Consumer complaint received 2023-03-13
Company: JPMORGAN CHASE & CO.
State: MI
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Lender trying to repossess or disable the vehicle

Complaint:
I am unsure of specific dates, since I did not know this situation would go this far. When I first got the car, I had like a month and half before my first payment was due. It was a little longer than that before I received how to set up my online account information to manage the account. The first payment I attempted on the system took {$3000.00}. My payment was {$880.00}. I called the bank immediately per their website to stop the payment. When I called, they said they can't stop it, but they will flag the account. I was told to contact my bank. I did. However, it took way over the amount I had in the bank. It left me with late fees and overdraft fees. I had to cover all of that and left me little money to pay my car note. This made my car note late. Throughout the year, I did have some financial set backs. I did speak with Chase Auto Loan and made partial payments. Some payments were late. I made a complete payment at the end of XX/XX/2023. I had spoken to representatives over the course of the months. I had told them how their site took the money or held it when I made the payments and then a week or so later I would get my bank returned the payment. I explained and inquired that the money does disappear from my account. I am working from a balance that shows their payment has been deducted. I asked why does it take so long for their payments to clear? I was told it wasn't an issue as long as I was making payments. Now, they came and repossessed my car. I am being told I only made 1 payment on the car. They charged off the loan. I can no longer check my overdue balance which was about {$3000.00} or a little more. The balance does include late fees. It will be auctioned off in 10 days if I can not pay the entire amount of the loan. The entire amount is {$48000.00} plus. I don't have that. When I had spoken to representatives, I told them I knew I had to make larger payments and I would when the money came in. It is tax season and my plan was to set my car payment right. But, now they have taken my car and the terms to get it back are too much. I need my car. I can pay the past due now. I witnessed Chase Bank do something similar to my mother. We had our accounta with them for years. She was purchasing a short sale home. She had been approved by Chase Bank. The short sale took longer because of the other bank having to accept the terms. Her loan officer ran her credit every 30 days during this process. He told her she had to sell her home at the time for the other bank to agree. She did. When it was time to close on the home, Chase told her that her credit score dropped and they would not lend her the money. Her loan officer ran her credit score down with his constant running her credit. She had sold her home. She was homeless. Chase Bank did nothing to help her. Even though they knew it was because of her loan officer. She closed her account immediately. They took money from my Chase account by way of bank-generated fees and when I contested nothing was done. This is the last time I will allow them to take from my family with no consequence to them. It is ruining people 's credit and making life harder. Chase creates financial hardship for their customers with horrible banking practices and hidden fees.

Company response to consumer: Closed with explanation