Consumer complaint received 2025-03-25 00:00:00
Product: Debt collection — Auto debt
Issue: False statements or representation — Indicated you were committing crime by not paying debt
Company: Southern Auto Finance Co
State: GA

Complaint narrative:
First off, I would like to state that I am not being belligerent. I am simply asking for proof and documentation. I will provide my evidence within this complaint against SAFCO. They keep producing irrelevant information opposite of what I am requesting. I keep talking about GAAP because it is the law. Now, if SAFCO are claiming that GAAP was not followed, they violated the law and the CPA audit opinion report. If they followed GAAP, they can not claim that they do not know what the bookkeeping entries are. The bookkeeping entries prove who lent what to who. I believe that two loans were exchange and I also believe that all borrowers should repay all loans giving each party equal protection under the law. I believe that all facts should be disclosed in the loan and not concealed material facts as to who provided the XXXX  to fund the alleged loan. 

I am claiming that SAFCO breached the agreement due to the omission, concealment, and false statement thus changing the cost and risk of the agreement. SAFCO knew I would breach the agreement before entering the agreement. For example, SAFCO claims they would make me a loan. SAFCO concealed that there is a loan from me to them exchanged for a loan from SAFCO back to me. This was concealed because SAFCO never loaned me one cent of legal tender that existed before I signed the agreement to be loaned as consideration to obtain my promissory note. SAFCO called an exchange a loan and never repaid the loan from me to them. SAFCO received my property for free, repossessed it and sold it instead of loaning me legal tender to obtain my promissory note, thus changing the cost and risk of the agreement. I am reiterating that SAFCO stole my promissory note, without paying one cent of their own XXXX, other depositors ' XXXX  or other financial institutions ' XXXX  and that the stolen property funded the alleged bank loan check. My signature or promissory note NEVER agreed that it was money to be stolen and returned as a loan. This is considered a breached of agreement and fraud in the factum. When I say stolen, I mean SAFCO getting the promissory note without spending XXXX XXXX  to purchase it and thus violating XXXX - the matching principle. 
The promissory note was converted into something of value by SAFCO the lender and deposited by them into the Borrower 's transaction account, and/or the XXXX like a checking account. I believe that when a bank or a lender makes a loan, it simultaneously creates a matching deposit in the borrower 's bank account, thereby creating new money. Money exists as bank deposits, which is a bank liability. The loan disbursement was released when the loan was approved in the same amount as the loan and deposited and credited in the borrower 's account made available for the borrower 's use at any time, without advance notice. SAFCO never provided me details about the borrower account number, the type of account that was and still being used and all of the transactions that occurred on it. This has been concealed and suppressed from me. 
Money creation is a process of making a loan and depositing the funds creates new money in the economy, as the Borrower now has access to that loan amount. This statement is a fact. 
The bank stamped affixed to it to accumulate endorsements is prima facie evidence that it was converted into a negotiable instrument and/or security. SAFCO did not inform me of this, nor did my signature agree to this, and I never gave SAFCO written authorization to do such act. 

I am saying again, I believe in repaying the loan and also believe that SAFCO should repay their loan back to me or use other depositors ' money to fund the bank loan check. I want FULL DISCLOSURE and EQUAL PROTECTION under the law. I refuse to allow SAFCO to steal my property, which they already have and sold it. 

SAFCO made false statements enticing me into this agreement. I am providing evidence of my claims. The True Transaction of the bank loan agreement can be found in the Federal Reserve Bank of XXXX publication Two Faces of Debt ( XXXX ) money creation function discusses bank loans. It claims that the bank exchanges the borrower 's promissory note or security for a check that other " banks '' will deposit. Clearly the note funds the check. Two paragraphs later it continues by issuing checks, the borrower can spend the deposit acquired by borrowing. The bankers then accept checks to transfer these deposits from one bank to another as if they were money. These statements appear to be accurate according to the bookkeeping entries. 

An exchange is not a loan pursuant to the Federal Reserve Bank of XXXX  publication XXXX XXXX XXXX XXXX XXXX  ) claims the bank exchanged the promissory note for credit in the borrower 's transaction account and called it a loan. The term exchange was redefined and called it a loan. This is all trickery and deceiving to me, the borrower. 

Let 's say the borrower hands the lender {$100.00} and the lender hands the {$100.00} back to the borrower, claiming the lender loaned the borrower {$100.00}. For this exchange, the borrower must pay a fee as if there was a loan. The borrower loss the {$100.00}, the lender gained {$100.00}, and for this privilege, the borrower must repay the {$100.00} plus interest. 
This is the summary of what SAFCO has done to me. This is my claim against SAFCO breaching the agreement and they continue to deny this fraud in factum. 

I have more inquiries that needs to be acknowledged and addressed : XXXX. Was the agreement altered after it was signed, was it forged? 
XXXX. Did the Borrower provide the XXXX  for the loan to the same borrower per GAAP ( standard bookkeeping entries )? 
XXXX. Did you followed GAAP as required by law and the XXXX  audit opinion? 
XXXX. Were material facts concealed? 
XXXX. Is it the intent of the agreement that the one who funded the loan per GAAP is to be repaid the money? 
XXXX. Do you understand this agreement and who was to provide the XXXX  or funding for the loan? 
XXXX. Is it the bank or lender policy to have borrowers repay their loan so the bank or lender can repay the depositors ' or investors whose XXXX  or monies funded the bank loan check? 

SAFCO if you are unable to explain the agreement, how are you trying to enforce it?

Company response to consumer: Closed with explanation