Consumer complaint received 2024-10-09 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Repossession — Loan balance remaining after the vehicle is repossessed and sold
Company: FC HoldCo LLC
State: VA

Complaint narrative:
Flagship Credit XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Federal Trade Commission Fraud Report number : XXXX Settlement Demand : Due to your actions, the Plaintiff is requesting a settlement payment of {$46000.00} to be issued via check and mailed to the address listed below. This proposal is intended to resolve this matter amicably and avoid litigation, remaining valid for a period of 14 days from the Effective Date. I assert that this amount is justifiable, considering the severity of the violations that have occurred over the past XXXX years. 

" Predatory lending '' is a term typically used to describe unconscionable lending practices where a borrower is provided with an unfair loan. The Office of the Comptroller of the Currency ( OCC ), which regulates and supervises all national banks and federal savings associations, has described predatory lending as the disregard of basic principles of loan underwriting.

TILA lists several disclosures that must be provided to the borrower, and if the creditor doesn't do so, it will be liable to pay damages in an amount equal to the sum of the following : any actual damages sustained by a person as a result of the failure, and statutory damages ( limited to twice the finance charge, but not less than {$400.00} and not more than {$4000.00} ).

( 15 U.S.C. 1640 [ a ] [ 1 ], [ 2 ] ).

I am writing to formally address a violation of the Truth in Lending Act ( TILA ) related to my account and to articulate and express the severe damages this situation has caused in my life. This has led to difficulties in managing my monthly budget and fulfilling other essential obligations. 
Emotional Distress : The stress and XXXX caused by navigating this situation have severely affected my mental well-being. I have found myself preoccupied with financial concerns, which has impacted my personal relationships and overall quality of life. 

Loss of Opportunities : Due to the unexpected financial burdens imposed by the violation, I have missed out on investments, loans for other purposes, or necessary purchases to provide for my home, which has further compounded my distress. This breach not only caused immediate monetary losses but also severely impacted my creditworthiness, leading to increased difficulty in obtaining future financing and higher interest rates on subsequent loans. The culmination of these actions has caused significant emotional distress and financial instability, forcing me to reevaluate my long-term financial plans. 
The CFPB, which was created by the Dodd-Frank Act, has broad regulatory and enforcement authority over entities offering consumer financial services or products, including non-bank commercial companies in the business of extending credit and servicing consumer loan. The CFPB is authorized to write regulations under federal consumer financial protection laws, including those prohibiting unfair, deceptive or abusive acts or practices ( UDAAP ), and to examine certain financial institutions for compliance with such laws. 
The CFPB can remediate violations of consumer protection laws in a number of ways, including imposing civil money penalties and requiring institutions to provide customer restitution and to improve their compliance management systems. 

16 CFR 433.2-ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF.

RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER.

Upon reviewing my contract, I note that under the Arbitration Provision, it states : " Neither you nor we waive the right to arbitrate by utilizing self-help remedies, such as repossession, or by initiating legal action to recover the vehicle, to pursue a deficiency balance, or for individual injunctive relief. '' The repossession of this vehicle was conducted without the requisite arbitration, constituting a breach of your contractual obligations. I hereby request an Asset Representation Review for this account. I maintain a security interest in this purchase money loan/retail installment contract, and I have not received my proceeds. The application serves as the Security Collateral, thereby designating this contract as an Asset-Backed Security. 
I respectfully assert as a Stockholder/Investor in your company that I have diligently fulfilled my obligations regarding this account since its inception. However, I have inadvertently been tendering debt notes ( FRNs ) to offset this account, as another negotiable instrument or debt instrument can not properly settle this balance. My actions have been made under conditions of misrepresentation, and I am formally requesting a refund. 

Lawful money is currency issued by the United States Treasury, such as gold and silver coins, Treasury notes, and Treasury bonds. The Federal Reserve Act of XXXX, which established the Federal Reserve System and authorizes it to issue Federal Reserve notes, states that [ Federal Reserve notes ] shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington XXXX District of Columbia, or at any Federal Reserve bank. 

