Consumer complaint received 2024-08-26 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Confusing or misleading advertising or marketing
Company: FC HoldCo LLC
State: CO

Complaint narrative:
Subject : Notice of Dispute- Inadequate Notice and Misleading Credit Extentsion Practices To Whom it may concern, I am writing to formally dispute the handling and reporting of my account with your institution. I have identified signifigant issues regarding the lack of proper and adequate notice provided to me, as well as deceptive practices related to the extenstion of credit. I have discovered that your company has engaged in actions that are both unfair and deceptive, which has caused significant confusion and concern on my part. 
Specifically, I was led to believe that your company had extended credit to me as part of a new credit agreement. However, it has come to my attention that your company did not actually extend new credit but instead accessed my credit information using my Social Security Number ( SSN ) and utilized an open-end credit plan that I had not explicitly authorized for such purposes.

This misleading representation of credit extension, combined with the unauthorized use of my existing credit resources, constitutes a serious breach of trust and may also violate applicable consumer protection laws. I relied on the information provided by your company to make informed financial decisions, and the deceptive practices employed have directly impacted my financial situation.

Under 15 U.S.C 1602 ( k ), the term " adequate notice '' means a printed notice to a cardholder which sets forth the perttinent facts clearly and conspicoulsy so that a person against who it is to operate could reasonably be expected to have noticed it and understood its meaning. This notice should be printed on any credit card, on each periodic statement of account issued to the cardholder, or provided by any other means reasonably assuring receipt by the cardholder. At no point during the process of my extenstion on credit did your institution clearly or conspicuously disclose the agreement to me. As a result I was deceived througout the process Furthermore I was also mislead into believing that the finance charge was not the sum of all charges. 15 U.S.C 1605- Determination of finance charge ( a ) Finance charge defined Except as otherwise provided in this section, the amount of the finance charge in connection with any consumer credit transaction shall be determined as the sum of all charges, payable directly or indirectly by the person to whom the credit is extended, and imposed directly or indirectly by the creditor as an incident to the extension of credit. The finance charge does not include charges of a type payable in a comparable cash transaction. The finance charge shall not include fees and amounts imposed by third party closing agents ( including settlement agents, attorneys, and escrow and title companies ) if the creditor does not require the imposition of the charges or the services provided and does not retain the charges. Examples of charges which are included in the finance charge include any of the following types of charges which are applicable : ( 1 ) Interest, time price differential, and any amount payable under a point, discount, or other system or additional charges.

( 2 ) Service or carrying charge.

( 3 ) Loan fee, finders fee, or similar charge.

( 4 ) Fee for an investigation or credit report.

( 5 ) Premium or other charge for any guarantee or insurance protecting the creditor against the In light of the above, I am requesting the following actions to be taken immediately : Full Disclosure : I request a detailed explanation of how my credit information was obtained and used, including any documentation or agreements that authorize such actions.

Account Review : I request a thorough review of my account to identify any and all transactions or activities that were conducted without my explicit authorization. 

Correction and Rectification : I request that any negative impact on my credit report or financial standing resulting from these practices be corrected immediately. This includes the removal of any unauthorized transactions or entries related to this matter. 

Cease and Desist : I demand that your company immediately cease any further unauthorized use of my credit information and refrain from engaging in any misleading practices in the future. 

Confirmation of Compliance : I request written confirmation that these actions have been taken and that my concerns have been fully addressed. 

I trust that you will treat this matter with the urgency and seriousness it deserves. Please respond to this notice within [ XX/XX/30 ] days of receipt, confirming the steps that have been taken to address my concerns. Failure to respond adequately may result in further action, including but not limited to filing complaints with the appropriate regulatory authorities and seeking legal remedies.

Thank you for your prompt attention to this matter.

Sincerely,

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