Please Sign This Petition to take Action against Subprime Auto Lenders sign now

On behalf of all the consumers in America I requesting that we request the federal government to investigate the entire subprime auto lenders for abuse in overcharges due to lending fraud. The car dealerships have been excused but not the lenders.

These subprime lenders are guilty of the overcharging consumers. Lenders State marking up an auto loan is not illegal and has been standard procedure for many lending institutions and dealerships. Oh but it is illegal when they inflate the price by doing the following:

- Approving auto loans exceeding the maximum interest rate based on the state usury laws.
- Approving auto loans exceeding their loan to value underwriting guidelines
- misrepresenting the loan to value of the auto loan by adding accessories to vehicle sales price which are not listed as a factor of added value on Nadas website for used vehicles.
- Using third party direct marketers to send consumer mailers indicating they are pre-approved for auto loans. The lender solicits one or more of the three credit reporting agencies to obtain the information.
- The lender approves for a used vehicle, which has been discontinued due to reliability reasons to include, extended warranties. Without disclosing to the consumer that extended warranties dont cover pre-existing conditions.
- The lenders verbally tell the customer their goal is to ensure they are not upside down in an auto loan, when all of the unfair practices referenced above place them in an upside down auto loan.
- Misrepresenting the geographic location of where the consumer resides or plans on purchasing a car in order to convince a consumer who has lack of knowledge of how much the trade in which they are going to use towards their car purchase is worth.
- Bait and switch. Telling the consumer the vehicle is not being sold for enough money, if the dealership has listed the vehicle close to the true Nada book value.
- Telling consumers their company policy does not allow a modification.
- Approving consumers for indirect recourse loans, without the consumers knowledge of all the details in a recourse loan.
- Reporting inflated amounts for auto loans in their portfolios on their bankbooks.
- Reporting inflated amounts to all three-credit reporting agencies for contracts written which have included all of these violations being incorporated.
- Approving auto loans exceeding the Nada Wholesale value price or MRSP price for a lease for consumers who do not meet the credit score requirements.
- Transferring inflated amounts for auto loan balances to outside debt collection agencies with inaccurate balances.
- Not telling indicating the interest rate on the truth in lending agreement for the lease
- Selling illegal or inflated auto loan balances to other third party lenders without correcting any of the balances on their books.

Not to mention the subprime lender will not even send you a copy of the contract upon your request. There is no reason these violations should be overlooked, because of agencies are aware of the violations. The FDIC has conducted case studies and determined scenarios where the lenders are placing their business at risk of violating several laws. In fact subprime lenders, who have conducted several of practices above, have violated several federal and state laws in every state which could be considered as a crime under the Rico statues.

It is unfair for consumers to file complaints to the federal consumer protection agencies and the agencies or ignoring the complaints. These are national crimes, and all customers are not able to identify the exact terms or to identify which specific laws have been violated. They just look at their contract and monthly bills and cannot see their balance reducing.

These subprime lenders have broken the laws for so long and taken advantage of the consumers. Consumers could not sue the lenders even if they wanted to due to the fact the statue of limitations as passed for filing the states, which they reside.

The consumers who are the victims of this abuse are actually low income, middle income customers, with high debt to income ratios. African Americans and Hispanics are also impacted by these violations. Finance lending abuse has been in existence for years, and consumers have filed complaints on consumer reporting websites, to state attorney general offices, and the Federal Trade commission. The problem which consumers are facing is not 100\% of the consumers fault. These auto loans are also asset- backed securities. Subprime auto lenders are violating both federal and state laws in both indirect and direct loans.

Consumers are who low income and middle income with low credit scores and high debt to income ratios are being impacted by their illegal practices. Consumers have also been entrapped into loans by subprime lenders because the terms of the contract were not clear. The terms and conditions of the contract were not written to clearly explain all of the details. We as must consumers have written many complaints and the complaints have been ignored. Its time for these contracts for the auto loans of all subprime lenders to be investigated by the federal government. The government must first start their investigations in the following order broken down below to stop these lenders from continuing to illegally over charge consumers, and reporting this false and inaccurate information to the credit bureau.

