Consumer complaint received 2022-11-30
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with additional products or services purchased with the loan
Company: SANTANDER HOLDINGS USA, INC. (CA)

a person is fully aware that its act will cause damage to another person but. nevertheless, performs the act and, irrespective of whether it so wishes, allows the damage to occur is capable of causing damage but believes that the damage will not occur or will be able to be prevented. 

To whom it may concern I am a consumer practicing my legal rights on XX/XX/XXXX. XXXX. I purchased a vehicle from XXXX XXXX XXXX. In the city of XXXX, CA. As I was reviewing my contract. I have noticed several Inaccuracies Perform on this contract, from the amount being borrowed to the high sale tax percentage to the terms of XXXX Which is not accurate on this contract. Is showing A terms of XXXX. I have put down {$5000.00} for the monthly payment to go down {$570.00} Is the calculation that the dealership Put down on this contract. Which is incorrect the numbers don't add up on the application. the money That was borrowed from the bank was. XXXX on the sticker of the vehicle Shows {$28000.00}. My calculations show. that if I put {$3000.00} down. My monthly payment would be {$560.00}. since I paid {$5000.00} My monthly payment should be around {$400.00} You can correct me if I'm wrong. The arbitration clause was not Properly explained My understanding this was optional. The dealership was charging me {$500.00}. In case I cancel. Which I was not required as mentioned in the contract. I was pressured to get an auto gap When I knew this was optional the sale XXXX. Assure me That I needed it to take the vehicle out of the lot When I knew I didn't have to I signed the documentation Because he insisted. in top of that, there was a XXXX security system. That was optional. He insisted that I needed it When I mentioned to the Sales XXXX if the vehicle has an alarm that came with the car, I didn't need to have it. in the contract, the sales XXXX continues pressuring me to get this alarm. the vehicle also came with a Ceramic coding. And a GSDEG.w/doorcups That did not come with a vehicle. This came out to be {$990.00}. This ceramic coding came out to be. {$990.00}. That is included with the security system. I did not ask for all this, and this was mentioned face to face at the time of the sale. The documentation of the truth in lending act Showing the consumer he's rights was not provided He never bothered to explain to the consumer his legal rights on the contract. My understanding is the following. The Truth in Lending Act ( XXXX ) is a consumer protection law enacted in XXXX in response to exceeding predatory loan practices. Prior to the TILA, lenders would use a variety of terminology and forms of lending that manipulated uninformed borrowers. The XXXX changed this by requiring a uniform system of disclosures and terminology to be used for lending like credit cards or mortgages. Creditors were required to disclose details like the annual percentage rate and repayments details in a clear way to borrowers or else the borrower XXXX be able to rescind the debt. XXXX also limits the amount of late fees creditors can charge. Overall, the XXXX since its signing has been updated to respond to changing lending practices to ensure borrowers clearly understand the terms and conditions they agree to. In case you did not know What Is Regulation Z? 
Regulation Z is a Federal Reserve XXXX rule that requires lenders to give you the true cost of credit in writing before you borrow. That includes spelling out the amount of money loaned, the interest rate, APR, finance charges, fees and length of loan terms. In short, Regulation Z is another name for the Truth in Lending Act. The XXXX are used interchangeably. The TILA and Regulation Z have been amended so many times since passage in XXXX that it would take a book to describe all the changes. The first came in XXXX and prohibited unsolicited credit cards, but that was just the start of an onslaught of amendments dealing with almost every aspect of lending and credit cards. XXXX of the major amendments was to give the Consumer Financial Protection Bureau ( CFPB ) rulemaking authority under the TILA. The CFPB has used it muscle heavily in this area, issuing rules for ability-to-repay requirements for mortgages, refined loan originator compensation rules and points and fees limits that apply to qualified mortgages.