Consumer complaint received 2024-03-19 00:00:00
Product: Debt collection — Auto debt
Issue: Took or threatened to take negative or legal action — Seized or attempted to seize your property
Company: WSFS FINANCIAL CORPORATION
State: CA

Complaint narrative:
Mercedes Benz Financial Services responded to my complaint stating that do not sell the note that is being used as the security. Mercedes-Benz Retail Receivables LLC is the depository and Mercedes-Benz Financial Services USA LLC is the issuer of the notes that are receivables for the business. What Mercedes Benz Financial Services is engaging in is security fraud because by their own filing with the SEC they claim each security is registered in the name of registrant and if this is true the security has my name on it and the profits belong to me. See the attached prospectus that Mercedes Benz Financial Services submitted to the SEC outlining the transaction structure of the note. XXXX XXXX XXXX XXXX breached their duty as indenture trustee by not complying with their duty to ensure I received my return on my investment. Is the information that Mercedes Benz Financial Services submitted willfully to the SEC fraudulent.

( a ) Except as provided in subsections ( c ) and ( d ), " negotiable instrument '' means an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges described in the promise or order, if it : ( 1 ) is payable to bearer or to order at the time it is issued or first comes into possession of a holder ; ( 2 ) is payable on demand or at a definite time; and ( 3 ) does not state any other undertaking or instruction by the person promising or ordering payment to do any act in addition to the payment of money, but the promise or order may contain ( i ) an undertaking or power to give, maintain, or protect collateral to secure payment, ( ii ) an authorization or power to the holder to confess judgment or realize on or dispose of collateral, or ( iii ) a waiver of the benefit of any law intended for the advantage or protection of an obligor.

( b ) " Instrument '' means a negotiable instrument. 

( c ) An order that meets all of the requirements of subsection ( a ), except paragraph ( 1 ), and otherwise falls within the definition of " check '' in subsection ( f ) is a negotiable instrument and a check.

( d ) A promise or order other than a check is not an instrument if, at the time it is issued or first comes into possession of a holder, it contains a conspicuous statement, however expressed, to the effect that the promise or order is not negotiable or is not an instrument governed by this Article.

( e ) An instrument is a " note '' if it is a promise and is a " draft '' if it is an order. If an instrument falls within the definition of both " note '' and " draft, '' a person entitled to enforce the instrument may treat it as either.

( f ) " Check '' means ( i ) a draft, other than a documentary draft, payable on demand and drawn on a bank or ( ii ) a cashier 's check or teller 's check. An instrument may be a check even though it is described on its face by another term, such as " money order. '' ( g ) " Cashier 's check '' means a draft with respect to which the drawer and drawee are the same bank or branches of the same bank.

( h ) " Teller 's check '' means a draft drawn by a bank ( i ) on another bank, or ( ii ) payable at or through a bank. 

( i ) " Traveler 's check '' means an instrument that ( i ) is payable on demand, ( ii ) is drawn on or payable at or through a bank, ( iii ) is designated by the term " traveler 's check '' or by a substantially similar term, and ( iv ) requires, as a condition to payment, a countersignature by a person whose specimen signature appears on the instrument. 

( j ) " Certificate of deposit '' means an instrument containing an acknowledgment by a bank that a sum of money has been received by the bank and a promise by the bank to repay the sum of money. A certificate of deposit is a note of the bank.

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