These auto loans are considered as secured loan. When you think about the definition of a secured loan, it is a loan in which the borrower pledges some asset a car or property as collateral for the loan. Theyre two types of auto loans, direct and indirect. A direct auto loan is where a bank gives the loan directly to a consumer. An indirect auto loan is where a car dealership acts as an intermediary between the bank or financial institution and the consumer. These contracts for auto loans are one sided, they are only written to the advantage of the lender. Auto loans are secured backed assets which lenders count on the interest to earn a profit. Investors usually dont count on the principal. However in the subprime market, the lenders were greedy and allowed the loans to be written on contracts backed by securities to be written at inflated note. Which would return a greater yield to the lender in interest and principal. The lender did not estimate how much longer the consumer would be able to afford the price in repayment of the inflated principal and interest. All loans must go through the credit approval process. All lenders have underwriting criteria for the secured auto loans, which they are writing. After all these are asset backed securities, which are going on their books. These lenders live and standby the underwriting guidelines. They state they make sure the consumers can afford the loans.

Underwriting guidelines:
Now, prior to the contract even being written think about the two different types of loans. Like these indirect auto loans. The business relationship is between the car dealership and the bank or the financial institution and the bank. All lenders have underwriting guidelines. These underwriting guidelines state the consumer must meet specific requirements in order for the consumer to be approved for the loan. The consumers credit score will determine the interest rate. But there are also underwriting guidelines for the vehicle or the car being financed. The underwriting requirements reflect the vehicle cannot be financed exceeding the specific \% of loan to value. It also states the vehicle cannot exceed specific mileage requirements, cannot exceed a certain amount of years. Some underwriting guidelines for a vehicle will exclude financing of a specific vehicle make and model. So prior the approval process consists of two things for used vehicles and new vehicles. Credit worthiness of the consumer and for the vehicle, its age, loan to value, mileage, and exclusion of certain makes and models.

For credit eligibility the lender obtains specific information from the three credit reporting bureaus, income verifications, debt to income ratios in order to make their decision. They also ask for personal references. For automobiles the lenders underwriting guidelines for \% of loan to value limitations, the undewriting guidelines may state the financing cannot exceed at least \% of the Nada Wholesale for used cars and for new cars a \% of the MRSP price. This \% can range from 100\% - 170\% depending on the guidelines of the lender. Some lenders may state they may extend the to allow the loan to be extended but not to exceed their maximum depending on the consumers credit score. For example a lender may allow the maximum for a used vehicle up to 150\% of the Nada Wholesale value. However, the consumer may have qualified for 110\%. The lender may have a guideline, which states if their credit score is minimum score of 620; they will allow the loan to value to be increased up to 150\%.

Nada will ask you as a consumer for your zip code, vehicle make, mileage and model, and if the vehicle has certain features. From their Nada will give you the vehicles value, good, fair, excellent, and the Nada MRSP. There is no reason the finance company should be inflating the price based on accessories not asked for by Nada. Oh, but the lenders are using their own checklist. The lenders have also used zip codes in an area where the consumer does not reside. This method is used to pursuade the customer to try and obtain more from the dealership on their used vehicle when they are upside down. A different geographic location may reflect the vehicles value being higher. This is misrepresentation.

Interest rates:
The interest rate for the loan cant exceed your states usury law limits. The lenders allow these interest rates to be marked up with their indirect loans. The dealer may advise the consumer they qualify for a higher interest rate than they actually qualify for. However, the lender cant approve the interest rate on the loan to exceed the maximum interest rate in your state. This happened, and lenders have collected this amount, and this has been ignored. One lender charged 23.9\% for interest and the maximum interest rate in the state of Florida is 18\% when the loan $2,000.

