Consumer complaint received 2018-06-15
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with fees charged
Company: BB&T CORPORATION (AZ)

I received an answer from BB & T Bank DBA XXXX XXXX XXXX to my complaint ( see it below ) that is NO WAY addresses my allegations ( see attached ). To be clear, my complaint is being made to the CFPB and state attorneys general alleging violations of Section 5 of the Federal Trade Commission Act, 15 USC 45 ( a ) ( 1 ) Unfair or Deceptive Acts or Practices ( UDAP ) and Dodd-Frank Act, Title X, Subtitle C, Sec. 1036 ; PL 111-203 ( XX/XX/2010 ), Unfair, Deceptive or Abusive Acts or Practices ( UDAAP ) along with similar state laws and those  covering fraud by failure to disclose. 
BB & T is intentionally avoiding addressing my issue due to the tremendous potential financial liability the company has should this become an individual or class action lawsuit. 

I believe my original complaint was clear, but to further clarify, I allege : -Incomplete disclosure : Not advising customers that if they take one or more extensions, the likelihood is they will never be able to pay off their auto loan. It is not reasonable for the average consumer to understand simple interest calculations, especially when they are told the payment is being moved to the end of the loan. 
- XXXX XXXX XXXX  representatives often encourage consumers they take the aforementioned extensions. 
-Although disclosures around extensions do, in some cases ( this a fairly recent change, possibly due to my earlier complaints to XXXX XXXX XXXX  ), mention that interest will continue to accrue, however, since XXXX XXXX XXXX provides mostly very high interest rate loans, the average consumer can not be expected to know that this may result in never being able to pay the vehicle off. 

Should it be necessary for me to file a lawsuit, or if a class action lawsuit is filed after discovery and depositions - the following will be found : - XXXX XXXX XXXX makes high interest automobile loans bordering on predatory - that are likely to require consumers to be offered extensions because these are riskier loans. 
- XXXX XXXX XXXX  representatives encourage customers take loan extensions. 
- The verbal disclosures provided by XXXX XXXX XXXX representative over the past five years ( they have changed over that period of time ) are not sufficient for customers to understand the possible consequences ( never being able to pay off their vehicle ) and make an informed decision. 
- This issue is systemic. 
I am asking for help to put an end to this predatory, systemic practice by BB & T Bank and help me received appropriate damages. 
============================================================================ I have been trying to find help with a situation that affects me and many others ( per posting on the web and CFPB complaints ) I am beginning to feel that if the business practices I will describe we was directed to one of the big banks, I would be getting all the help I need as there would be big media attention, etc. BB & T is a good size XXXX XXXX. 
I really wish someone would contact me by phone so I could explain in a more understandable manner but I will do my best nonetheless. 
I am basing my complaint on what I believe is an accurate legal description of fraud ( A statement need not be affirmative to be fraudulent. When a person has a duty to speak, silence may be treated as a false statement. This can arise if a party who has knowledge of a fact fails to disclose it to another party who is justified in assuming its nonexistence. ). 
SUMMARY : In three full years since I took out an auto loan with XXXX XXXX XXXX  ( XXXX ), I have made a total of {$13000.00} worth of payments and yet my balance has only decreased {$840.00}. 
WHAT IS THE CAUSE? 
If someone is behind on their payments, XXXX will solicit one to  accept a payment deferment. They explain the payment will be tacked on to the end of the loan. The result is that the deferred payments continue to accrue interest. The result of this, which is NOT explained, is that there is virtually no chance of a consumer ever paying their car off unless they are able to come up with a huge lump sum payment. This leaves the consumer extorted, either borrow more money to pay off the car or have your credit ruined. I OTHER INFO : There are multiple complaints against XXXX online from consumers ( including the CFPB website ) experiencing the exact same scenario I find myself in. I ONLY find this situation with RAC. In addition, two of XXXX 's phone representatives have told me this is a systemic issue with XXXX and that they don't care because it makes them the majority of their profit. This may explain why they are so anxious to push loan extensions on consumers. 
XXXX 's disclosures not go into more detail than they did when I did my early loan extensions. Even so, they STILL do not adequately advise consumers that they likely will not be able to ever pay off their automobile, especially if they have more than one extension.

CC : Office of United States Senator XXXX XXXX, The Office of US Representative XXXX XXXX, The North Carolina Department of Justice Office of the Attorney General and the Consumer Protection Financial Bureau.