Consumer complaint received 2025-07-05 00:00:00
Product: Debt collection — Auto debt
Issue: Took or threatened to take negative or legal action — Threatened or suggested your credit would be damaged
Company: Southern Auto Finance Co
State: GA

Complaint narrative:
I will continue to return until I receive all the requested documentation and evidence. In my previous complaint, there were 45 questions, and they were not answered in the comprehensive manner I requested. It appears that SAFCO is hiding some truths that they prefer not to reveal to the public, their consumers/customers, and the regulatory authorities overseeing this company. Im not trying to get you to incriminate yourself or exposed your predatory lending practices, all I want is the truth. Is that too much to asked for SAFCO? I require direct and relevant information regarding my dealings with SAFCO, without any indirect irrelevancy. Please correct me if I'm mistaken and assist me in understanding the lending process. When a buyer approaches a dealership to purchase a vehicle, the dealer is aware that if the buyer lacks sufficient funds, they will likely need financing, correct SAFCO? The dealership acts as the seller but does not possess the funds for the buyer, so they contact their lenders to determine who is willing to provide a loan to the buyer ; this is referred to as indirect lending. Once the dealership identifies a lender willing to finance the required amount, is it accurate to say that the indirect lender is expected to provide the funds to the buyer for the vehicle they wish to purchase? Why are the funds directed to the dealership instead of the buyer? In this consumer/financial transaction, the funds were intended to be transferred to the buyer 's demand deposit account rather than the dealership 's account, correct? The funds were meant for me so that I could utilize them to finance the loan check and acquire the vehicle. Did I not have any entitlement to that? I need clarification on this matter. The dealership informed me that if SAFCO had provided the funds directly to me and I had chosen to use them for a different purpose instead of buying the vehicle, they would have incurred a loss and faced a greater risk. How is that possible if I intended to use the funds for the vehicle purchase? They seemed to believe that I would seek out a less expensive vehicle and pocket the remaining amount or not getting the vehicle at all. Is that really how you view us consumers? What is the process for acquiring my consumer credit information, and what legitimate reasons do you have for continually accessing my data, given that I have not provided SAFCO with any consent for such actions? What permissible purpose you have to continue accessing my data per the Fair Credit Reporting Act? SAFCO, you have not adequately validated this purported debt. I have asked for crucial and pertinent information that has not been provided. You continue to upload the same details obtained from an indirect source. Where is the documentation from SAFCO that demonstrates a contractual agreement between myself and your company? I requested Proof of Assignment and Ownership of the Retail Installment Sales Contract.This documentation shall demonstrate and show the legal transfer of rights from the original seller to the current holder of the contract. This wasnt provided in your statement. I requested a copy of SAFCO and XXXX agreement thats in conjunction with what I have to make sure mines aligned with yours. This wasnt provided to me in your last statement. I requested a full detailed itemized fee list to see what hidden fees was imposed on me through this financial transaction. This wasnt provided to me in your last statement. What is the process for acquiring my consumer credit information, and what legitimate reasons do you have for continually accessing my data, given that I have not provided SAFCO with any consent for such actions? ( Under the Fair Credit Reporting Act ) SAFCO, you have not adequately validated this purported debt. I have asked for crucial and pertinent information that has not been provided. You continue to upload the same details obtained from an indirect source. Where is the documentation from SAFCO that demonstrates a contractual agreement between myself and your company? This purported debt was transferred during the securitization process, so why hasnt SAFCO provided me with evidence that it has the right to collect this debt ( such as a chain of ownership if the debt was sold )? I have not received this information in any of your statements. Please supply me with all the necessary details to confirm whether this alleged debt belongs to me or not. I require additional proof. The more proof I obtain, the less necessity there will be to continue filing complaints against your organization. Where is the verification? SAFCO youre engaged in predatory lending and I wouldnt be coming after you but that Usury and Securitization is making your enterprise look very suspicious and abusive. SAFCO, you must respond to my inquiries because the truth eventually reveals itself. I have been persistently asking, yet these documents indicate otherwise. I inquired whether this loan was securitized, and you claimed it was not, but the account payment history imply otherwise, particularly the section labeled " SS Sale of Security. '' How could you be so bold as to lie in front of me and the CFPB? This is precisely why you hesitate to answer these questions in great dentils ; as it would unveil the fraudulent activities SAFCO is engaging in behind the scenes. Life has taught me that to uncover the truth, one must ask numerous questions, as they will not simply disclose it. Inquiring provides insights and details that can illuminate the darkness, allowing the truth to emerge. Therefore, continue to deny, and I will persist in my questioning to uncover the truth. Records and documents invariably reveal the truth in any circumstance. It is quite straightforward to tell the truth ; once it is revealed, how can one recover from that? This is what renders a person or entities untrustworthy and prompts authorities to scrutinize and investigate companies, like SAFCO. I have observed that corporate America often denies wrongdoing but frequently opts for out-of-court settlements. Why is that? If you assert that you are not engaged in any unethical practices, why are you making settlements? Please clarify that for me. These companies consistently pay out while simultaneously denying the truth. This constitutes poor business ethics. 




Can you answer these inquiries I have? What does SS Sale of XXXX means? 
Are you denying that SAFCO isnt in the business of selling securities to investors? What is SAFCO XXXX Receivables Trusts? 



Requests : * XXXX I have a COPY of the assignment and sale of the contract that you received from the SELLER? 

* XXXX I have a COPY of the contract between you ( SAFCO ) and the seller ( XXXX )? 

XXXX. Do SAFCO XXXX XXXX XXXX owns, hold, and manage my auto loan contract? If it does, why wasnt I notified of this changed? 
XXXX. Why wasnt I notified or why wasnt it disclosed to me that a XXXX will package my retail installment sales contract and then issue a security backed by the cash flow from my underlying asset ( car )? 
XXXX. Why wasnt it made clear to me that SAFCO XXXX XXXX, XXXX ( XXXX ) will create a securitization trust using my retail installment sales contract/ loan, pool it with other auto receivables and then selling securities backed by these receivables to investors? 
XXXX. According to a pre-defined payment structure outlined in the transaction documents, why wasnt it disclosed to me that the trust will receive my payments and then distributes them to the investors who hold the securities? 
XXXX. After my retail installment sales contract was securitized, was it registered with the SEC or was it exempted from registration? 
XXXX. What was the worth of the collateral backing the XXXX that was securitized? Show me proof. 
XXXX. Were there any additional factors involved or features of the purported Loan that could significantly affect the probability that the issuer of the asset-backed securities will fulfill interest and principal payments as per the relevant terms and conditions? Show me proof. 
XXXX. Did the originator of the Loans comply with federal, state, and local laws and regulations for the securitization of the sales contract and if so show me proof?

Company response to consumer: Closed with explanation