Consumer complaint received 2026-01-26 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: Porsche Financial Services, Inc.
State: TX

Complaint narrative:
Jurisdiction, Purpose and Nature of Complaint : This complaint is submitted to the Consumer Financial Protection Bureau pursuant to its statutory authority to supervise, examine, and enforce compliance by federal insured credit unions with federal consumer protection laws, safety and soundness standards and equitable obligations. This Complaint arises from the XXXX credit union lack of lawful standing, retaliatory conduct, and continued enforcement actions, including threatened repossession, after receipt of multiple valid statutory notices while a billing error dispute and rescission remain pending and unresolved. The XXXX  conduct constitutes willful noncompliance, unsafe and unsound practices and prohibited enforcement activity, requiring immediate regulatory intervention. Undisputed factual record. Complainant lawful and timely served XXXX  with the following notices : Notice of Billing Error, Notice of Regulation Z Violations, Notice of Right of Rescission, Demand for Unbroken Chain of Title, Demand of Proof of Assignment, Demand for Proof of Custody, Demand for Proof of Ownership and Authority. Each notice required documentary evidence, not conclusory statements, including : proof of funding and value, continuous chain of title, lawful assignment, custodial possession, authority to enforce. XXXX  failed to acknowledge, investigate or substantively respond within the time required by federal law. Immediately following receipt of these notices, XXXX  engaged in retaliatory conduct including : Continued collection activity, Escalated enforcement posture, Threats of possession during an active dispute. Lack of Standing And Prohibited Enforcement : Enforcement During A Billing Error Dispute 15 U.S.C. 1666 ; 12 C.F.R. 1026.13 : Upon receipt of a billing error notice, a creditor must cease all collection and enforcement activity related to the disputed obligation until the dispute is resolved. XXXX  continued enforcement and repossession threats during this period constitute a direct statutory violation and an unsafe consumer compliance failure. Rescission : Voiding of Security Interest By Operation of Law : 15 U.S.C. 1635 ; 12 C.F.R. 1026.15 : Rescission is effective upon written notice, not court approval. Upon notice : the security interest is void, enforcement authority is extinguished, collection and repossession are prohibited. XXXX  ignored the legal effect of rescission and proceeded as if enforcement authority still existed. Absence of lawful ownership or authority : 12 U.S.C. 83 ; 12 U.S.C. 1341 : A financial institution can not enforce an obligation it did not lawful fund, acquire for value or hold with authority : Transaction that are : self-funded, circular, ledger-created, monetized without assignment. Do not convey enforceable title or standing. XXXX failed to produce any admissible evidence establishing : Ownership, authority, chain of title, custody. As a matter of law and public policy, enforcement under these conditions is void ab initio. IRS Code 9.1.3 : False Characterization of Debt : IRS Code 9.1.3 prohibits treating an obligation as enforceable debt where : the obligation has been monetized, credits, offsets, proceed exist, value has already been received. XXXX failed to account for such credits, constituting false accounting, unjust enrichment and regulatory misrepresentation. UCC, Due Process and Equity Violations : UCC 3-301 : Only a party entitled to enforce may enforce. UCC 3-203 : Transfer requires value and delivery. UCC 9-210 : Right to a full accounting. UCC 1-304 : Duty of good faith. XXXX  silence and continued enforcement violates due process, good faith and equitable prohibitions against double recovery and unjust enrichment. CFPB Supervisory Concerns : XXXX  conduct demonstrates : Retaliation for law consumer notices, Failure of compliance management systems, Disregard of federal dispute-resolution requirements, Unsafe and unsound enforcement practices. Request For CFPB Action : Complainant respectfully request that CFPB : Open a formal supervisory investigation, Order immediate cessation of enforcement and repossession, Require production of proof of ownership, authority and accounting, Impose corrective and remedial measures as appropriate.

Company response to consumer: Closed with explanation