Consumer complaint received 2019-11-25
Company: FIFTH THIRD FINANCIAL CORPORATION
State: TN
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:
We have had a loan on our vehicle, opened to finance the purchase of the vehicle, issued and held by XXXX Bank since XXXX, account number XXXX. In the last 3 years, our vehicle has been repossessed 3 times for payments that were less than 90 days past due, which is contrary to the terms of our loan agreement. We have established in prior communications with XXXX bank that our contract states that repossessions will only occur after an account is 90 days past due, but that they process repossessions after accounts fall 60 days past due regardless of these terms. 

We have made numerous attempts to resolve this issue with the company via phone, from discussing the circumstances under which the vehicle has been repossessed, requesting a full payment history of the account, asking for payment arrangements after repossession regardless of the impropriety of the bank 's action and requesting support setting up automated payments to avoid late payments in future. We have been advised by the company that their practices do not align with the terms of our contract ( above ), that automated payments can only be set up by using paper forms submitted through the mail, and that they will not make any arrangements for payment after repossession regardless of circumstance excepting holding the vehicle for up to 10 days prior to sale. Each time this situation has occurred, we have paid the requested amount in full in order to have the vehicle released, as we need the vehicle to transport ourselves to work and our children to school. 

The first repossession was removed from our credit reporting. While XXXX has subsequently refused to acknowledge any action taken on our reporting, we assume this was removed due to the bank 's practice of repossessing vehicles prior accounts falling 90 days past due, as described above. The last repossession still appears on our credit reporting despite this same practice leading to repossession. XXXX bank is also not providing us with paper or electronic statements for this account, which makes it impossible for us to review and understand our balance or the amount they claim is due. 

As you can see from the attached images, we have not been provided any notice of these amounts prior to repossession. When we login to our online payment portal, the only thing that shows is that our last payment was due 71 days ago as of today, which, per the Federal Consumer Credit Reporting Act, does not, in fact, constitute 90 days past due. The account information screen does not provide a total amount due, only the amount of the individual payment for each month, as well as the last due date for which payment is due. We also have elected for electronic statement delivery on this account ( see attached photo ), which we've had set up on this account since it was first opened. When we attempted after the call this morning to verify the amount due, we discovered that we have never been issued, nor can we retrieve, any statements for or notices about this account whatsoever. 

At this time, the bank is requiring payment well in excess of the amount that should actually due on the account before releasing the vehicle, based on the information available to us as account holders through our online portal. We have received nothing in the mail from XXXX bank regarding the status of this account, nor have any statements or notices been issued to us online. 

On Saturday, XX/XX/XXXX, around XXXX XXXX  Central time, our vehicle, a blue XXXX XXXX, was repossessed from our home at XXXX XXXX XXXX XXXX, XXXX, TN XXXX. Payment on that date was 69 days past due. 

We were advised by the tow company that they received the repossession order by fax or electronic transmission on Saturday, XX/XX/XXXX, around XXXX XXXX   Central time. Because XXXX closes their call lines at XXXX XXXX. Eastern time on Saturdays, we were unable to contact them to discuss resolution until Monday, XX/XX/XXXX. On XX/XX/XXXX at XXXX XXXX. Central, I was able to contact a representative, XXXX, in their call center using the number XXXX. 

In this recorded call, XXXX confirmed that payment on the vehicle was approximately 70 days past due at the time of repossession, and also confirmed that XXXX " considers '' that to be 90 days past due. She advised me that the total amount due to recover the vehicle from the tow company was {$1800.00}. She confirmed that this figure is composed of the following amounts : {$1300.00} past due balance ; {$70.00} fees ; {$440.00} repossession fee. 

Based on the information provided online, our account payment is set at {$350.00} per month. Payments in this amount for XXXX, XXXX, and XXXX add up to {$1000.00}. It was not stated in our phone conversation what the {$70.00} in fees quoted has been assessed for.

Company response to consumer: Closed with explanation