Consumer complaint received 2024-07-05 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with additional products or services purchased with the loan
Company: ALLY FINANCIAL INC.
State: MI

Complaint narrative:
On XX/XX/XXXX I signed a contract without all documents disclosed. It was discovered on XX/XX/XXXX there was errors made in the signed contract and a clause which states that I should have been given notice of my right to rescind which I was not given at any point. ( a ) Disclosure of obligors right to rescind 15 U.S. code 1635 states : Except as otherwise provided in this section, in the case of any consumer credit transaction ( including opening or increasing the credit limit for an open end credit plan ) in which a security interest, including any such interest arising by operation of law, is or will be retained or acquired in any property which is used as the principal dwelling of the person to whom credit is extended, the obligor shall have the right to rescind the transaction until XXXX  of the third business day following the consummation of the transaction or the delivery of the information and rescission forms required under this section together with a statement containing the material disclosures required under this subchapter, whichever is later, by notifying the creditor, in accordance with regulations of the Bureau, of his intention to do so. The creditor shall clearly and conspicuously disclose, in accordance with regulations of the Bureau, to any obligor in a transaction subject to this section the rights of the obligor under this section. The creditor shall also provide, in accordance with regulations of the Bureau, appropriate forms for the obligor to exercise his right to rescind any transaction subject to this section. Also in truth in lending act of 1962 which state : No advertisement to aid, promote, or assist directly or indirectly any extension of consumer credit may state ( 1 ) that a specific periodic consumer credit amount or installment amount can be arranged, unless the creditor usually and customarily arranges credit payments or installments for that period and in that amount.

( 2 ) that a specified downpayment is required in connection with any extension of consumer credit, unless the creditor usually and customarily arranges downpayments in that amount.

This contract/ promissory note/agreement is based on deceptive fraudulent practices which there is NO statute of limitations and therefore voids all obligations. Im exercising my rights under 15 U.S. code 1635 ( a ), he is not liable for any finance or other charge, and any security interest given by the obligor, including any such interest arising by operation of law, becomes void upon such a rescission. Within 20 days after receipt of a notice of rescission, the creditor shall return to the obligor any money or property given as earnest money, downpayment, or otherwise, and shall take any action necessary or appropriate to reflect the termination of any security interest created under the transaction.

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