Consumer complaint received 2021-11-12 00:00:00
Product: Debt collection — Auto debt
Issue: Attempts to collect debt not owed — Debt is not yours
Company: PNC Bank N.A.
State: NY

Complaint narrative:
I have previously tried to address and deal with PNC Bank, in CFPB complaint # XXXX, but PNC BANK knowingly and willing still commits fraud against me and I am sure many other consumers and I am requiring assistance from the Consumer Financial Protection Bureau XXXX 

In response to my initial claim, PNC, BANK sent Exhibit ( 1 ) to the CFPB, which they referred to as Retail Installment Sale Contract ( the Note ), in Paragraph 5. 

Pursuant to UCC 3-104 Negotiable Instrument ( e ) An instrument is a " note '' if it is a promise This contract is a consumer credit contract and as described in 16 CFR 433.1 ( i ) an instrument, and under UCC 3-104 ( a ) an instrument is a negotiable instrument and an unconditional promise to pay, no different than a dollar. I, XXXX XXXX, natural person and consumer has reason to believe and do so believe this instrument constitutes as payment under the negotiable instruments act and has fully paid for this transaction on the date of consummation. 

Based on the above, my contract and obligation was fully paid once I, XXXX XXXX, a natural person put my autograph on the Note on XX/XX/XXXX. 

PNC, BANK, states on Exhibit 1, page 2, paragraph 12, As no bank error has occurred, PNC respectfully declines your request for compensation in this matter Due to nonpayment, the Vehicle is as risk of repossession. PNC BANK, still continues to state I owe balance and threaten to repossess a vehicle, on a Note that was autographed on XX/XX/XXXX. 

Exhibit ( 1 ), page 1, paragraph 6, PNC BANK states : On page 1 of the Note, in the section titled No Cooling Off Period, it states that state law does not provide for a cooling off or cancellation period for this sale. 


PNC BANK, knowingly and willingly commits fraud on their own contract ; Exhibit ( 2 ), page 4, number 6, Applicable Law, Federal law and the law of the state of our address shown on page 1 of this contract apply to this contract. 


Pursuant to 15 USC 1635 Right of recession as to certain transactions ( a ) Disclosure of obligors right to rescind Except as otherwise provided in this section, in the case of any consumer credit transaction ( including opening or increasing the credit limit for an open end credit plan ) in which a security interest, including any such interest arising by operation of law, is or will be retained or acquired in any property which is used as the principal dwelling of the person to whom credit is extended, the obligor shall have the right to rescind the transaction until midnight of the third business day following the consummation of the transaction or the delivery of the information and rescission forms required under this section together with a statement containing the material disclosures required under this subchapter, whichever is later, by notifying the creditor, in accordance with regulations of the Bureau, of his intention to do so. The creditor shall clearly and conspicuously disclose, in accordance with regulations of the Bureau, to any obligor in a transaction subject to this section the rights of the obligor under this section. The creditor shall also provide, in accordance with regulations of the Bureau, appropriate forms for the obligor to exercise his right to rescind any transaction subject to this section. 
Pursuant to 16 CFR 433.1 ( f ), was intended to be a written agreement with full willful disclosure as required in the Truth in Lending Act in order for I the affiant, to be able properly contemplate any concerted and or cooperative activity between I, and PNC, BANK. Upon discovery, I have reason to believe and do so believe I did not receive such disclosure. 

Pursuant to 12 CFR 1026.23 ( b ) ( 1 ), I was never given full disclosure, notice of the right to rescind.

Pursuant to 12 CFR 1026. 23, upon the right to rescind this transaction, I am no longer liable for any finance change. PNC BANK, must terminate any security interest, return any money or property, earnest money, down payment or otherwise past payments and because the property has been delivered and in my possession I have the right to retain possession of the property.

In accordance with 12 CFR 1026.23 ( d ) Effects of recession, Paragraph 23 ( d ) ( 1 ) Termination of security interest. Any security interest giving rise to the right of rescission becomes void when the consumer exercises the right of rescission. The security interest is automatically negated regardless of its status and whether or not it was recorded or perfected. Under 1026.23 ( d ) ( 2 ), however, the creditor must take any a

ction necessary to reflect the fact that the security interest no longer exists. Paragraph 23 ( d ) ( 2 ) Refunds to consumer. The consumer can not be required to pay any amount in the form of money or property either to the creditor or to a third party as part of the credit transaction. Any amounts of this nature already paid by the consumer must be refunded. Any amount includes finance charges already accrued, as well as other charges, such as broker fees, application and commitment fees, or fees for a title search or appraisal, whether paid to the creditor, paid directly to a third party, or passed on from the creditor to the third party. It is irrelevant that these amounts may not represent profit to the creditor.

In the case of any consumer transaction in which a security interest including any such interest arising by the operation of law, meaning not limited only to a principal dwelling, but any contract which includes a security interest, the obligor shall have the right to rescind the transaction until the midnight of the third business day following the consummation or the day the agreement was signed. The rescissions forms are required and must be delivered together with a statement containing the material disclosures required under TILA. In addition, the creditor must clearly and conspicuously disclose, in accordance with regulations of the Consumer Financial Protection Bureau. 

That was completely disregarded by PNC BANK ; another effort of willingly and knowingly committing fraud by not telling me, XXXX XXXX, natural person, that I had the right to rescind. 

