Consumer complaint received 2024-07-18 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Repossession — Account reinstatement or redemption after repossession
Company: NAVY FEDERAL CREDIT UNION
State: FL

Complaint narrative:
THIS IS NOT A DUPLICATE COMPLAINT! 

XXXX XXXX XXXX XXXX XXXX XXXX. XXXX, XXXX XXXX XXXX XXXX XXXX, FL XXXX XXXX XXXX XX/XX/year> Consumer Financial Protection Bureau ( CFPB ) XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX Dear CFPB, Subject : Wrongful Repossession of XXXX XXXX by Navy Federal Credit Union I am writing to formally lodge a complaint against Navy Federal Credit Union regarding the wrongful repossession of my XXXX XXXX which occurred on XX/XX/XXXX. This repossession was not only unauthorized but also in direct violation of applicable laws and regulations. 

To provide context, the vehicle in question is held in a trust, and the relevant documents were duly recorded at the XXXX County Clerk 's office. Despite this, Navy Federal Credit Union dismissed these legitimate documents as " FAKE ''. This assertion is categorically false and can be corroborated by the official records at the XXXX County Clerk 's office. 

Furthermore, it is important to note that Navy Federal Credit Union discharged or canceled the debt associated with this vehicle in XX/XX/year>. This cancellation of debt obligates Navy Federal to issue a Form 1099-C, which they have failed to provide, adding to their list of non-compliances. 

Additionally, I sent a certificated security to Navy Federal Credit Union via registered mail for payment, which was a legal negotiable instrument. However, Navy Federal Credit Union 's refusal to accept this valid form of payment was unlawful and further exacerbates their non-compliance, thus breaching their fiduciary duties to me as a client. Additionally, through a forensic investigation, 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. 

Moreover, at no point did I receive a letter of intent to repossess the vehicle from Navy Federal Credit Union, which is a clear violation of legal requirements for due notice. Now I have no way to get to work and take my child to school because of the actions of Navy Federal Credit Union 's thievery. 

Under the Uniform Commercial Code ( UCC ) and the Fair Debt Collection Practices Act ( FDCPA ), the repossession was unlawful for the following reasons : UCC Article 9 : According to UCC Article 9, Section 609, a secured party may repossess collateral only if it can be done without breach of the peace. In this instance, Navy Federal 's actions were neither peaceful nor lawful. 

FDCPA Violations : Under 15 U.S.C. 1692f ( 6 ), it is a violation to take or threaten to take any nonjudicial action to effect dispossession of property if there is no present right to possession. Given the trust documents and the discharge of the debt, Navy Federal had no right to repossess the vehicle. 

Violation of State Law : The improper handling and dismissal of recorded trust documents also indicate a violation of state laws regarding the management and recognition of trusts and secured property. 

Refusal of Legal Payment : Under UCC Article 3, the refusal to accept a valid negotiable instrument, such as the certificated security I provided, is unlawful and invalidates any claim of default on the account. 

Failure to Provide Notice : The failure to send a letter of intent to repossess violates the requirement for due notice, further invalidating the repossession. 

I have researched similar cases and found that the CFPB has not taken sufficient action to help consumers in such situations. The CFPB must act to ensure that Navy Federal Credit Union is held accountable for their actions. They are not above the law and must respect consumer rights. I demand proof and evidence from the CFPB that there was a thorough investigation into this matter. Please do not take their word that they acted in a manner they feel was lawful. 

In light of these violations, I am requesting the following actions from the CFPB : Immediate investigation into the unlawful repossession conducted by Navy Federal Credit Union. 

Immediate return of my vehicle in the condition it was repossessed. 

Compensation for any damages or losses incurred due to the wrongful repossession. 

Enforcement of the issuance of the required Form 1099-C for the canceled debt. 

Appropriate sanctions against Navy Federal Credit Union for their non-compliance with federal and state laws. 

Recognition and acceptance of the certificate security I provided as a valid form of payment. 

Navy Federal Credit Union 's actions have caused significant distress and inconvenience, and their failure to comply with legal requirements must be addressed promptly. I urge the CFPB to take swift action to rectify this situation, protect consumers, and ensure that justice is served. Please contact me to discuss this matter further and provide updates on the actions taken. 

Thank you for your attention to this urgent matter. I look forward to your prompt response and resolution. 

Govern Yourselves Accordingly, XXXX XXXX XXXX

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