Vehicle loan or lease -- Getting a loan or lease -- Complaint #6016328
Complaint Overview
Complaint ID: 6016328
Company: New City Funding CORP.
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Getting a loan or lease
Sub-Issue: Fraudulent loan
State: New York
ZIP Code: 14612
Date Received: 2022-09-24T12:00:00-05:00
Date Sent to Company: 2022-09-25T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/2022 XXXX XXXX XXXX and XXXX XXXX signed a contract. We did read the contract everything seemed to be okay. We're weren't able to ask the finance XXXX to many questions. However I have became aware that I am a federally protected consumer under 15 usc 1601 ( TILA ). So furthermore the new knowledge I have applied when reading over my contract I have seen some inconspicuous things. Starting with 15 USC- finance charge the consumer credit contract gives a definition I wasn't fully aware of what the finance charge was suppose to entail. The US code tells consumers the finance charge '' The finance charge should be determined as the sum of all charges ''. And further states " The finance charge does not include charges type payable in a comparable cash transaction ''. New City Funding failed to perform by making this clear and conspicuous to me. According to " FINANCE CHARGE '' in the TILA disclosures in the " MOTOR VEHICLES RETAIL INSTALLATION SALES CONTRACT. The finance charge is XXXX but on my credit it was noted I owed XXXX. Also in 15 usc 1605 ( c ), charges or premiums for insurance, against loss of or damages to property or against liability arising out of ownership or use of property shall be included in a finance charge. Unless otherwise permitted. New City Funding consumer failed to make this disclosure to me as well as another violation I notice was 15 usc 1662 ( 2 ) regarding the advertisement of down-payments. I was told by mikes auto sales, New City Funding would not accept my credit application unless I had a down-payment. One more violation New City Funding Presented they threaten to garnish my wages seized property under FDCPA section 807 they do not have the right to do that and it is a XXXX fine.
Frequently Asked Questions
What is Complaint #6016328 about?
Complaint #6016328 was filed against New City Funding CORP. regarding Vehicle loan or lease specifically about Getting a loan or lease. It was received by the CFPB on 2022-09-24T12:00:00-05:00.
How did New City Funding CORP. 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 New City Funding CORP.?
Yes, visit the New City Funding CORP. company profile at readthecomplaint.com/company/new-city-funding-corp 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.