Markups on direct loans: Direct loans are a relationship between the consumer and lender. The lender overcharges the consumer by adding accessories, which Nada does not consider when determining the value on the vehicle. This will allow the consumer to collect more in principal payments and more interest on a higher amount. For example: For a 2001 Cadillac Catera 4 door sedan, Nada only list you to select if this vehicle has a the following selected optional equipment:
Bose Premium Stereo
W/out Leather Seats
Power Sunroof
Navigation System

The lender will send you their vehicle check list will ask you about these items and include these additional items such as a radio, cd player, anti-lock brakes, alarm theft system, tilt steering wheels, power locks etc.
Well, this is misrepresentation of the vehicles value. If the lender states that in their policies they utilize Nada, well they are distorting the value by asking about items which nada does not ask about. The lender is adding this amount to the price.

Loans are being written exceeding the life of the vehicle:
Lenders are approving loans exceeding the life of the vehicle. The dealership does not identify if the vehicle has been discontinued. Car fax does not also tell you about the vehicles mechanical pre-existing condition. But, the lenders should have a list of discontinued vehicles and auto flops. This list reflects vehicles by make model and brand which has been discontinued due to reliability reasons. If the vehicle has been discontinued due to reliability reason, the vehicle obviously will not last for 72 months. Dealerships dont tell consumers about TSBs when they are purchasing the car. But, the technical service bulletins are bulletins created by manufacturer based on consumer complaints. It tells the dealership how to fix the vehicle, should the problem arise. The dealership offers products such as extended warranties and service contracts. Extended warranties dont cover maintenance or pre-existing conditions. These pre-existing conditions will require maintenance and can be found in the list of TBSs. Therefore, why would a lender write a loan for a vehicle, which is considered a high risk for a consumer who is a high risk. It should be expected by the lender to know this. During the 6-year period the consumer will have high maintenance expenses in addition to monthly payments. However, instead of offering the consumers maintenance plan, they offer you an extended warranty. Consumers who are not aware about the TSBs end up being charged more money for a service contract, extended warranties, which will not benefit them because the service contract and extended warranty will only cover items covered by the auto manufacturer. The information is not disclosed, because the manufacturer has allowed the cost of the maintaining these auto flops to fall on the consumer.

The first things all consumers and federal investigators need to verify is are all of these subprime auto lenders licensed in the state where the contracts are written.

Contracts: When one party intentionally misleads another party, either by making false statements or omitting important facts for the purpose of inducting that party to enter into a contract fraud has occurred. Intent is very important here. The presence of fraud negates the possibility of mutual assent there has been no meeting of the minds. Now, think about the contract terms of your automobile loans written by the lender. All consumers are not aware what is involved in an indirect loan Vs a direct loan.

Now, based on all of these issues which are present on consumer contracts and truth in lending agreements, the lender has broken the following laws and committed the following crimes:
-The Truth in lending agreement
-The Fair credit reporting act
- State usury laws
- Mail fraud
- Contract law
- Securities fraud
- ECOA laws
- Consumer Lending Protection ACT
- Unfair Practices

Lenders have violated these laws due to the fact the government has allowed them to for many years. All of the states are also not taking action when these complaints are filed. The consumers are being pushed to obtain a personal attorney. The consumers should not be required to get a personal attorney and the complaints should not be ignored. Especially when the FDIC is aware this has been a major problem for years and has conducted case studies identifying how the sub prime lenders have approved loans out of compliance.

The Securities and Exchange Commission knew the subprime lenders were committing subprime securtization fraud decades ago and nothing was done. The Sec knew more than a decade ago believed that the subprime lenders were abusing the accounting rules. When lenders repackage consumer loans as asset backed securities they must book the fair value of profits or losses from the deals. Regulators knew the lenders were overhauling the loan assets they kept on their books in order to inflate current profits. So,if the FDIC and the SEC knew these lenders violated the accounting laws by inflating profits writing loans above the fair value then why has this been allowed to go on for so long. Contracts and truth and in lending on consumers were written to include fraud. These inflated numbers have caused illegal repossessions, inaccurate credit reporting, and accounting fraud. Their actions have caused both the consumer and their investors a lot of grief.

