Consumer complaint received 2024-03-14 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Loan sold or transferred to another company
Company: TRUIST FINANCIAL CORPORATION
State: IL

Complaint narrative:
In XX/XX/XXXX, I engaged in a transaction with XXXX XXXX in XXXX, IL, acquiring a used XXXX XXXX XXXX with a down payment of {$1000.00}. This transaction, however, swiftly descended into a quagmire of consumer rights violations. XXXX XXXX failed egregiously to adhere to the fundamental principles, notably by failing to provide a comprehensive disclosure of charges within the contract and by withholding crucial contractual details from me, taking advantage of a young woman with no knowledge of contracts and giving me an extremely high interest rate of 18.20 % and adding charges that were not thoroughly explained or agreed upon. 

Subsequent to experiencing buyer 's remorse, I endeavored to rescind the contract with XXXX XXXX prior to taking possession of the vehicle, only to be rebuffed. Instead, they unscrupulously transferred this tainted contract to Regional Acceptance Corporation ( RAC ), perpetuating the cycle of malfeasance.

In my pursuit of justice and contract cancellation, I diligently researched the applicable laws and regulations. This arduous process led me to discover multiple infringements perpetrated by RAC. Notably, each communication from RAC, inclusive of billing statements, conspicuously violated 15 USC 1692b Section 5, which unequivocally proscribes the use of language or symbols insinuating debt collection within communications. 

Furthermore, I have accumulated over XXXX instances of such violations, each mandating reparation under 15 USC 1692k 2 section a. Additionally, RAC 's breaches extended to privacy violations, as delineated in 15 USC 1692k 2 section 1.

Upon requisitioning RAC to substantiate the purported debt, their response was glaringly deficient. They failed to furnish essential documentation, including a signed invoice and a contract bearing the wet ink signatures of both parties ( XXXX XXXX XXXX and Regional Acceptance Corporation ) , as required by law. XXXX XXXX, representing RAC, candidly admitted the absence of a contractual XXXX  between myself and RAC, thereby acknowledging the illegitimacy of their claim. Stating that " The retail Installment Contract you signed on XX/XX/XXXX, is a legal document between you and XXXXXXXX XXXX XXXX XXXX. '' It is just a sales contract between the Dealership and I, not Regional Acceptance which is not proof of a financial obligation to them or the dealership because their is no other signature other than the beneficiary, XXXX : XXXX. 

Despite this acknowledgment, RAC adamantly persisted in their pursuit of payment, even resorting to harassment tactics that violated 15USC 1692e 807 Sec. 4 when they implied that nonpayment of alleged debt would result in repossession of my vehicle via telephone call in XXXX of this year. Moreover, their failure to timely and properly validate and verify the debt, as mandated by 15 USC 1692g section a, further underscores their egregious disregard for consumer rights.

In an effort to resolve the matter amicably, I tendered a legally binding contract with properly endorsed remittance coupons as payment, duly executed and delivered via certified mail in accordance with the Postal Rule. However, RAC callously dismissed this offer, deeming it invalid without just cause. Their refusal to engage further and subsequent imposition of unwarranted financial demands epitomize their wanton disregard for lawful procedure.

Furthermore, within the aforementioned contract, I meticulously elucidated RAC 's perpetration of trust fraud, along with a clear pathway for resolution. Regrettably, RAC spurned this opportunity, thereby exacerbating their transgressions.

In light of the aforementioned violations, I hereby submit documentation of recent correspondence, for your perusal and action. It is imperative that the Consumer Financial Protection Bureau intervene decisively to rectify these egregious violations and safeguard consumer rights against such flagrant exploitation.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation