Consumer complaint received 2023-05-01
Company: SYNCHRONY FINANCIAL
State: FL
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Billing problem

Complaint:
1. Making payments is not clear. There are two addresses listed on my statement. One for XXXX XXXX XXXX XXXX, TX XXXX and on the back, XXXX XXXX XXXX XXXX GA XXXX. 

When I called on XXXX XX/XX/2023, I spoke with XXXX ( ID # XXXX ) and was told payments should go to XXXX XXXX XXXX XXXX, TX XXXX which is nowhere on my most recent statement dated XXXX XX/XX/2023. 

2. Payments are not posted to my account in a timely manner. I have had to start sending my payments by certified mail because payments are not being credited to my account in a timely manner. For example, my last payment was mailed on XXXX XXXX, delivered on XXXX XX/XX/2023 according to XXXX tracking ( XXXX ). As of XXXX XXXX, when I spoke with XXXX, she could find no record of my payment even though I mailed it to the address on the payment stub of my statement. I was told that the address on the statement ( the address on the tear-off stub of the statement with the address that shows through the window of the provided envelope ) is not the correct address for payments. 

I also found out I was ahead 2 months in payments. I requested those payments of {$390.00} be applied to my principle balance. I was told that's not allowed. ( So they can continue to charge interest. ) By this time my {$2500.00} payment should also have been received and posted. This check is noted that {$200.00} is for a regular payment and {$2300.00} is to be applied to principle balance. I requested that the full {$2500.00} be applied to principle balance since I am already 2 months ahead on payments. I was told that can not be done either. 

3. Principle payments are not correctly applied to principle. I made a {$400.00} payment that was posted to my account on XXXX XX/XX/2023. Only {$300.00} was applied to principle, the rest applied to interest. I had to call customer service and was told that if I want to make a principle payment, it has to say this on my check. Please refer to the image of my check that clearly states " PAY TO PRINCIPLE {$400.00} '' in the memo line. 

4. Synchrony is so outdated that the only way to make payments is to call in ( they charge for this ) or mail a personal check. They do not accept online payments. You can not view your account online. 

I make my payments on time. I make extra payments in an attempt to pay off my loan early. Synchrony bank is using deceiving tactics such as multiple addresses on their statements as a way to confuse their customers and as an excuse to hold checks so that they can charge more interest. ( I was told I am being charged {$2.00} per day in interest. ) It has become so frustrating and costly having to waste my time to go to the post office to send a personal check by certified mail every month. And then when I do as instructed in writing on my statement, I'm told that's not correct. I am so frustrated and want out of this loan so badly that I had to pull money out of my emergency fund during a recession to try to get out of this predatory, deceiving, bad-faith lending situation. 

I will be calling tomorrow for my pay-off balance, ready to make my final payment over the phone. I have a feeling they will hold my payment, continue to charge me interest, hold the title to my vehicle, and send me another statement saying I owe them money.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation