Consumer complaint received 2025-02-13 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Loan sold or transferred to another company
Company: BMW Financial Services NA, LLC
State: GA

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Unit XXXX XXXX, Ga XXXX ( XXXX ) XXXX XXXX XX/XX/XXXX Consumer Financial Protection Bureau XXXX XXXX XXXX, IA XXXX XXXX : Complaint Against BMW Financial Services  NA for XXXX XXXX XXXX XXXX and Fraudulent Debt Collection Practices To Whom It XXXX Concern, I am submitting this formal complaint against XXXX XXXX XXXX  XXXX for XXXX XXXX XXXX, false credit reporting, and deceptive lending practices in violation of TILA ( 15 U.S.C. 1601 et seq. ), the Fair Credit Reporting Act ( FCRA, 15 U.S.C. 1681 et seq. ), the Fair Debt Collection Practices Act ( FDCPA, 15 U.S.C. 1692 et seq. ), and the Uniform Commercial Code ( UCC ). 
Complaint Summary XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Treasury Redemption Under TILA, 15 U.S.C. 1605, when I signed the contract for vehicle financing, my signature created a negotiable instrument ( promissory note ), which was then monetized by BMW Financial Services NA This instrument was treated as an asset by BMW Financial Services NA and used to fund the transaction, meaning no actual loan was provided by them. Instead, credit was extended based on my pre-existing value as the issuer of the note. 
The XXXX Treasury recognizes consumer credit instruments as collateral, and BMW Financial Services XXXX XXXX have redeemed this note through Treasury processes without disclosing it to me. 
XXXX XXXX XXXX ( TILA Rescission Rights ) requires full disclosure of how credit was extended, yet BMW Financial Services XXXX failed to disclose that the loan was funded using my own credit via the promissory note. 
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX loan was converted into a security and sold to investors, meaning BMW Financial Services XXXX is no longer the true creditor. 
XXXX XXXX XXXX requires lenders to notify borrowers if their loans are transferred, yet BMW Financial Services XXXX has failed to provide proper disclosure of the securitization and sale of my loan. 
XXXX XXXX ( a ) states that a " holder in due course '' must take an instrument for value and in good faith, but if BMW Financial Services XXXX XXXX XXXX note, they have already received payment. 
XXXX XXXX XXXX XXXX XXXX XXXX BMW Financial Services NA is still trying to repossess my vehicle and they are still attempting to collect an alleged deficiency balance. 
XXXX XXXX ( d ) ( XXXX ) requires that if a creditor recovers the full value of the loan ( through securitization and collateral sale ), they can not legally collect further payments. 
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX ( 42 U.S.C. 1985 ) BMW Financial Services NA falsely reported late payments and a balance due on my credit report, despite already receiving full payment through securitization and collateral sale. 
Their coordinated actions with credit bureaus and debt XXXX constitute a civil rights conspiracy under 42 U.S.C. 1985, as they have knowingly acted to misrepresent the true nature of the debt and harm my financial standing. 
XXXX Sought I request that the CFPB take immediate action and enforce compliance against BMW Financial Services XXXX for their violations. Specifically, I demand : XXXX Removal of all negative credit reporting related to this account. 
XXXX Correction of the account balance to reflect that no debt is owed. 
XXXX XXXX of all collection efforts, as XXXX no longer has standing to collect. 
XXXX Full disclosure of the loans securitization and any XXXX Treasury redemption transactions related to my promissory note. 
XXXX XXXX penalties and enforcement actions against BMW Financial Services NA for engaging in deceptive lending and collection practices. 
BMW Financial Services NA has engaged in fraudulent, deceptive, and unfair financial practices, harming me financially and violating my civil rights. I urge the CFPB to investigate and take corrective action immediately. 
Sincerely, XXXX XXXX XXXX

Company response to consumer: Closed with explanation