Vehicle loan or lease -- Managing the loan or lease -- Complaint #7851924

Complaint Overview

Complaint ID: 7851924

Company: Truist Financial Corporation

Product: Vehicle loan or lease

Sub-Product: Loan

Issue: Managing the loan or lease

Sub-Issue: Loan sold or transferred to another company

State: Tennessee

ZIP Code: 38125

Date Received: 2023-11-14T12:00:00-05:00

Date Sent to Company: 2023-11-14T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

I am writing to further address and elaborate on the concerns previously outlined regarding the Retail Installment Contract for my XXXX XXXX XXXXXXXX, purchased on XX/XX/2017. My review of the contract and the corresponding SEC Form 10-K filings of your company has revealed additional discrepancies that necessitate clarification. To reiterate, the initial agreement, as per the Retail Installment Contract, was between myself ( as the buyer and co-buyer ) and XXXXXXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX ( the seller-creditor ). However, my post-purchase interactions have been solely with Regional Acceptance Corporation. This shift in dealing parties suggests a lack of transparency in the transaction. As a bona fide purchaser, I was under the impression of obtaining a vehicle loan, yet it appears the seller-creditor received payment through my security ( the retail installment contract ) and subsequently transferred their liability to me, benefitting all parties except myself. Furthermore, Section 2c of the contract states that all costs associated with the vehicle, including insurance, maintenance, and service, would be covered by this security. Contrary to this provision, I have personally borne these costs. This section also asserts that the security would cover all contract-related costs, yet I have been making these payments independently. Additionally, I have concerns regarding Section 3f, which outlines repossession procedures. It specifies that I would receive written notice prior to repossession, which did not occur. Moreover, the contract includes an arbitration agreement, yet no arbitration was undertaken prior to the vehicle 's repossession. Beyond these issues, upon examining the details pertaining to Regional Acceptance Corporation, an affiliate of Truist Bank, I noted an overlooked aspect. The original purchaser is ostensibly entitled to receive payment each time the security or contract is sold. I have not received any monetary compensation from the transfer of my security, which raises questions about the compliance with this clause. Lastly, I propose a resolution to give value to the original contract by endorsing it as " pay to the order of Regional Acceptance Corporation '' by myself, the purchaser. This action is intended to fulfill my end of the contract and effectively clear the liability balance from the contract. Your prompt and thorough attention to these matters is highly anticipated. Clarification and resolution of these discrepancies are crucial to maintaining the integrity and fairness of our agreement.

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