Consumer complaint received 2024-04-21
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: ALLY FINANCIAL INC. (VA)

After reading the entirety 15 USC 1635a, under the Truth in Lending Act, which states, " In the case of ANY consumer credit transaction in which a security interest is or will be retained or acquired in any property which is used as a principal dwelling of the person to whom credit is extended, the obligor shall have the right to rescind the transaction until midnight of the third business day following the consummation of the transaction ... '' Under this act, the creditor is required to provide a right to rescind disclosure to the consumer to inform them of this fact. I realized that I did not receive the required Right to Rescind disclosure during or after the signing of my contract for my vehicle loan with Ally Financial. According to 15 USC 1635f, my right to rescind was extended to 3 years from the date of the signing of the contract due to this failure. I sent Ally Financial a Notification of Rescission on XX/XX/XXXX. I also sent an Affidavit of Revocation of Signature. Both of those documents were notarized. They were delivered to the company and signed for, on XX/XX/XXXX. In my notice, I cited 15 USC 1635b, informing Ally Financial that they had 20 days, per the law, to return any and all payments made in connection to this transaction and make note in the public record that the loan had been rescinded. Then I would return the vehicle. I received a letter from the company, on XX/XX/XXXX, stating they have received my previous notice and that it wouldn't be accepted as payment. The documents that were sent to them were not, " legally binding '', on them, and that a restriction had been placed on my account. I sent another Notice of Rescission, on XX/XX/XXXX, which I addressed the XXXX XXXX, the Chief Financial Officer. It was delivered and signed for on XX/XX/XXXX. In this notice I reiterated the declarations made in the initial one, as well as cited 15 USC 1635c, which says the creditor can not use presumed delivery, of the required disclosures, as a rebuttable or excuse for none compliance and CFR 1026.23, which states that the consumer need only to notify the creditor of their intent to rescind the contract, within the appropriate time frame, for the rescission to be lawful. Under 15 USC1635b, I informed Ally Financial that because 20 days from the initial notice had passed, I was no longer liable for any charges in connection with the transaction and that any security interest they had in the vehicle was now void. However, I would extend an additional 15 days to return my payments in compliance with the statue. I also provided my preferred email address as a point of contact for any questions or concerns. I provided the email because I sent a Cease-and-Desist letter in XX/XX/XXXX, stopping all calls in regard to the collection of the debt. On XX/XX/XXXX, I received a letter from the XXXX, an XXXX customer relations representative saying that the company had received my letter and that they would be looking into the situation. However, the account that was referenced on the letter was not mine. I was unclear on how they were referencing someone else 's account, with that person 's full name and account number, when I clearly documented my information on all pieces of mail sent. On XX/XX/XXXX, I sent the final notice to Ally Financial, specifically addressed to XXXX XXXX. In this letter, I again reiterated my position, as well as documented a timeline of events that led us to this point. I sent copies of all of the previous correspondence and cited all of the statues under TILA that I was referencing. I even addressed the breech of privacy that occurred in the previous letter from Ally Financial, where I now had access to another customer 's full name and account number. I again extended an additional 15 days for Ally Financial to return my payments and reminded the company that they held no security interest in my vehicle, under the law. I also, insisted that my credit report show that the contract was rescinded in XXXX and remove any late payments that were being documented. I reminded the company of the Cease-and-Desist letter, since not only I, but my family and neighbors, were receiving multiple calls concerning this account. I provided my email address once more, so the company could contact me concerning this situation. I received an email, on XX/XX/XXXX, from XXXX, an executive customer relations representative, that told me the matter was being looked into and I would be provided a timely response. However, on XX/XX/XXXX, I received an email that my vehicle had been assigned for repossession. I have not gotten any updates concerning the research into the rescission. Ally Financial is clearly not trying to follow federal guidelines and be compliant under T.I.L.A. Any repossession, at this point, would be illegal.