The people who are the victims are those who are not aware are informed. Every consumer should be aware of the legal interest rate in the state where they reside. You cant consumer everyone knows. A lot of information is hidden or is not a requirement of the lender to advise consumer has allowed the lender to get away with fraud many years. Without knowledge consumers dont have power. However, regulators know the laws, and allowed oversights should not fall on the consumer. Some subprime auto lenders may advise consumers they dont allow modifications to the agreement.

Before a modification is allowed, a full investigation should be reviewed on the subprime lender. In most cases, you will find that a modification or a re-financed loan is not needed. Lenders are selling these inflated balances, and dumping them on the books of other lenders when being allowed to sell off these accounts. Consumers are not seeking handouts. We are seeking justice. Regulators appointed as consumer protection agencies are looking at complaints as individual complaints, and are not taking action. All states are not pursuing the lenders, as they should when receiving a complaint. They are relying on the consumer to obtain a copy of the contract. If the consumer loses this information, the lender will not release the copy of the contract to the consumer unless a federal regulator requests it. Some state regulators even respond advising consumers about simple interest contracts, and explaining they should read the contract before signing. This is an inappropriate answer when the contract does not contain all of the elements or is not in lamen terms for a consumer to understand.

Terms of the contract and verbal explanations given by subprime lenders:

Consumers are told the contracts are simple interest contracts and the consumer can pay make extra payments in advance which can be applied towards the principal to reduce the balance and pay off the loan early without a penalty. Although this may be a true statement. It does not fully answer a consumers question. Unfortunately, the consumer protection regulators of the state and federal government will not conduct any additional research to investigate beyond the consumers complaint to identify if the consumer is being overcharged. Some agencies will go by exactly what you list in your complaint. They will even go a step further and advise the consumer, you should read the contract before you sign it. Do you think this is a fair statement to advise a consumer? I dont especially if the lender has not given the consumer the facts.

These lenders are just like the dealers. Their goal is to earn a profit. So they focus on what is important to the consumer, and that is a second chance to improve credit and affordable monthly payments. But, they are withholding information from the consumers and contracts are being signed without the consumers knowledge of the truth. The lenders want to enforce these contracts to require the consumer to repay them a long-term profit. So these lenders are writing contracts for secured loans with recourse terms, and adding arbitration agreements to them so that you have no way out of the contract you are locked into.

Since, when does the government or the state allow you to be locked into a fraudulent contract? When you look at the entire picture you will find that finance companies and banks fail because of their own illegal practices. A practice which they have been allowed to get away with for so long. Auto loans, and homes are secured assets. These loans backed by collateral. The state and federal laws for these contracts require lenders to be licensed. These state usury laws dont allow them to write loans above the maximum interest for the state, which you reside in where the contract was signed. Yes, there is no law that says kickbacks on indirect loans are not illegal. But, regardless of what the dealer puts on paper, the lender is still required by law to follow the state, federal and underwriting guidelines. When you go either further than that, the lenders who are indirect lenders are in business with the auto dealership. So, if you are a consumer who has received a direct mailer advising you that you have been pre-approved for an auto loan. My question would be just exactly, what type of general inquiry did the lender submit to the credit bureau in order to obtain my information, that you would solicit me a consumer, instead of you marketing your business to a dealership. As an investor, its even worse for them, because these lenders have place loans on their books, which inflated instead of listing the fair market value. The same illegal practices which have caused homeowners to loose their homes. These lenders have access the tools to ensure the loans on their books are affordable, and that you qualify and their goal should be to make sure that any products which you finance will be useful to you and will not exceed the loan to value of vehicle. Everyone should be able to look at Nada and see the same standard purchase items. They are not.

Just imagine if these lenders told you the truth about your auto loan, you would not sign the contract if you knew you were being overcharged. Its not that consumers dont want to pay their bills, they dont want to pay more than the they should be charged. Consumers have a right to know the truth. A person who is wealthy could not understand where you are coming from. They would blame the consumer some kind of way. Well, this is not the consumers issue 100\% of the time. It is also not all the dealerships issue, it is the lenders fault for approving the loan. A person, who is wealthy, would not fall in this category because they have enough income, which means their debt to income ratio will not be considered to be high. Also, if the person is wealthy and manages their money well, then they will know cash is king. They would not really use credit that often unless it was an emergency or they just preferred to use it. They would still have enough money to pay off the balance, which they used before the end of the month.

So, the low income and middle income consumers are victims also. When it comes to interest the African Americans and Hispanics are charged more. But, lenders are charging them more not just in interest in
principal. They indirectly inflating the loans by approving the consumers for vehicles outside of their underwriting guidelines. This is accounting fraud.

Accounting fraud is enough for the Feds to be all over the lenders due to the fact they are making misstatements about the company's financial condition because they are have been exposed to subprime mortgages and other toxic assets like auto loans, etc. This is nothing more than just a transfer of numbers. The lenders transfer the funds to the dealership. They are not giving the cash to the consumers. Therefore, as these inflated receivables sit on the bankbooks. The finance company is relying on funds received from these receivable records to stream the cash flow. Is the lender being honest by indicating these inflated secured-backed assets are worth the value of the contract? The answer is no. But, by placing these inflated balances on their sheets it made their books look like they were in good standing. Along with adding the deficiency clauses to the contracts for indirect and direct loans was added protection for the lender to advised the investors there was a guarantee of the higher return. Many banks have loosened underwriting standards and relaxed procedures to become more "borrower friendly" to compete with the financial concessions of competitors. As a result, some banks operating in this highly competitive market with weak controls and lax automobile loan underwriting programs have been adversely affected. Therefore, due to these actions taken by lenders, the consumers should not be the ones found at fault when these debts are not repaid at the amount calculated on their books, which they inflated to receive.
Timeframes to ensure the consumer receives returns, which the are expected received. The consumer is not responsible for the fraudulent accounting the lender is.

Inaccurate Reporting: As a consumer I am fed with the credit reporting agency having a inadequate process for ensuring the information reported to the credit bureau is correct. If the lender is not license, the lender should not be able to view my credit report. Also, any collection agency that is collecting on behalf of the lender should not be allowed to view my credit report. The credit reporting agencies have a validation process, which is inadequate. For example if the lender has reported a balance to the credit bureau, and I dispute that balance stating that I was overcharged, then how is the payment history going to reveal that. They simply tell you they have verified the information reported is incorrect. How is it incorrect, if the truth and lending agreement and the contract contains provisions, which were violated? If the lender has indicated on the truth in lending agreement that my interest rate is 23.9\%, on the loan, and the maximum interest rate for a licensed lender in my state is 18\%, this will affect information reported. If the vehicle s nada wholesale value is 110\% and the vehicle s value has been inflated additional money to the price to for optional equipment, which is not considered by Nada in accessing the allowance. Then its not valid. Because inflating the price could have the loan exceed to 200\% of the loan to value. If the loan balance reported to the credit bureau is above 110\% of the loan to value. This is outside of the approve amount. Reporting this amount to the bureau would reflect that you reported an amount, which is outside of the guidelines, which the lender has stated, is the maximum per their guidelines. So, if the lender reported this inflated amount. The agencies are not fully validating these issues because they are not required to look at the contract.

Lenders reporting inaccurate balances and selling this inaccurate balance off the sheets, or collecting these inflated amounts are illegal. But, the consumers have been robbed of their power in some states to fight these issues individually because it has been stolen from them by the father time. The statue of limitations has passed for them to saw a lawsuit in the state. But these federal crimes should require the company to be shut down and every dime they have earned should be used to repay the consumers. Everybody has known about this except the consumer.

