Vehicle loan or lease -- Getting a loan or lease -- Complaint #5254131
Complaint Overview
Complaint ID: 5254131
Company: Drivetime
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Getting a loan or lease
Sub-Issue: Fraudulent loan
State: Ohio
ZIP Code: 44128
Date Received: 2022-02-23T12:00:00-05:00
Date Sent to Company: 2022-02-23T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
RE : RESCISSION OF CONTRACT ESTABLISHED XXXX It is on this date, XXXX that I, XXXX : XXXX who is a natural living being exercise my right to rescission. Upon reviewing my contract, obligations, and rights as a natural person operating in commerce, I noticed that there are several violations present which nullifies the contract pursuant 15 USC 1601 named Truth in Lending. Per the congressional findings of TILA, It is the purpo se of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit During the consummation of this contract, ( XXXX XXXX XXXX XXXX ) DID NOT DISCLOSE MY RIGHT TO RESCIND. It is appropriate for me to assume that ( XXXX XXXX ) at XXXX XXXX XXXX XXXX intentionally withheld pertinent information to complete the sale. Thus, being the case, pursuant 15 USC 1635 I have the right to rescind my obligation and renege my initial consent to pursue the previous terms. It is clear you are not trustworthy and have predatorily conducted business in commerce. Effective, XXXX I am no longer responsible for any security interest, finance charge, or fees associated with this contract. I conclude this letter with a demand for you to return my initial down payment since you failed to mention that my finance charge was all I needed to complete the deal and that the CASH PAYMENT was only of benefit to you. Company also breached arbitration agreement as well as conveying a credit sale into a installment contract where I the consumer received no benefit of their unauthorized use of my credit card as defined in the truth in lending act resulting in major financial injury to me the consumer. please see attached fraudulent contract attached where company also took {$1200.00} down payment ( cash ) in this security agreement Kindly XXXX : XXXX
Frequently Asked Questions
What is Complaint #5254131 about?
Complaint #5254131 was filed against Drivetime regarding Vehicle loan or lease specifically about Getting a loan or lease. It was received by the CFPB on 2022-02-23T12:00:00-05:00.
How did Drivetime respond to this complaint?
The company responded with: "Closed with explanation". The response was 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.