Consumer complaint received 2022-03-01 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Fraudulent loan
Company: Bridgecrest Acceptance Corporation
State: CA

Complaint narrative:
On XX/XX/XXXX I purchased a vehicle from XXXX which then assigned the promissory. note to Bridgecrest to allegedly manage/finance. I've made several complaints in regards to Bridgecrest/ CEO XXXX XXXX not upholding her fiduciary duty and complying with federal laws to provide remedy to I consumer XXXX XXXX . I rescinded the transaction in accordance to 15 USC 1635/ 12 CFR 1026.24 and I have yet to receive my refund of all monies paid to date on account within 20 days allowed by law. Instead I continue to get a deceptive, false, misleading, and fraudulent response via mail and CFPB that I continue to owe a debt that pursuant to federal law 31 U.S. Code 3123 ( a ) The faith of the United States Government is pledged to pay, in legal tender, principal and interest on the obligations of the Government issued under this chapter. 18 U.S. Code 8 The term obligation or other security of the United States includes all bonds, certificates of indebtedness, national bank currency , Federal Reserve notes, Federal Reserve bank notes, coupons, United States notes, Treasury notes, gold certificates, silver certificates, fractional notes, certificates of deposit, bills, checks, or drafts for money, drawn by or upon authorized officers of the United States, stamps and other representatives of value, of whatever denomination, issued under any Act of Congress, and canceled United States stamps. Steinber v. Mid-Penn Consumer Discount Co., 220 B.R 155 ( Pa. 1990 ). XXXX violated TILA by not including a finance charge for the consumers ' purchase of such insurance was a condition I'mposed by the company. The cost of the insurance was added to the amount financed and not to the financed charge. Bridgecrest never even offered or allowed me to add insurance to the finance charge. The entire contract was fraud and they continue to lie and send false and misleading messages via the CFPB site. in Case law Schultz v. Central Mortgage Co., 58 B.R. 945 ( Pa. 1986 ) The court determined that the creditor failed to meet any of the conditions for excluding such costs and was liable for twice the finance charge. Bridgecrest is liable to me the consumer twice the finance charge. The retail installment agreement showed that I gave security interest that secured all obligations and for Bridgecrest to turn around and create a loan under the Truth and Lending act and FDCPA constitutes it as fraud. The Uniform Commercial Code informs of the security interest. 9-206. SECURITY INTEREST ARISING IN PURCHASE OR DELIVERY OF FINANCIAL ASSET.

( a ) [ Security interest when person buys through securities intermediary. ] A security interest in favor of a securities intermediary attaches to a person 's security entitlement if : ( 1 ) the person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and ( 2 ) the securities intermediary credits the financial asset to the buyer 's securities account before the buyer pays the securities intermediary.

( b ) [ Security interest secures obligation to pay for financial asset. ] The security interest described in subsection ( a ) secures the person 's obligation to pay for the financial asset.

( c ) [ Security interest in payment against delivery transaction. ] A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if : ( 1 ) the security or other financial asset : ( A ) in the ordinary course of business is transferred by delivery with any necessary indorsement or assignment ; and ( B ) is delivered under an agreement between persons in the business of dealing with such securities or financial assets ; and ( 2 ) the agreement calls for delivery against payment.

( d ) [ Security interest secures obligation to pay for delivery. ] The security interest described in subsection ( c ) secures the obligation to make payment for the delivery.The contract was never between I the consumer but between the creditor and seller pursuant to 2-104. Definitions : " Merchant '' ; " Between Merchants '' ; " Financing Agency ''.

Primary tabs ( 1 ) " Merchant '' means a person who deals in goods of the kind or otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction or to whom such knowledge or skill may be attributed by his employment of an agent or broker or other intermediary who by his occupation holds himself out as having such knowledge or skill.

( 2 ) " Financing agency '' means a bank, finance company or other person who in the ordinary course of business makes advances against goods or documents of title or who by arrangement with either the seller or the buyer intervenes in ordinary course to make or collect payment due or claimed under the contract for sale, as by purchasing or paying the seller 's draft or making advances against it or by merely taking it for collection whether or not documents of title accompany the draft. " Financing agency '' includes also a bank or other person who similarly intervenes between persons who are in the position of seller and buyer in respect to the goods ( Section 2-707 ).

( 3 ) " Between Merchants '' means in any transaction with respect to which both parties are chargeable with the knowledge or skill of merchants. According to 15 USC 1681b my social security number is defined as a " credit card '' however the social security number belongs to the US government, it was assigned to me but doesn't belong to me. Which is the reason why pursuant to 18 USC 8 all debts are the obligation of the United States. Any entity requesting my social security number to apply for a loan on any application, knowing there's no money to lend is a felony and pursuant to 42 U.S.Code 408. I am requesting the director of CFPB to step in and Rhoit Chopra and assist with charging CEO XXXX XXXX with non compliance of Federal Law and fraud and all agents that did research fraud.

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