Consumer complaint received 2023-07-29
Product: Vehicle loan or lease — Loan
Issue: Problems at the end of the loan or lease — Problem with paying off the loan
Company: TRUIST FINANCIAL CORPORATION (CA)

In XX/XX/XXXX, I visited XXXX XXXX XXXX  In XXXX, California to redeem a flyer I received in the mail, which I had won. Given my credit score and the amount I owed on my current vehicle, I didn't expect to be able to purchase a new car. Despite previous attempts where I was told I needed a cosigner, I decided to speak with XXXX, the salesman, and show him the flyer with matching numbers to find out what I had won. It turned out to be a timeshare for the new XXXX XXXX  in XXXX XXXX, which was a common offer. During our conversation, I shared my previous disappointments in trying to get rid of my problematic XXXX XXXX XXXX. Due to my credit score and the need for a cosigner, I had been consistently turned down. However, XXXX somehow convinced me to stay and let them check my credit. When he returned, he informed me that I was qualified to purchase a brand new XXXX XXXX XXXX XXXX XXXX XXXX. I was amazed because just six months prior, I couldn't even get a used XXXX XXXX XXXX. I felt extremely happy about this unexpected opportunity. 
My XXXX XXXX was causing issues, and it was no longer covered by the XXXX miles warranty ( it had XXXX miles at the time of the trade-in ). Although I didn't have any savings, the finance manager assured me that I could pay {$1000.00} within 30 days. The sticker price for the XXXX was {$20000.00}, and I assumed that I would end up owing more than the trade-in value. When I signed the sales contract, I noticed a high-interest rate of 17.95 % with a $ XXXX  monthly payment, which alarmed me. The finance manager reassured me that I could come back after a year and refinance the loan. This provided some comfort, so I proceeded with signing the contract. 
However, when I attempted to refinance my loan after a year with XXXX XXXX, I was informed that the sales price of the car exceeded its value. My finance company is Regional Acceptance Corp and I've been with them for 7 years. In that length of time, they have reported my payments late to the credit bureaus over 18 times and to keep my car from being repossessed, I had to defer the loan 14 times due to financial difficulties. My loan is set to mature on XX/XX/XXXX, and based on my understanding of the contract, I may be held responsible for the remaining loan amount, which is currently over $ XXXX after the loan matures. 
Upon reviewing my payment history, I found that I have paid a total of {$39000.00}, out of which only {$8200.00} was applied to the principal, while {$29000.00} went towards interest. I also have an outstanding late fee balance of {$1500.00}. I've also called and sent two emails to XXXX XXXX at Regional Acceptance Corp twice ( XX/XX/XXXX, and XX/XX/XXXX ) requesting paperwork showing details on what my current percentage rate is that is penalizing me. I can only assume it's more than the original percentage from my contract because I have basically paid off that contract ( that should've never happened ) and now I owe an additional {$18000.00}! I never realized that I could be a victim of predatory lending until I tried to buy a house and the mortgage lender mentioned I could possibly be a victim of predatory lending. I requested my contract and noticed the now obvious discrepancies as I now scrutinize my contract with a more critical eye. In the final sales price of {$26000.00}, I was charged {$1900.00} for a theft determent device that I was told was part of the standard upgrade package. There is also a charge of {$1400.00} ( item Q ) listed as a fee paid to XXXX XXXX ( XXXX XXXX  trade-in ) for the balance-which I dont understand what that is or what its for. I was expecting to have negative equity because I did owe more than what the car was worth on the XXXX XXXX XXXX. I was given {$10000.00} as the net trade-in with the negative equity of {$5900.00}, a deferred down payment of {$1000.00} which I paid, I feel this deal shouldn't have been done because it is evident that the finance manager manipulated the numbers to make the sale work in their favor and a set-up for failure for me. On the contract, it listed a manufacturer rebate of {$1500.00} and {$2000.00} paid in cash. That was fraudulent information. I was never offered a Manufacturer Rebate of {$1500.00} nor did I pay {$2000.00} in cash as its mentioned on the contract. 
I feel like I was targeted because of the conversation I had with the salesperson. 
In order to manipulate their numbers and create fraud to make the deal work, they had to charge me {$1900.00} plus {$1400.00}, and then indicate a padded credit of {$3500.00} on paper. This obscured the true nature of the transaction, and I was fooled when I signed the contract. In my opinion, this contract was designed for me to fail. Please let me know if there is any assistance you can provide in resolving this matter.