Consumer complaint received 2024-07-23 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: BMW Financial Services NA, LLC
State: IL

Complaint narrative:
I am disputing all of the debt the including the initial funding with BMW Financial Services and the fact that my promissory note operates at lawful tender in the United States and I challenge BMW Financial Services for not accepting it and the reason for not following the laws of congress.

According to Congress they are the only ones who have the authority to regulate commerce which has been well established under the Commerce Clause and part of the regulations for commerce is the the Federal Reserve Act which was first enacted in XXXX and then amended XX/XX/XXXX. 

On XX/XX/XXXX congress created what they said were eligible papers or commercial paper which is equivalent to cash which means it is eligible for being coins and currencies of the United States. And then on XX/XX/XXXX Congress made a joint resolution further stating that these eligible papers would be used because theyre the equivalent at par value of paying off debt dollar for dollar worth XXXX cents on the dollar because theyre back with credit of the nation which means there has already been a payment in full applied and I have not seen that reflected on my account. 

Federal Reserve Act Section 16 subsection 2 & 4 clearly states the collateral was the was the promissory note and NOT the VEHICLE in which I have been lead to believe. How can the collateral be the vehicle when I didn't own the vehicle before purchasing the vehicle. I first had to get a loan to be approved to buy the vehicle. The vehicle was placed for collateral not for the repayment of the loan, because that would nullify the original agreement. 

As the original agreement specified that the loan was approved prior to the acquisition of the vehicle, which by reason and standard of law the vehicle could not be used as collateral for the loan, which was acquired prior to the purchase of the vehicle. It was not disclosed to me that a federal reserve operation circular would be filled out on my behalf giving them full power of attorney over the funds received and once approved from the board they would be disguise it as a loan they gave me. 

The contract I signed states the amount of credit provided to me on be half which confuses me because if credit was provided to me, credit is not cash, and if cash was provided to me I need proof of a full statement of accounts and proof of funding showing where the money originated from. The law is very clear that Under 12 usc 1431 Banks dont lent money or credit they purchase securities and BMW FINANCIAL SERVICES hid the fact and misrepresent that the contract I signed was for the purchase of my application/contract in the form of a security because the buyers order/purchase agreement already paid for the vehicle. BMW FINANCIAL SERVICES purchased my contract and disguised it as a loan and I didnt receive any equal consideration. 

What BMW Financial Service didn't disclose and misrepresented was the retail installment agreement I signed was my agreeing to allow them to trade my property on the market in exchange for the original lender and/or its assigns applying all monies due me as an investor and TRUST INTEREST HOLDER ( TIH ), to be applied to the balance of the loan, that agreement appears has been breached and I must hereby demand all of the proceeds from the trading of my property on the market immediately and I asked for the CFPB TO AID IN THIS REQUEST.

BMW Financial Services hide the fact the collateral was the note and when I asked what is this section on the retail installment agreement that says I give them security interest in the and all parts or goods put on it, all money or goods received ( proceeds ) for the vehicle the finance manager stated it was only for insurance purposes and that it would be any securitization of my note.

The problem is I have not received the full and accurate accounting, BMW FINANCIAL SERVICES appears to have received not only tax inceptives, tax relief, and tax credits because they have charged off the account and filed a 1099c with the IRS AND According to the IRS PUBLICATION 453 A Charge off debt that is accompanied by a 1099c once accepted will be forgiven and cancelled.

BMW FINANCIAL SERVICES has failed to document the account as required. BMW FINANCIAL SERVICES knew of the terms of the agreement and their obligations under the terms of the agreement, and either through your agent or directly constructively made the choice to defraud me and did so in violation of securities laws, revenue laws, schemes and other edifices, and I demand a margin call immediately with respects to the security and the associated pool.

When I reached out to BMW on this matter they responded in writing saying my request was frivolous. 

I ask for aid from the CFPB TO Help notify the Securitization Trustee, The Security Intermediary, The Middleman, the FTC, the SEC, and the CFPB, of these allegations and of their culpability and/or lack of transparency without delay. We mentioned your notifying these agencies and/or other responsive parties as part of the requirements for your being I HAVE PROOF MY NOTE HAS BEEN SECURITIZED IN A POOL THAT HAS BEEN VALUED AT OVER XXXX XXXX DOLLARS THAT PAYS INVESTORS XXXX XXXX MONTHLY AND I HAVE NOT RECEIVED ANY PAYMENT.

Company response to consumer: Closed with explanation