Consumer complaint received 2024-11-06 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Problem with signing the paperwork
Company: SANTANDER HOLDINGS USA, INC.
State: LA

Complaint narrative:
The buyer was matched with third-party finance company Chrysler Capital ( Santander Consumer USA , Inc. ) around XX/XX/XXXX, through seller XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX The buyer reported a breach of contract to the dealership 8 months post-sale, after patiently waiting for delivery of obligatory terms promised by the seller in the We Owe document. A We Owe form is legally binding in an auto loan, which means by signing, both the dealership and the customer are committed to fulfilling the agreed-upon terms within the document, providing legal protection for both parties involved. It acts as a written contract outlining specific details of the car sale, including any outstanding issues or promises made by the dealership regarding repairs, trade-in values, or additional features.

In reporting a breach of contract to the seller, the buyer discovered forgery performed by the seller in the legally binding We Owe page of the loan contract. The seller signed a variation of his name in the customer field, as that single signature is inconsistent with all other signatures of the buyer throughout the contract. Once discovered, the buyer immediately notified the third-party finance company, Chrysler Capital XXXX XXXX XX/XX/XXXX. The buyer requested from Chrysler Capital a copy of the original contract from the seller with a We Owe page, including original obligatory terms of the sale and buyer signature, via postal mail. The company failed to deliver the requested document after 13 days. On XX/XX/XXXX, the buyer called the company again to request a copy of the original contract from the seller with a We Owe page, including the original obligatory terms of the sale and the buyer 's signature, via e-mail. The company failed to deliver the requested document after 124 days. On XX/XX/XXXX, the buyer called the third-party finance company again to request a copy of the original contract from the seller with a We Owe page, including the original obligatory terms of the sale and buyer signature, via e-mail and postal mail. The company failed to deliver the requested document after 13 days. 

The buyer sent a notarized letter of rescission to the dealership on XX/XX/XXXX, deducting liability to pay on behalf of the obligor, due to several violations of my consumer rights that both buyer and seller took complicity in. According to 15 U.S Code 1635 ( B ) buyer is no longer liable for any finance charge or other charge. Any security interest given by the creditor to the assignee, including any such interest arising by operation of law, becomes void upon such a rescission. On XX/XX/XXXX, the buyer called the company to notify them of the rescission letter sent to the seller and to request a copy of the original contract from the seller with a We Owe page, including the original obligatory terms of the sale and the buyer 's signature. Buyer was advised on this day that the third-party finance company admitted to never sending the requested document due to never receiving a copy of the buyer 's original contract from the dealership. A copy of the rescission letter and buyer 's original contract from the dealership was sent to XXXX on XX/XX/XXXX. The company failed to deliver the requested document after 13 days. A copy of the buyer 's original contract from the dealership was sent on XX/XX/XXXX, through the CFPB. 

The company reported on XX/XX/XXXX through the CFPB, that it failed to find any discrepancies between the contract provided by the buyer and its copy, proving the forgery performed by the seller occurred during the underwriting process. This notably proves that the original We Owe document, including obligatory terms and the buyer 's signature, was discarded and replaced with a forged copy before being sent to the third-party company. Chrysler Capital , aka Santander Consumer USA Inc., is complicit in upholding a fraudulent contract including forgery when it failed to police the actions of the seller of this contract. In XXXX, the Federal Trade Commission created a regulation that allows buyers to assert any claims and defenses against the third-party finance company that they could assert against the original seller. The regulation is known as the FTC Holder In Due Course Rule. The third-party finance companys liability under the FTCs Holder Rule attaches once it buys the contract from the original seller. This company failed to police the actions of this seller and can not absolve any liability per the FTC Holder In Due Course Rule. The Consumer Financial Protection Bureau ( CFPB ) enforces the Holder In Due Course Rule. Companies that violate the rule can face civil penalties of up to {$50000.00} per violation.

Company response to consumer: Closed with explanation