX