ComplaintsforComplete Autos, Inc

• Initial Complaint

  02/26/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I participated in a Consumer Credit Transaction on 08/24/2019 with Complete Autos, Inc / ********* ******* to finance a vehicle for Personal a Family purposes. (Vehicle) 2011 Chrysler 300C, Stock/VIN ************************, Loan # ********* Account: ****** ** U.S.C. §1607(e) (restitution); 12 C.F.R. §1026.23(a)(3)(i) and (ii) (the finance charge and the APR are two material disclosures that trigger right of rescission for up to three years after consummation if they are inaccurate). The Retail installment contract signed between the parties, the truth in lending disclosure are incorrect, pursuant to 15 U.S.Code 1638(a) and 15 U.S.Code 1605 Determination of a Finance charge. Page 2 of the contract under Itemization of amount financed the admin/Doc Fee for $202.76 should be apart of my Finance Charge and not the Amount Financed as you can attest to In Truth in Lending disclosure of Contract. (see attachments). Complete Autos,Inc and ********* *******, Inc. adjusted my finance charge to $5,730.90 when it should actually be $13,666.70. Amount Financed reads $15,593.75 when it should be $15,391.00, Total of Payments reads $21,324.65 when corrected it’s $29,057.70 The APR is also calculated based on the finance charge. Excluding charges from the finance charge that should have been included will result in an understated APR, which makes the APR appear lower than it actually is. I’ve spent over $15,000 in monthly payments a down payment of $1000, and the vehicle was illegally repossessed,

  Business response

  03/10/2023

  The consumer purchased a used motor vehicle from one of our locations approximately three and one half years ago.  The consumer cites many statutes and code of federal regulations provisions that do not apply to the transaction.  Specifically, the right to recission found in Regulation Z at 12 C.F.R. 1026.23(a) and 12 C.F.R. 226.15 applies to “a credit transaction in which a security interest is or will be retained or acquired in a consumer’s principal dwelling.”  The consumer’s own admission this was the purchase of a motor vehicle and not a security interest in the “consumer’s principal dwelling.”  Accordingly, the provision regarding recission does not apply to the transaction.  
  As to the other allegations regarding, our loan forms, including the one involving this specific loan, are prepared by a third party who ensures compliance with all applicable federal and state laws.  Additionally, our loan forms and files are subject to periodic review and audit by the appropriate state regulatory authorities for **** and other regulatory compliance.  We rely on the opinions of these professionals in ensuring compliance.  The loan’s disclosures in this loan follow the general recommendations and instructions we have received.  We reviewed the loan documentation on this loan after receiving this complaint.  The finance charge and APR rates disclosed on this loan’s documents to the consumer accurately corresponded to the correct amortization of the loan and loan payments. 
  Finally, the used motor vehicle was involved in a motor vehicle accident and was totaled.  Our understanding is that there was no insurance covering the motor vehicle at the time.
  You may contact me at the address above or by telephone at ***** ********  if you have further questions.
  
  

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