Consumer complaint received 2024-05-08
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Loan sold or transferred to another company
Company: TRUIST FINANCIAL CORPORATION (PA)

I am writing to formally bring to your attention several concerns regarding the car dealership and loan provider involved in my car loan account [ Loan Account Number ]. 

Upon entering into a car purchase agreement with Dealership, was required to provide a deposit for a specific vehicle that I intended to purchase. However, upon further inquiry and during the transaction process, I was informed that the vehicle I had deposited for was no longer available and that an alternative vehicle would be provided instead. This practice, commonly referred to as bait-and-switch, is a violation of consumer protection laws and regulations. 

Furthermore, during the loan application process, I was not provided with certain essential documents that are required by consumer protection laws and regulations. These documents include but are not limited to the Truth in Lending Act ( TILA ) disclosures, the loan agreement terms and conditions, and other pertinent information necessary for me to make an informed decision about the loan. 

Under consumer protection laws, such as the Truth in Lending Act ( TILA ) and the Consumer Financial Protection Bureau ( CFPB ) regulations, consumers are entitled to receive complete and accurate information about loans and financial transactions. The failure to provide these documents renders the loan agreement null and void, and it is imperative that this issue is addressed promptly. 

I request that you conduct a thorough investigation into these unlawful practices by the car dealership and loan provider and take appropriate action to rectify the situation. This includes, but is not limited to, correcting any inaccuracies or discrepancies on my credit report related to the loan account, and ensuring that my rights as a consumer are protected under the law. 

I am also writing to file a formal complaint regarding a recent change in the bank associated with my car loan account. I have received notification that the bank handling my car loan has been changed without my prior agreement or consent. 

I am deeply concerned about this change as it directly impacts my credit and financial standing. I believe that any changes to the terms or servicing of my loan should be communicated to me in advance, and my agreement should be obtained before implementing such changes. 

I kindly request that you investigate this matter and provide me with detailed information about the reasons for the bank change, including any benefits or implications for me as the borrower. Additionally, I seek clarification on whether this change is in compliance with the terms of my loan agreement and applicable legal requirements. 

It is crucial for me to maintain accurate and transparent information on my credit report. Any unauthorized or improperly executed changes to my loan account can have adverse effects on my credit score and financial reputation. 

I urge you to take prompt action to address this complaint and ensure that the necessary steps are taken to rectify any discrepancies related to the bank change on my credit report. 

Please provide me with updates and a resolution to this matter as soon as possible. I appreciate your attention to this issue and look forward to your response. 

Thank you for your assistance.