What the consumer doesnt know about indirect recourse loans:
Lenders, who enter indirect auto loans with consumers issued through the dealership, are not advising the explaining the advantages and disadvantages to the recourse loan. In an indirect recourse auto loan, the dealership goes on the bankbooks as the customer. The consumer makes the monthly payment. The dealership will promise the consumer incentives sometimes to get them to sign. I had one lender to promise me they would pay my car payment for three months and my car insurance for 3 months. This dealership did not explain how that would work at all. He even asked how much I wanted to pay in car payments. When I indicated to him how much I wanted my payments to be, they advised me that after 6 months they review my payment history or and credit score to determine if they could lower my car payments. This never happened. At that time I had no idea that when I went to the dealership the type of loan which I was receiving was indirect recourse loan. The dealership wrote the auto loan over the Nada MRSP price for a brand new vehicle. The MRSP price was at an estimate totaling around $15,000. The loan was written at a sales price totaling over $19,000. Now, what I did know and it sounds like the dealership did was they financed the loan for $19,000 because they added the monthly payments and insurance to the sales price inflating price. Now, here is how the consumer is robbed, my interpretation at the time was that the dealership was going to take money from their budget to pay for what they offered me as an incentive just to sign the contract. Now, if the dealership were honest and stated they were going to add the 3 monthly payments and insurance to total amount financed and that would increase my total amount financed. I would have understood that and said no. I will just wait until have enough money saved up to get the auto insurance. Because I dont want have to pay finance charges on a higher amount. Instead the lender capitalized on the fact that I did not have enough cash available, and sold me on a loophole which would resolve my cash flow issue for now. But would hurt me in the long run because I would be upside down in a new car loan exceeding the MRSP price. In addition to this the approval for the loan was made based on recourse terms. I knew nothing about recourse terms at the time. However, I learned later, the lender may have had a recourse contract which was partial. I also didnt know until later that for a recourse loan, the lender inflates the monthly payment because the consumer is considered a higher risk. The main fact the lender inflates the monthly payment of consumers to cover them because they are considered a high risk could also mean the lender has violated terms of the recourse agreement with the dealership.

Especially, if the credit decision was made based on inaccurate information in the consumers credit report at the time it was made. If this has occurred, then the lender should review the consumers credit application because they could have marked up the consumers rate in error. This happens a lot in the indirect auto industry because after the deal is made, and the dealership is paid, this inflated balance is reported to the credit bureau. The consumer is locked into the rate and terms when the consumer should not be.

The lender has the final say. Loans should not be approved outside of their guidelines. Due to the fact the lender and the dealership has the agreement. The lender should make it clear they will not approve any loans exceeding the guidelines. So the dealership better make sure the consumer meets the credit criteria, and the vehicle meets the guidelines. The dealership should provide the consumer with a disclaimer, stating the approving lenders guidelines. If the dealership wish to sell the car for the amount exceeding the vehicle total MRSP price, the consumer will have to place a down payment on the vehicle to satisfy the amount exceed the loan to value guidelines if the consumer wants the car. It does not matter what the dealer does; the lender should make sure they follow the state, federal and underwriting laws.

We need to get the Governments attention. Its sad the FDIC and the SEC are aware the auto lenders are well aware these lenders are committing fraud against the consumers and the lenders are not being made to do anything. The first thing, the government needs to do is identify which loans should be considered for modifications. At this point, I feel like there are some loans for automobiles, which should be, considered as paid in full. The lender shouldnt be due any additional funds. A government investigation should be done on every subprime auto lender in the United States. The government should check for the following:
-Was the lenders licensed active as consumer sales or consumer finance sales company in the states where contracts were written?
-Did the lender uses any direct marketing companies to contact consumers soliciting for business? If so the lender should be required to provide the name of the company, the list of consumers, and which credit reporting agencies did they use.
-Did the consumer apply for a direct or indirect loan?
-Were there any recourse agreements with the dealership? If so what, a copy of the conditions should be provided.
-What is the required credit score for approval, and what was the consumers credit score at the time of application?
-What interest was the consumer approved for?
-Was there mark up on the interest rate?
- Does the interest rate indicated on the truth in lending agreement exceed the maximum interest rate approved by the state?
- What is the loan to value \% for used vehicles and new vehicles under the company policy guidelines
- Does the lender have a checklist, which they mail to consumers to select the standard options, which the vehicle has?
- The value of the vehicle should be viewed on Nada.
- Check to see if the lender wrote the loan above the Nada value exceeding the \% of loan to value
- Ask the lender to provide all of documents sent to the consumer when they are approved.
- Verify if the lender inflated the loans using adding additional purchase options, which are not listed on Nada.
- Look to see if the vehiclesmake model or brand has been discontinued due to reliability reasons?

- Check to see if the vehicle has a large volume of TBSs are recalls of reported pre-existing conditions

- Verify if the lender added extended warranties, and service contracts on vehicles with a large volume of TBSs.

- Verify if the vehicle loans were written above the life expectancy of the vehicle. For example, if the vehicle has been discontinued due to reliability reasons, and is no longer sold. Check the vehicles date originally introduced to the market, and the date the vehicle was no longer made. The vehicle s financing time period should not exceed that time frame. See the Cadillac Catera, introduced to the market 1997 discontinued 2001. Vehicle should not be financed exceeding 4 years. Anything above 4 years would be exceeding the life expectancy. The vehicle should not qualify for financing exceeding 4 years.

- Vehicles which are older than 4 or 5 years which are discontinued due to reliability reasons should be qualified to have a high interest rate, but pricing should not be inflated above the Nada wholesale value value if used.

- Values which are new should not reflect any loans exceeding the life Nada MRSP price for a new vehicle.

- Vehicles, which are less than 4 or 5 years, the contract should apply to all of the guidelines referenced above. Since most new cars come with a longer warranty period, an extended warranty should not be considered as financing. The consumer will pay more cost in maintenance, and therefore this should be considered as a purchase options for both direct and indirect loans.

- If the lender has sold the account to the lender or collection agency and an inflated balance has been identified and the lender should be required to list the name of the company or agency.

Once a full investigation of all of this information is compiled and it has been determined the lender has inflated charges by violating interest provisions, loan packing and product packing. The lender should receive a letter of complaint from the government. A copy should be filed to attorney general of each state along with a list of the impacted consumers. The state of attorney general should be required to issue to a fine against the lender for violating laws in which impacted the consumer in the state. The lender should be demanded to send the consumer a letter of apology letter. They lender should be ordered to review all loans financed within the last 15 years. Any loans, which they have been reported to, the credit bureau as repossessed voluntary or involuntary, or reported, as a judgment should be deleted from all three credit reporting agencies and state records immediately. The lenders should pull all accounts, which have been inflated or that subject to other state or federal violations from collections. The consumer should receive a letter advising them, they are under no obligation to make additional payments. The account has been considered as paid in full. The lender should be required to refund the consumer all of the overage.

On open accounts where the consumer is still in possession of the vehicle, the consumers account should be eligible for a modification to the agreement. The loan should be reduced to reflect the current market value of the vehicle. Due to the fact, the consumer s credit score and loan terms were based on inaccurate information in the consumers contract. The consumer should be eligible for a lower interest rate in the single digits for duration of the terms of the contract.

I have refrained from listing names of lenders. These subprime auto lender has adopted the same practices which the home mortgage lenders got away with. There is no excuse! Please sign this petition, and lets show them we need justice. The regulators are aware this is a national problem but they are ignoring our complaints. Stating these are individual complaints. These complaints impact the nation. We dont need you store our letters in a pile. We need consumers protection agencies to take action against these subprime lenders. Enforce the laws, which are in place, which have been ignored. The power is in your pen, please sign now!

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