Vehicle loan or lease -- Getting a loan or lease -- Complaint #5027612
Complaint Overview
Complaint ID: 5027612
Company: Drivetime
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Getting a loan or lease
Sub-Issue: Fraudulent loan
State: Pennsylvania
ZIP Code: 19013
Date Received: 2021-12-20T12:00:00-05:00
Date Sent to Company: 2021-12-20T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: No
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
As the debtor and consumer ( natural person ) who was involved in a consumer credit contract in XXXX of XXXX, I am exercising my rights under 16 CFR : 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. The reason for exercising my rights is due to the fraudulent practices conducted by the seller in regards to my NEGOTIABLE INSTRUMENT. I am exercising my right to rescind/ revoke the seller as POA. Representatives of the seller kept referring to " the CONTRACT '' I signed but according to 16 CFR 433.1, a " contract '' is between the creditor and seller ( or if the credit and seller are bonded by common ownership ) while a " consumer credit contract '' is any instrument which evidences or embodies a debt arising from a Purchase Money Loan transaction or a financed sale. According to XXXX law 's dictionary, an instrument is evidence of an alleged debt, normally in the form of a cash advance, such as a check. However, during the transaction, I, the consumer, did not receive a check nor did I receive the title to the vehicle on the consumer credit contract. The reason this transaction is now void and fraudulent, is the violations of the Truth in Lending ACT 15 U.S. Code 1605 in particular regarding the " finance charge. '' All violations can be found under 15 U.S. Code 1605 as the finance charge ( also under regulation Z ) states the finance charge is the sum of all charges. There should not be a list of several charges appearing on the consumer credit contract. All amounts should be under the finance charge. Next, there should be amounts paid in the form of a cash transaction under the finance charge but there was a {$200.00} cash payment at the point of the consumer credit contract. Lastly, 15 U.S.C. 1605 states insurance is part of the finance charge unless two requirements are met, one being the creditor /seller should tell the consumer he/ she can choose whatever insurance provider that is approved by the creditor / seller and the other requirement is that the creditor / seller tells the consumer what the cost for insurance would be if the consumer obtained insurance from or through the creditor / seller. The second requirement was not met in the XXXX.
Frequently Asked Questions
What is Complaint #5027612 about?
Complaint #5027612 was filed against Drivetime regarding Vehicle loan or lease specifically about Getting a loan or lease. It was received by the CFPB on 2021-12-20T12:00:00-05:00.
How did Drivetime respond to this complaint?
The company responded with: "Closed with explanation". The response was not timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Vehicle loan or lease) and describe your issue in detail.
Can I see other complaints against Drivetime?
Yes, visit the Drivetime company profile at readthecomplaint.com/company/drivetime to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.