Consumer complaint received 2022-12-18
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Fraudulent loan
Company: New Century Auto Sales, Inc. (OH)

XXXX of XXXX My fianc and I initiated a consumer transaction with Rightway automotive credit to purchase a used XXXX XXXX XXXX. We was asked to put down XXXX at the time which we did it wasnt until XXXX of XXXX I began looking off into consumer laws, I began to look over my retail contract ( not a loan as they lead me to believe ). My Fianc and I was asked for our social security numbers which we gave at the time. According to 15 U.S Code 1602 ( 1 ) states the term credit card mean any card, plate, coupon book or other credit device existing for the purpose of obtaining money, property, labor, or services on credit. By the company using our social security card they already had what they needed. The car was financed through XXXX XXXX We shouldnt have needed a down payment to be approved for the car 15 U.S code 1605 ( a ) Finance charge defined Except as other wise 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, payable directly or indirectly by the person to whom the credit is extended, and imposed directly or indirectly by the creditor as an incident to the extension of credit. The finance charge shall not include fees and amounts imposed by third party closing agents ( including settlements agents, attorneys, and escrow and title companies ) if the creditor does not require the imposition of the charges or the services provided and does not retain the following types of charges which are applicable ( 1 ) Interest, time price differential, and any amount payable under a point, discount, or other system or additional charges. ( 2 ) Services or carrying charges. ( 3 ) Loan fee finders fee, or similar charge. ( 4 ) Fee for an investigation or credit report. ( 5 ) Premium or other charge for any guarantee or insurance protecting the creditor against the obligators default or other credit loss. ( 6 ) Borrowers paid mortgage broker fees including fees paid directly to the broker or the lender ( for delivery to the broker ) whether such fees are paid in cash or financed. This clearly states that the finance charge is the sum of ALL charges. And that no third party fees shall be included in a finance charge. We also notice that is says premium insurance is included in the finance charge. None of this was disclosed to us according to the T.I.L.A, regulations Z, and 15 U.S Code 1635 states that We also have the right to rescind, this was to be disclosed to us. We was never told that we could rescind nor did we sign anything waiving this. Rightway automotive credit is also refusing us to pay any car note on the used XXXX XXXX XXXX we contacted them on XXXX XXXX at XXXX XXXX  to attempt payment which was refused. Rightway auto sales wants us to sign a new proposal form 1 month after having the vehicle. I have sent multiple emails asking for the new contract to be sent via email with no response. On the original contract their is inaccurate information the original contract states the vehicle had XXXX miles when purchased, when on the day of purchase the vehicle in fact had XXXX miles ( yes a photo of the miles was taken ), also the address that is on the original contract is a inaccurate address and not the address we provided to them. ALL this is a breach of contract.