Hyundai Capital America Consumer Loan Complaint

Hyundai Capital America Consumer Loan department,

Vehicle lease Taking out the loan or lease California

It is my belief that Kia Motors Finance ( " KMF '' ), a division of Hyundai Capital America ( " HCA '' ) engaged in illegal, high risk predatory lending behavior regarding my lease of a - Kia Sorrento. This is a separate concern from my complaint regarding credit reporting and notices. When I initially leased the vehicle my credit profile was highly overextended with all my accounts having balances at or near their limit and with multiple credit cards having been opened and used to their limit within the previous - day period. I also had one vehicle already financed that was not to be traded or resolved as part of the financing. I believe this alone indicated an exceedingly high risk lending situation.


Believing purchasing was not a good idea I reiterated to the dealership to share with KMF my employment situation. I indicated I recently had my employment terminated with - - - and that I may or may not be rehired into my position. The dealership advised they shared this information with KMF and that they felt based on my employment history that I could afford the lease and would likely find another job if needed. Despite KMF having immediate knowledge that I was largely unemployed they approved the lease and added a clause waiving the need to verify my employment and income. I believe this waiver was added so they could avoid having to decline the lease. I believe this is a case of predatory lending as KMF had knowledge that I could not afford the vehicle and knew I did not have a worthy credit profile but proceeded with financing, regardless. The lease went through underwriting without any agents of KMF seeking to verify income, employment, available cash balances or my previous earnings. I was only required to sign the documentation and provide a government issued identification card. Ultimately as a result of KMF providing me a lease they knew I could not afford the lease quickly fell into default ruining my credit profile. This lease was predatory in nature and the type of behavior seen here is unethical and illegal. I volunteered the vehicle back to KMF in good faith. After the vehicle was in the possession of KMF, the errors and violations continued which are discussed in a separate filing. If KMF had followed normal lending practices this would have been avoided.