Complaintsfor1 Owner Autosales

• Initial Complaint

  05/21/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  Received via Certified mail#**** **** **** **** **** on 5-6-2023:***************** [****] ********************************************************** near [*****].1 OWNER AUTO SALES ************************************************************************* Phone: ************** I, *****************, a consumer who is natural and living person, holder in due course, and the creditor affirms that I am familiar with the facts stated within this notice. The purpose of this letter is to provide you with physical written notice and directions to be enforced. On, 10/24/2020 I consummated a consumer credit contract under good faith and credit. This, however, was and is not a loan. I would like to bring to your attention to the statue 16 CFR 433.1(i) which iterates Consumer credit contract is any instrument which evidences or embodies a debt arising from a Purchase Money Loan transaction or a financed sale as defined in paragraphs (d) and (e) of this section. With that in mind and proper understanding you can review the definition of a finance charge as it is legally defined in 12 CFR ******. With this is mind, I recall, ***************** verbally implying that 1 OWNER AUTO SALES and/or CREDIT ACCEPTANCE required a down payment of Twenty-Five Hundred Dollars and Zero Cents $******** with these laws and sequence of events, verbally and otherwise, my federally protected rights have been violated. It is mentioned in Regulation Z that you can be fined up to $5,000 for giving false and inaccurate information as well as not providing the consumer with proper and respective disclosures.You, 1 OWNER AUTO SALES, have 30 calendar days to return the falsely and illegally obtained down payment of ******** to me, haashim el bey, to **** *********** ***** ******* *****. Upon receipt of this initial communication, I will keep note of all correspondence, or lack thereof, made by mail, telecommunications, and otherwise methods of communication. This communication requires a response within the allotted threshold. Regards,

  Business response

  05/27/2023

  1 Owner Auto Sales associate not only verbally disclosed APR, term, down payment, and monthly payment, but also provided written documentation that was signed by ****************** acknowledging the terms. Please note as a general rule we require all customers to remain beneath 25% of their income to assure they can afford their payment. In certain situations, based on income, a customer may be required to put an additional amount down to fall within that threshold.  Our goal is to sell cars but to also help the customer be successful in maintaining their payment.

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