Consumer complaint received 2024-09-18 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Problem with signing the paperwork
Company: Mercedes Benz Financial Services
State: FL

Complaint narrative:
On XXXX  I visited XXXX XXXX XXXX XXXX XXXX around XXXX XXXX. I was fully aware of my intentions and clear about my purpose for being thereto conduct a transfer through a special endorsement. From the start, I informed the dealership that I did not want my credit pulled. However, I reluctantly agreed to proceed because I was trying to complete the vehicle purchase. Throughout the process, I repeatedly emphasized that this was a special endorsement. 

I specifically asked the general manager, XXXX XXXX, whether the dealership operates under the Truth in Lending Act ( TILA ) and whether the bank they use is FDIC-insured, to which he confirmed that they do and it is. Later, the finance manager, XXXX XXXX, entered the office to begin processing my application. I again informed him that this transaction involved a special endorsement. Despite my clear explanation, he appeared confused, which is concerning given his role as the finance manager. 

After completing the paperwork, XXXX returned and stated that they needed my income information to proceed. I explained that no income verification was necessary, as this was a special endorsement. He insisted that they could not move forward without the income information, effectively stalling the process. At this point, I requested my original application back, as we were no longer continuing the transaction. Instead of the originals, XXXX provided me with copies of the documents. 

Following this, I contacted Mercedes-Benz Financial XXXX who directed me to a website to file a complaint. I returned to the dealership to request my original paperwork, at which point XXXX XXXX expressed interest in continuing the transaction, claiming the decision wasnt up to him. I found this response to be disingenuous, as it appeared to contradict his earlier statements. At this stage, I felt that I was being discriminated against due to their failure to apply the appropriate laws and codes in relation to my special endorsement. 

Relevant Legal Points : 12 USC 1813 : The dealership is subject to regulations under 12 USC 1813, as they are federally regulated.

12 USC 342 : The dealership and/or bank failed to honor my special endorsement, which goes against the standards set by 12 USC 342 and proper compliance with Federal Reserve procedures .

12 USC 1431 : The financial institution involved should adhere to regulations regarding secured loans and federal oversight. Under 12 USC 1431, the XXXX XXXX XXXX XXXX  ( XXXX  ) and their member institutions are subject to specific guidelines which appear to have been ignored in this case. 
Despite my efforts and providing clear references to relevant federal laws, my rights as a consumer under the Truth in Lending Act ( TILA ) were not honored. I believe this situation reflects discrimination and a lack of compliance with federal regulations that protect consumers in special endorsement cases. 

I request that immediate action be taken to address these violations and that my special endorsement be processed as required by law. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation