Consumer complaint received 2025-05-06 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Repossession — Notice to repossess
Company: TRUIST FINANCIAL CORPORATION
State: TX

Complaint narrative:
Consumer Financial Protection Bureau ( CFPB XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX Subject : Complaint Against Regional Acceptance Corporation Regarding Repossession, Payment Application, GAP Insurance Refund, and Failure to Release Title Dear Sir/Madam, I am filing a formal complaint regarding Regional Acceptance Corporation ( RAC ) for violating several federal consumer protection laws and Texas law related to my auto loan for a XXXX XXXXXXXX XXXX XXXX XX/XX/2020. The contract was arranged by XXXX XXXX XXXX and financed by Regional Acceptance Corporation. I believe multiple violations of federal consumer protection laws and my rights under Texas law have occurred, and I seek resolution through your offices intervention. 
Violations : 1. Failure to Release Title After Final Payment : I have made the final payment on my auto loan, but Regional Acceptance Corporation has failed to release the title for my vehicle. This failure to release the title is both a breach of contract and an unfair business practice under federal consumer protection laws and Texas Property Code.

2. Violation of Texas Law Regarding Repossession : o Failure to Provide Notice of Default : Under Texas Property Code 9.604, I am entitled to receive a notice of default and an opportunity to cure the default before repossession occurs. However, Regional Acceptance Corporation failed to send me the required notice of default or a right to cure before initiating the repossession. 
o Breach of Peace During Repossession : Under UCC 9-609, repossession must occur without a breach of peace. I contend that Regional Acceptance Corporation repossessed my vehicle without consent, on private property, which constitutes a breach of peace under both Texas law and UCC guidelines. This repossession occurred without the proper procedural protections outlined under Texas law. 
3. Potential Fraud Under 18 U.S.C. 1348 : The loan associated with this contract was securitized without proper disclosure, which may constitute fraud under 18 U.S.C. 1348 ( securities fraud ), particularly if the securitization process was not properly communicated to me as the borrower.

Relief Requested : 1. Immediate Release of Title : RAC must immediately release the title to my vehicle and provide written confirmation that no further actions or payments are required on my part. 
2. Clarification of Payment and Ledger Errors : RAC must provide a detailed explanation of which specific payment triggered the release of the title and provide an updated ledger showing how the payments were applied. If there are any errors or discrepancies, I expect these to be corrected and reflected in the new ledger.

3. Securitization and GAAP Accounting Information : I request that RAC immediately provide the requested information regarding the securitization of my loan and the GAAP accounting practices under 31 U.S.C. 3718.

4. Investigation of Fraudulent Activity : I request that the CFPB investigate the possibility of fraudulent activity or billing errors related to my payments. If any errors were made by RAC, I expect them to be rectified immediately.

5. Acknowledgment of Lawful Money Payment : RAC should formally acknowledge that the payment I made using lawful money under 12 U.S.C. 411 was processed correctly and that all applicable laws regarding the acceptance of lawful money were followed.

6. Compensation for Inconvenience and Damages : Due to the failure to release the title and the potential errors or fraud involved, I request compensation for the inconvenience caused and any potential financial damages caused by RACs failure to act promptly.

7. Formal Apology : I request a formal written apology from Regional Acceptance Corporation for their failure to resolve this matter in a timely and transparent manner.

8. Investigation into SEC Violations : I request that the CFPB or SEC conduct an investigation into the possibility that Regional Acceptance Corporations actions could violate SEC regulations or any other financial reporting or securities laws. 
9. Investigation of Repossession Violations Under Texas Law : I request that the CFPB investigate whether Regional Acceptance Corporation violated Texas Property Code and UCC 9-609 regarding the repossession of my vehicle. This includes failure to provide proper notice of default, failure to offer a right to cure, and breach of peace during repossession.

I have attached all relevant documentation, including previous communications with RAC and payment proof. I look forward to your prompt resolution of this matter and await confirmation of the actions being taken to address my concerns. 
Please feel free to contact me should you require any further information or clarification. 
Sincerely, XXXX XXXX XXXX XXXX Without Prejudice, U.C.C. 1 - XXXX XXXXXXXX XXXX XXXX XXXX XXXXXXXX, TX XXXX XXXX CC : FDIC Division of Depositor and Consumer Protection XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXXXXXX, MO XXXX U.S. Securities and Exchange Commission Office of Investor Education and Advocacy XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX Internal Revenue Service Whistleblower Office XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation