Consumer complaint received 2024-03-09 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Loan sold or transferred to another company
Company: Mercedes Benz Financial Services
State: MO

Complaint narrative:
When I entered into the transaction with XXXX XXXX XXXX XXXX XXXX of Delaware hereinafter known as MERCEDES BENZ OF XXXX on XX/XX/XXXX I issued a negotiable instrument as valuable consideration and payment of all monies due in connection with the transaction. The negotiable instrument further known as the " RETAIL INSTALLMENT SALE CONTRACT '' was accepted as collateral by MERCEDES BENZ OF XXXX for the transaction dated XX/XX/XXXX although MERCEDES BENZ OF XXXX failed to credit my account for the aforementioned valuable consideration and payment of the accepted negotiable instrument. The transaction was settled and complete prior to me leaving MERCEDES BENZ OF XXXX. Since the the completion of the transaction dated XX/XX/XXXX an affiliate of MERCEDES BENZ OF XXXX, MERCEDES BENZ FINANCIAL SERVICES USA LLC has rigorously and erroneously pursued me for payment of a settled transaction. I have no contractual relations with the aforementioned affiliate of MERCEDES BENZ OF XXXX as I never signed any contract with the said affiliate, furthermore MERCEDES BENZ OF XXXX endorsed the negotiable instrument to the aforementioned affiliate in consideration of its own " floor plan financing debt ''. Upon transfer of the negotiable instrument the affiliate of MERCEDES BENZ OF XXXX, MERCEDES BENZ FINANCIAL SERVICES USA LLC sold/endorsed the negotiable instrument to its affiliate Mercedes-Benz Retail Receivables LLC . I have been falsely misled into providing security for the affiliates of MERCEDES BENZ OF XXXX to provide payment for the investors of the securitized collateral otherwise known as the RETAIL INSTALLMENT SALE CONTRACT. I have as required by law remitted the " finance charge '' and all consideration thereof yet the affiliate of MERCEDES BENZ OF XXXX, MERCEDES BENZ FINANCIAL SERVICES USA LLC has erroneously repossessed my property otherwise known as the vehicle purchased on XX/XX/XXXX. 

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- - NOTICE OF RESCISSION & REVOCATION OF POWER OF ATTORNEY To Whom It May Concern : In light of your organizations failure to properly disclose pertinent consumer rights under the Truth In Lending Acts I am communicating as provided by law by other means of written communication in regards to the RETAIL INSTALLMENT SALE CONTRACT - XXXX XXXX  CHARGE referenced by the account number XXXX, hereinafter the agreement entered into by you MERCEDES-BENZ OF XXXX, dealer number XXXX et al hereinafter you or your organization, or both and XXXX XXXX customer number XXXX hereinafter me, myself or I dated XX/XX/XXXX. As stated in the agreement on page 3 under other agreements 2 ( c ) I gave you a security interest in the vehicle and all parts or goods put on it, all money or goods received ( proceeds ) for the vehicle, all insurance, maintenance, service, or other contracts you financed on my behalf and all proceeds from insurance, maintenance, service, or other contracts you have financed on my behalf. This includes any refunds of premiums or charges from the contracts all of which aforementioned secures payment of all that I owe in the agreement. 

Under 12 CFR 1026.15 - Right of rescission, each consumer whose ownership interest is or will be subject to the security interest shall have the right to rescind : each credit extension made under the plan. I formally revoke any et al power of attorney ( s ) or presumed attorney in fact/fiduciary duties or appointments assumed by your organization as a result of the agreement dated XX/XX/XXXX. I hereby give formal notice of rescission of the security interest in both the vehicle and the security instrument used to pay for the vehicle in which I granted your organization et al including your assigns, affiliates or endorsees on XX/XX/XXXX. Furthermore under this formal request and pursuant to privacy act request 5 USC 552a ( d ) I request a full itemized statement of account including but not limited to loan disbursements, the loan charges, the current principal balance, all payments received, off-balance sheet activities, private security offerings including those made under rule 144a of the Security Exchange Act containing what is owing, including the payment record, to facilitate the tender obligation in addition to all transactions regarding the aforementioned agreement. Until your organization obligations are fulfilled I demand an immediate return of the collateral hereinafter known as the vehicle and or XXXX XXXX  XXXX, or both to my principal address located at XXXX XXXX XXXX XXXX, XXXX XXXX, MO XXXX. 

Pursuant to 15 U.S.C. 1635, and Regulation Z, 12 C.F.R. 1026.23. This rescission is effective as to all aspects of the agreement, including all documents signed in connection therewith, and automatically and immediately places the parties in the status quo ante, i.e., in their pre-contractual positions, before the agreement was entered into. You have twenty days after receipt of this letter to return all monies paid by me in the agreement and to take any action necessary to reflect the termination of any security interest created under the agreement.

Please be advised that if you do not cancel the security interest and return all consideration paid by me within twenty days of receipt of this letter, you will be responsible for actual and statutory damages pursuant to 15 U.S.C. 1640 ( a ). Furthermore MERCEDES-BENZ FINANCIAL SERVICES USA LLC is merely a servicer for MERCEDES-BENZ AUTO RECEIVABLES TRUST in which I never signed any et al service agreement with either entity which constitutes a lack of privity. See attached exhibit A titled transaction structure. Actions taken against any provisions of the aforementioned agreement by MERCEDES-BENZ FINANCIAL SERVICES USA LLC or its assigns et al are null and void. As stated in your Sale and Servicing Agreement dated as of XX/XX/XXXX under section 2.07 titled DUTIES OF THE CUSTODIAN, The entire equitable interest in such Receivable and the related Receivable File shall at all times be vested in the Issuer. In light of your organization ( s ) failure to provide several material disclosures I am hopeful that we can come to a reasonable dispute resolution in good faith. 



If you wish to contact me regarding this matter I can be reached only by both phone and mail at the following, ( XXXX ) XXXX, XXXX XXXX XXXX XXXX, XXXX XXXX, MO XXXX. I look forward to your prompt response

Company response to consumer: Closed with explanation