Consumer complaint received 2024-11-30 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Credit denial
Company: UNITED SERVICES AUTOMOBILE ASSOCIATION
State: FL

Complaint narrative:
It has come to my attention that I have recently been discriminated against and my application for credits for a used vehicle were denied XXXX. My denial letter is proof of this discrimination. As a federally protected consumer, this is a direct violation of my consumer rights ; potential securities fraud. The moment I applied I chose to become an investor which means any person or entity that owns an obligation issued by an issuing entity. The application itself is considered a financial asset and security and I have not been given any equal consideration for my application for credits even though USAA has ran my personal information and credit history, and has accepted the application which creates and opens an account whether or not the credits Im applying for are given to me. The credit application is the asset provided to create collateral for the extension of credit. Credit can never be issued without collateral. Securities are to be received by the trustee simultaneously with the creation of the creditor relationship with the obligor arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, appearance, or obligation. The Securities Exchange Act under lawful extension of credit, it states that it is unlawful to maintain or extend credit TO OR FOR any customer without collateral or on any other collateral securities. According to the filings listed with the SEC, USAA XXXX XXXX ; USAA Auto Owner Trust are responsible for securitizing and collateralizing the notes that USAA Federal Savings bank purchases. Pledging my credit application to create a security along with a collateral certificate and trying to assign the debt to me in the form of a loan is securities fraud. 

USAA has no right to deny me of an extension of credit when they are not lawfully allowed to give consumers loans nor having disclosed the fact you are only purchasing the underlying security and selling in on the secondary market. The underwriters initial propose is to offer the notes directly to the public at the public offering prices set forth on the cover page of the prospectus supplement for USAA and may offer the notes to certain dealers. These products and services are sold through various channels, including direct mail, online applications, in house and third party sales forces, and direct response advertising. The online application is a product/instrument in which USAA has already been compensated for. In addition, in the ordinary course of USAAs business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities ( or related derivative securities ) and financial instruments ( including bank loans ) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of yours or your affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/ or short positions in such securities and instruments. Underwriters are actively trading debt securities or other financial instruments such loans and credit agreements.

You are required by law to provide these disclosures through an ABS-15G form with the SEC which requires asset backed securitizers to provide disclosures regarding fulfilled and unfulfilled repurchase request with respect to asset backed securities. The Terms of Notes detail the obligations and duties of the trust indentured. It states the company may from time to time, subject to compliance with any other applicable provisions of the indentured but with the consent of the holders of notes, create and issue pursuant to the indenture an unlimited principal amount of additional notes ( in excess of any amounts therefore issued ) having the same terms and conditions to those of the other outstanding notes, except that any such additional notes ( I ) may have have a different issue date and issue price from other outstanding notes and ( II ) may have a different amount of interest payable on the first interest payment date after issuance that is payable on other outstanding notes. Such additional notes shall constitute part of the same series of notes as the notes initially issued here under. Not only is USAA not providing me the credits I applied for, and selling my securities, but have the ability to sell the security multiple times for multiple values without giving me any of the security interest in return from my investment.

If compliance with your most recent SEC filings is not honored I will be forced to contact the SEC for violation your agreement. It seems USAA knoeingky intended to decieve me and I need this matter to be corrected. The adverse action that has taken place on my application needs to be reversed as it does not coincide with the disclosures provided to me or the Trust Indentured agreement on file with the SEC pursuant to the Securities Exchange Act.

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