Consumer complaint received 2024-12-23 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Loan opened without my consent or knowledge
Company: SANTANDER HOLDINGS USA, INC.
State: FL

Complaint narrative:
Legal Basis for Rescission 1. Failure to Disclose Finance Charges and APR Under the Truth in Lending Act ( TILA ) ( 15 U.S.C. 1638 ( a ) ) and Regulation Z ( 12 C.F.R. 1026.18 ) : Lenders are required to clearly disclose the finance charge, annual percentage rate ( APR ), and the total cost of the loan.

The contract fails to meet these requirements, as the finance charge and APR were not properly disclosed or explained in compliance with federal law.

2. Excessive Finance Charge Per 15 U.S.C. 1605 and Regulation Z ( 12 C.F.R. 1026.4 ) : The finance charge is defined as the cost of credit, including interest and fees.

In this case, the finance charge equals the amount financed, which appears excessive, predatory, and violates both federal consumer protections and state usury principles.

3. Inflated Vehicle Price and Loan-to-Value Ratio The original sticker price of the vehicle was {$34000.00}, yet the contract reflects a grossly inflated total price of {$80000.00}. 
Loan-to-Value Ratio and Predatory Lending Practices The loan-to-value ( LTV ) ratio of this transaction greatly exceeds the fair market value of the vehicle, indicating predatory lending practices. Such practices violate : 1. Truth in Lending Act ( TILA ) : o 15 U.S.C. 1638 ( a ) : Failure to disclose the true cost of credit, including the finance charge and its relationship to the vehicles value.

o 12 C.F.R. 1026.4 and 1026.18 : Excessive and unclear finance charges were not adequately disclosed in compliance with TILA requirements.

o 12 C.F.R. 1026.34 ( a ) : Prohibits deceptive and abusive lending practices in consumer credit transactions.

2. Florida Consumer Protection Laws : o Florida Statutes 501.201 et seq. ( FDUTPA ) : Prohibits unfair or deceptive acts in trade or commerce, including inflating the price of goods or loans.

o Florida Statutes 520.08 : Limits excessive finance charges on motor vehicle retail installment contracts.

o Florida Statutes 687.03 : Usury laws prohibit excessive interest rates and disguised finance charges. 
4. Forgery of Signature The signature on the contract provided to Santander Consumer USA does not match my original signature as executed in the contract with XXXX XXXXXXXX XXXX, located at XXXX XXXX XXXX XXXX, XXXX XXXX, FL XXXX. 
This constitutes a clear act of fraud and raises serious questions about the legitimacy of the transaction. 
5. Fraudulent Use of Personal Information My personal information was improperly used to apply for car registration and vehicle tags.

Fraudulent actions were taken to add Santander Consumer USA as a lienholder without my authorization or knowledge.

6. Discrepancies Between Contracts The original contract I executed with XXXX XXXX XXXX includes no appointment of power of attorney, yet a subsequent contract reflects unauthorized changes. 
Itemizations differ between the XXXX contracts, specifically in the pre-delivery fees and the XXXX XXXX XXXX fees, indicating further misrepresentation.

Company response to consumer: Closed with explanation