Consumer complaint received 2024-09-21 00:00:00
Product: Vehicle loan or lease — Lease
Issue: Repossession — Loan balance remaining after the vehicle is repossessed and sold
Company: FC HoldCo LLC
State: VA

Complaint narrative:
Flagship Credit Acceptance XXXX XXXX XXXX XXXX, as Borrower c/o Flagship Credit Acceptance LLC Flagship Credit Acceptance LLC XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX PA XXXX XXXX : XXXX XXXX XXXX XXXX XXXX XXXX and XXXX FLAGSHIP CRD Account # XXXX Reviewing over my contract it states under the Arbitration Provision, " Neither you nor we waive the right to arbitrate by using self-help remedies, such as repossession, or by filing an action to recover the vehicle, to recover a deficiency balance, or for individual injunctive relief. This vehicle was repossessed without proper arbitration which is a violation of your own contract. I will have to get a Credited Forensic Audit on this account if this matter is not rectified. 

I have attached correspondence that I have sent to Flagship and have not received what I requested, which was a 1099C. I also provided the Retail Installment Contract with other attachments provided by Flagship Credit. I have a security interest in this purchase money loan/retail installment contract and I have not received any proceeds. 


Page XXXX : Other Important Agreements Under Number XXXX : Your Other Promises To Us Security Interest : I resend the Security Interest Flagship Credit Acceptance LLC XXXX XXXX XXXX XXXX XXXX across all years & all periods of time. The agreement also states " This secures payments of all you owe on this contract '', I am also Resending Dealership, Finance Company From The Beneficiary Of My Credit Life/Credit Disability as well. 

So why am I being harassed for close to a decade? 

I will also like to furnished The Original Contract, Purchase Order, Bill Of Sale, Consumer Credit Contract, Accounting, GAAP Accounting, Information for everyone who is a holder of the Contract. 

16 CFR 433.2 - Preservation of consumers ' claims and defenses, unfair or deceptive acts or practices. 

NOTICE ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER. 


16 CFR 433.1 - Definitions.

( d ) Purchase money loan. A cash advance which is received by a consumer in return for a Finance Charge within the meaning of the Truth in Lending Act and Regulation Z, which is applied, in whole or substantial part, to a purchase of goods or services from a seller who ( XXXX ) refers consumers to the creditor or ( XXXX ) is affiliated with the creditor by common control, contract, or business arrangement. 

My security interest is the payment on the account and the Indenture Trustee/ or the XXXX XXXX duty is to set off the account.-12 U.S. Code 412 - Application for notes ; collateral required Withholding my Financial Asset, and I have not received any Consideration/Benefit from your offer is Security Fraud and in violation of the Security Exchange Act of 1934, which violates your Financial Institution 's own XXXX SEC Filing. 

8-501. SECURITIES ACCOUNT ; ACQUISITION OF SECURITY ENTITLEMENT FROM SECURITIES INTERMEDIARY. 

Securities account means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset. ( b ) Except as otherwise provided in subsections ( d ) and ( e ), a person acquires a security entitlement if a securities intermediary : ( 1 ) indicates by book entry that a financial asset has been credited to the person 's securities account ; ( 2 ) receives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts it for credit to the person 's securities account ; or ( 3 ) becomes obligated under other law, regulation, or rule to credit a financial asset to the person 's securities account.

8-502. ASSERTION OF ADVERSE CLAIM AGAINST ENTITLEMENT HOLDER. An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who acquires a security entitlement under Section 8-501 for value and without notice of the adverse claim..

8-102. DEFINITIONS. 

( a ) In this Article : ( 1 ) " Adverse claim '' means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer, or deal with the financial asset. ( 7 ) " Entitlement holder '' means a person identified in the records of a securities intermediary as the person having a security entitlement against the securities intermediary. If a person acquires a security entitlement by virtue of Section 8-501 b 2 or 3, that person is the entitlement holder. ( 8 ) " Entitlement order '' means a notification communicated to a securities intermediary directing transfer or redemption of a financial asset to which the entitlement holder has a security entitlement. ( 15 ) " Security, '' except as otherwise provided in Section 8-103, means an obligation of an issuer or a share, participation, or other interest in an issuer or in property or an enterprise of an issuer : ( i ) which is represented by a security certificate in bearer or registered form, or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer ; ( 17 ) " Security entitlement '' means the rights and property interest of an entitlement holder with respect to a financial asset specified in Part 5. 

12 U.S. Code 412 - Application for notes ; collateral required XXXX : XXXX, Beneficiary All Rights Reserved

Company response to consumer: Closed with explanation