Consumer complaint received 2024-05-16 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Repossession — Lender trying to repossess or disable the vehicle
Company: NAVY FEDERAL CREDIT UNION
State: FL

Complaint narrative:
I am writing to bring to your attention concerning violations of fiduciary duties and unethical conduct by Navy Federal Financial Group XXXX XXXX XXXX XXXX  in their handling of a security barter transaction and subsequent attempt to repossess my vehicle. 

As an investor, I engaged in a security barter transaction with XXXX XXXX, wherein I exchanged a security for a vehicle of equal consideration. However, XXXX XXXX has failed to uphold their fiduciary duties and obligations to me as a client. 

I have repeatedly attempted to address concerns regarding the terms and conditions of our agreement, which may have been overlooked during the initial contract signing. I have corresponded with XXXX XXXX 's XXXX XXXX XXXX ( XXXX ) in writing to provide updates on these terms and conditions, yet my inquiries have been consistently ignored. 

Furthermore, I sent XXXX XXXX a registered security via registered mail with the expectation that my account would be duly credited. However, XXXX XXXX failed to perform this action, thus breaching their fiduciary duties to me as a client. Despite numerous attempts to address this issue, XXXX XXXX has continued to disregard my concerns and requests. 

Additionally, through a forensic XXXX, I have discovered that Navy Federal Credit Union is engaging in unsafe and unsound practices, specifically pertaining to securities fraud. This revelation is deeply concerning and underscores the need for immediate action to protect investors ' interests. 

In a blatant disregard for our agreement, XXXX XXXX attempted to repossess my vehicle last night, despite it being provided to me as part of the security barter transaction. Moreover, XXXX XXXX failed to disclose to me the requirements under Florida state law regarding repossession attempts, and unlawfully entered my gated community without proper authorization. 

During the repossession attempt, the tow truck driver, who refused to provide identification, engaged in intimidating behavior and attempted to access my vehicle 's interior, causing me significant distress and fear for my safety. Furthermore, his negligent handling of the vehicle resulted in noticeable damage, compromising its functionality and safety. 

As an investor, I am seeking immediate arbitration to address these serious violations and obtain appropriate remedies. I demand that XXXX XXXX cease all repossession efforts, rectify the damage caused to my vehicle, and provide compensation for the distress and inconvenience endured. Additionally, I request a thorough investigation into XXXX XXXX 's practices and accountability measures to prevent future misconduct. 

Enclosed are copies of relevant documentation, including correspondence with XXXX XXXX, evidence of the security barter transaction, and findings related to securities fraud, for your review and consideration. I urge the Consumer Financial Protection Bureau to take swift and decisive action to address these egregious violations and uphold investor rights. 

Thank you for your attention to this matter. I look forward to a prompt resolution.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation