- Joined
- Jan 14, 2022
- Messages
- 3,066
- Reaction score
- 2,305
- Location
- Scottsdale Arizona
- Cars
- Genesis GV60 Performance
The FDCPA is the fair credit reporting act passed during the 1970s because of abusive debt collector practices. It does NOT apply to debts owed to the creditor:Every Lucid bill I get comes with a warning "This is an attempt to collect a debt" which I think is a requirement for FDCPA. Even tho I am paying as agreed. (https://www.ftc.gov/legal-library/browse/rules/fair-debt-collection-practices-act-text#:~:text=It is the purpose of,consumers against debt collection abuses.)
"With limited exceptions, the FDCPA applies only to entities that qualify as "debt collectors." The statute's definition of "debt collector" is intricate and excludes various entities from its scope. For example, a creditor seeking to collect debts on its own behalf and under its own name ordinarily does not qualify as a "debt collector.""
So if the bill includes that practice it should not be doing so! We have many users here who used to have leases with other car companies (BMW, Mercedes, Lexus, etc.). It would be interesting to know if they included such language in their monthly statements. I have never leased a car but I did briefly finance a BMW (to get a $4K credit) and the invoices did NOT include any such language.
As far as I know, it is industry practice in the luxury car business to waive the termination fee if the lessee leases a replacement from the same company. That is what Josh G did. As he reported, the waiver had nothing to do with the wear and tear issue.