Consumer complaint received 2019-04-03
Company: U.S. BANCORP
State: CA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Changes in terms mid-deal or after closing

Complaint:
In XX/XX/XXXX I initiated a used car loan application through USBank.com. Shortly after applying, I was contacted by XXXX XXXX, general manager of a XXXX XXXX branch to finish processing the loan in the office. 

Mr. XXXX explained to me the process in detail and overview of the rate, interest, payment, etc. The loan was signed on XX/XX/XXXX for a total of {$15000.00}. During that conversation, I mentioned to Mr. XXXX that I was undecided on the specific car that I was getting and mentioned to him that I would be traveling to XXXX California to make the final decision and purchase the car. Mr. XXXX said that would not be a problem, but that they needed a VIN number for a vehicle I had in mind to process the loan. Once I picked the car, I just needed to give the dealer the paperwork and they along with US Bank would take care of the rest. 

I proceeded to travel to XXXX California to the XXXX XXXX car lot. Once on the lot I opted to choose a XXXX XXXX vs XXXX XXXX and proceeded to provide the check and all the bank documents provided by US Bank to the dealer finance contact to process. I left the lot with the car and shortly the loan kicked-in and got a statement and due date, etc. as expected. 

Five ( 5 ) months later I was contacted by phone by MrXXXX XXXX, he communicated with me that there was an error processing my loan - that they had the wrong VIN number on file and needed the car title. I asked him how this could have happened and why they were finding this out 5 months after the loan started. 

I proceeded to connect him with XXXX directly ( XXXX ),  helped to track down the title. During all the back and forth - he never engaged in email, it was always over the phone. At the moment, I didn't see this as odd, since it seemed that there was a sense of urgency. Never during this time did we receive any written notice about the issue by mail or email - it was always over the phone. 

My wife and I worked with him over a span of two weeks or so to connect him with the XXXX local dealer directly, helped to track down the title, signed it and turned it over to MrXXXX XXXX along with proof of insurance, registration information, etc. for the correct car. 

Fast forward to XX/XX/XXXX - two years after taking out the loan, we received a written notice first time ever from US Bank about the loan. The notice again lists the incorrect vehicle and again is requesting the car title. Now things were starting to look a bit odd. I reached out to Mr. XXXX by email on XXXX and after 2-3 follow up emails, I finally heard back from him via phone on XX/XX/XXXX. After greeting him, I interrupted him and requested that he send any communication via email to avoid any miscommunication, hung up and reiterated that message with a follow up email minutes after. I never heard back from Mr. XXXX, so I followed up on XX/XX/XXXX and never heard back from him via email as requested or by phone. 

On XX/XX/XXXX, after not hearing from Mr. XXXX, I submitted a complaint via the US Bank online tool and was told this was being raised with his manager " XXXX. '' XXXX XXXX with US Bank called me, I answered he identified himself as the manager for Mr. XXXX. I proceeded to let him know I was in a meeting and that I preferred communication via email instead. I never received an email from XXXX or Mr. XXXX following up on my request for additional information on the letter I had received in the mail. 

On XX/XX/XXXX, I followed up with customer care - I told him that XXXX had not followed up, they apologized and said they would follow up. They wrote back the same day and said : " I received some follow up from XXXX. We have the incorrect information on file for your loan because a different vehicle was purchased than was approved. This is causing errors in the system. To correct this, you'll need to refinance the loan for the vehicle you currently have. " This was the first time I had received this written notification of the error still existing and the need to refinance - again with no background or explanation on how this could happen. Two years after taking out the loan, US Bank was saying I needed to refinance the loan, take a hit on my credit and loan would be at current rates, etc. because of an error processing by the bank/dealer. 

I requested XXXX 's email address to request more information and to clarify the point of the " different vehicle was purchased than was approved. '' After multiple attempts, I was referred to call him and never got his email address. 

During this entire process, I have never received written notice that I had purchased an unauthorized vehicle until XX/XX/XXXX. 

If this indeed was an error on me, the customer - then these questions must be answered : Why did Mr. XXXX accept the car title for the correct vehicle? 
Where is the signed car title for the correct vehicle that I provided to Mr. XXXX? 
Why is the bank refusing to communicate with us via email or mail? 
What is the explanation for the " different vehicle was purchased than was approved '' - why would the bank take two years to notify me? 

Attached you will find documents to reference in this matter as described below. 

Exhibit A - US Bank Mr. XXXX XXXX email communication with XXXX & me Exhibit B - US Bank Mr. XXXX XXXX email communications Exhibit C - US Bank Email Customer Care communications Exhibit D - US Bank XX/XX/XXXX Car loan mail notice

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