Due to the failure of PNC, Bank to disclose this required information, this right can be exercised three years after the date of consummation of the transaction or upon the earlier sale of the property, or upon the expiration of one year following the conclusion of the proceeding, or any judicial review or period for judicial review thereof, whichever is later. Being that this contract was signed XX/XX/XXXX, I am within the allotted time frame. 

In accordance with 15 U.S. Code 1635 and UCC 3- 306 to rescind any power of attorney which may have been used in connection with this transaction which includes any derivative, hypothecation, trades, transfers of possession, whether voluntary or involuntary involving any and every instrument which may have occurred unbeknownst to me. 

PNC Bank needs to disclose full documentary evidence ( private and public ) on this instrument, and ; Pursuant to 12 use 1831n ( 2 ) ( A ) Uniform accounting principles consistent with GAAP Subject to the requirements of this chapter and any other provision of Federal law, the accounting principles applicable to reports or statements required to be filed with Federal banking agencies by all insured depository institutions shall be uniform and consistent with generally accepted accounting principles. 
Without the full audit trail, accounting and insurance, the alleged debt can not be validated. 

I, XXXX XXXX, natural person should be provided these documents for this instrument that I autographed in order to properly XXXX the alleged debt and hoe PNC, BANK has accounted for this transaction and derivatives of this transaction. 

Exhibit ( 2 ), page 1, section Notice NOTICE : ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER I, XXXX XXXX, natural person paid {$5000.00} ( XXXX XXXX dollars ), therefore the incorrect notice was on the contract. My note was to state notice ( b ), not notice ( a ). PNC, Bank did not meet the requirements as established in 16 CFR 433.2 ( b ). 

Pursuant to 16 CFR 433.2 ( b ) : Accept, as full or partial payment for such sale or lease, the proceeds of any purchase money loan ( as purchase money loan is defined herein ), unless any consumer credit contract made in connection with such purchase money loan contains the following provision in at least ten point, bold face, type : NOTICE : ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER Pursuant to 15 USC 1605 ( a ) Finance charge defined Except as otherwise provided in this section, the amount of the finance charge in connection with any consumer credit transaction shall be determined as the sum of all charges, payable directly or indirectly by the person to whom the credit is extended, and imposed directly or indirectly by the creditor as an incident to the extension of credit. The finance charge does not include charges of a type payable in a comparable cash transaction.

The finance charge is the sum of all charges. Interest, deliver service fees, loan fees, premium insurance to cover any defaults, broker fees, insurance for the vehicle and insurance to cover health, life, accident, and gap insurance, are all included in finance charge. The finance charge does not include type payable in a comparable cash transaction meaning finance charges can not have cash or a down payment of cash involved. I, XXXX XXXX, natural person, paid XXXX XXXX dollars ( {$5000.00} ) cash and gave a XXXX XXXX XXXX XXXX with a trade in value of XXXX XXXX and XXXX XXXX ( {$30000.00} ) and a Dealer service fee of XXXX XXXX and XXXX XXXX dollars ( {$390.00} ) and has proof of this violation in Exhibit ( 2 ), page 2. 

Willing and knowingly told me I had to pay the above in order to obtain the car. When the instrument paid for this transaction in full. 

Exhibit ( 1 ), page 1, paragraph 8, PNC BANK, states : The section titled Insurance you must have on the vehicle states you agree to have physical damage insurance covering the loss of or damage to the vehicle for the term of this contract. Please refer to page XXXX of the Note. 

Pursuant to 15 USC 1605 ( c ) Property damage and liability insurance premiums included in finance charge Charges or premiums for insurance, written in connection with any consumer credit transaction, against loss of or damage to property or against liability arising out of the ownership or use of property, shall be included in the finance charge unless a clear and specific statement in writing is furnished by the creditor to the person to whom the credit is extended, setting forth the cost of the insurance if obtained from or through the creditor, and stating that the person to whom the credit is extended may choose the person through which the insurance is to be obtained. 
Never was the insurance, that I was told I was required to have included in the finance charge. I had to pay separately. 

Pursuant to 12 USC 24 Corporate powers of associate Seventh. To exercise by its board of directors or duly authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business of banking ; by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt ; by receiving deposits ; by buying and selling exchange, coin, and bullion ; by loaning money on personal security ; and by obtaining, issuing, and circulating notes according to the provisions of title 62 of the Revised Statutes. 

No where in this section does it state Banks can loan credit. Banks can only loan money on personal security. 

Exhibit ( 2 ) page 1, under section ANNUAL PERCENTAGE RATE The cost of your credit as a yearly rate.

Exhibit ( 2 ) page 1, under section FINANCE CHARGE The dollar amount the credit will cost you Exhibit ( 2 ) page 1, under section Amount Financed The amount of credit provided to you or on your behalf Exhibit ( 2 ) page 1, under section Total Sale Price The total cost of your purchase on credit, including your own down payment of PNC BANK, is fraudulent operations in a capacity they are not legally authorized to do. 

Pursuant to 15 U.S. Code 1601 ( a ) Informed use of credit The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices. 

PNC BANK, willingly and knowingly operates in a deceptive capacity on a daily basis. The response from PNC BANK shows they willingly agree to defraud consumers and stand by their fraudulent, misleading and deceptive documentation. As a consumer, the abuse that I have suffered financially and mentally is overwhelming. These practices are completely inaccurate and deceptive to consumers as we have trust in banking institutions. 

I am a litigious consumer and I fully intend on pursuing litigation in this matter to enforce my rights a Federally protected consumer on the abundance of fraud committed by PNC BANK. In addition, I will request that the original note be produced in court.

Company response to consumer: Closed with explanation