I hereby rescind the security interest related to Flagship Credit Acceptance LLC and XXXX of XXXX XXXX for all fiscal years and reporting periods. Furthermore, I am revoking the XXXX XXXX XXXX dealership and Flagship Credit Acceptance as beneficiaries of my XXXX XXXX and XXXX XXXX insurance. With respect to Page XXXX of the Retail Installment Contract : XXXX XXXX XXXX Notice Claim Procedure, I formally revoke Flagship Credit Acceptance and XXXX XXXX XXXX XXXX XXXX as beneficiaries of my XXXX XXXX and XXXX XXXX insurance. 
XXXX Elements Of A Contract : -Offer -Acceptance -Consideration, -Intention to create legal relations. 

The absence of valid consideration can lead to a claim of breach, as XXXX party may not fulfill their contractual obligations.

I have attached and highlighted key sections within your company 's SEC Filing Prospectus that require your attention and resolution. 

Previous Court Case With Your Corporation Violating ECOA : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX FTC XXXX XXXX XXXX Civil Action XXXX XXXX. SECURITIES ACCOUNT ; ACQUISITION OF SECURITY ENTITLEMENT FROM SECURITIES INTERMEDIARY. 
XXXX XXXX XXXX XXXX  Equity Interests shall mean, with respect to any Person, its equity ownership interests, its common stock and any other capital stock or other equity ownership units of such Person authorized from time to time, and any other shares, options, interests, participations or other equivalents ( however designated ) of or in such Person, whether voting or nonvoting, including common stock, options, warrants, preferred stock, phantom stock, membership units ( common or preferred ), stock appreciation rights, membership unit appreciation rights, convertible notes or debentures, stock purchase rights, membership unit purchase rights and all securities convertible, exercisable or exchangeable, in whole or in part, into any XXXX or more of the foregoing. 


ADDRESSING FLAGSHIP CREDIT ACCEPTANCE LLC CORRESPONDENCE She also stated Flagship failed to cancel her debt using an IRS Form 1099-C she previously sent us, that Flagship has not sent her any proceeds for using her securities, and she cited multiple other legal theories for why she believes she does not owe Flagship under her contract.

1.- In my previous correspondence, I indicated that Flagship Credit Acceptance has not issued a 1099-C form. I formally requested this documentation from your financial institution but have yet to receive it.

-Page 3, Section 2 Contract- Your Promise To Us : This secures payment of all you owe on this contract. It also secures all other agreements in this contract as the law allows.

So please in writing explain how I owe FlagShip Credit Acceptance LLC? When The Application Is The Security Collateral - 31 CFR 202.6 - Collateral security.

2. We responded to them all and included the relevant validation information, and we advised that our reporting is accurate. 
-I acknowledge your response regarding the claims related to the reporting on my consumer report, and I appreciate the removal of said reporting. I have also contacted the number you provided, and I was informed that LaQuesa would return my call ; however, I have yet to receive any follow-up. Additionally, there has been no response or resolution regarding my claims of security fraud, tax fraud, deceptive lending practices, the security interest associated with this account, or the principal balance. 
I, Herbey accept all Titles, All Rights, All Interest, and Guaranteed Equity owed to Principal XXXX XXXX. I hereby instruct CFO XXXX XXXX XXXX to apply Principals Balance to Principal Account # XXXX. 

What Does the Security Law Regulate?

The securities law provides the rules by which business owners and governmental bodies can raise money for their organizations by selling stocks and bonds to investors. The Securities Act of XXXX regulates the offer and sale of securities in the United States. If an investor buys a security ( stock or bond ), he has a right to a share of the company 's profits. 
The Securities and Exchange Commission ( SEC ) enforces the laws and regulations under this act and investigates violations. 
There are XXXX categories of behavior related to executing an illegal scheme : defraud somebody in connection with commodities, options, or securities transactions ; obtain money by false pretenses, representations, or promises related with a commodity or securities transaction. 
Insider trading is the trading of a companys securities by individuals with access to confidential or material nonpublic information about the company. Taking advantage of this privileged access is considered a breach of the individuals fiduciary duty. 
In light of recent developments, If necessary, I will pursue legal action for Tax & Security Fraud. Moving forward, my estate will assume responsibility for this account/XXXX. Should this matter remain unresolved by the CFPB, I will escalate my complaint to the OCC, and subsequently, I will report/whistle blow to the Securities and Exchange Commission if this situation is not addressed in a legally compliant manner outside of the court system. 

Mailing Address : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 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