Consumer complaint received 2018-06-13
Company: U.S. BANCORP
State: CA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Problems at the end of the loan or lease
Sub-issue: Unable to receive car title or other problem after the loan is paid off

Complaint:
I conducted a private person purchase of a boat and trailer on XX/XX/XXXX, using US Bank to finance the transaction as a secured loan with the boat as collateral. The original loan was generated at the US Bank XXXX XXXX California branch located at XXXX XXXX XXXX XXXX XXXX, CA XXXX. The purchase price was {$35000.00} US Bank was going to be the " legal owner '' of the boat, while I was going to be the " registered owner '' of the boat. At the time of the purchase, the boat was registered in Nevada and would have to be transferred to California where I live. All of this was addressed with the loan officer prior to the signing of any of the documents, as well as with the US Bank employee who facilitated the signing. 

A US Bank requirement was that the seller of the boat be present at the signing to turn over ownership documents to them, including the title, and to sign release of ownership documents as well as all California and Nevada transfer of registration paperwork. Because of the location of the seller and the boat, the signing of documents took place at the US Bank branch located at XXXX XXXX XXXX XXXX XXXX XXXX XXXX, CA XXXX. Both the seller and I met at the bank as instructed, at the designated time and date. After signing all the required documents, the US Bank employee who facilitated the signing advised me they would be keeping the original XXXX documents and submit them to ensure that everything was done properly. The US Bank employee then directed me to write a check to XXXX for {$2200.00} to pay for all fees and taxes and give it to him, which I did. After the signing was complete, I was then given a copy of the contract and a cashiers check which was used to pay the seller. I then left the location with the boat. 

In XXXX of XXXX, I had not yet received any registration sticker, or any registration paperwork from XXXX. At this point I called US Bank and spoke with a customer service agent who advised me that there was an issue with the time of signing and that there were missing documents, or documents that had not been signed. I then contacted the XXXX XXXX XXXX Manager and advised him of what the customer service representative told me. When he investigated it, he also told me that the bank had made a mistake and that XXXX paperwork had not been signed. The manager told me that he would work on it and get the issue resolved. He asked if I had any way of re-contacting the seller, so he could sign the documents. I checked my phone and saw that I still had his phone number. 

At this point I contacted the seller and he agreed to meet with me. I drove from XXXX to XXXX XXXX XXXX and had the seller re-sign the XXXX documents that he had originally signed at the time of purchase. The seller even told me that he remembered signing the documents I was having him sign. I then returned those documents to the branch manager. Then, approximately 1 month later, I still had not heard anything, so I re-contacted the branch manager, who told me they STILL did not have all the documents that needed to be signed. He again asked if I still was able to re-contact the seller, yet again, to have him sign more documents. But by this time, I had already purchased a new phone and no longer had any way of contacting the seller. 

I told the manager that because of their mistake, I have been paying on a boat for the last 11 months that technically is not mine and that I could not even use, insure or even sell. After months of waiting and staying in contact with the bank manager, he said that he had concluded that I was at fault and said, " Ultimately It is YOUR responsibility to register and insure the boat. We just issued you the funds for the purchase. We have nothing to do with the XXXX aspect whatsoever ''. 

I then reminded the manager that it was a secured loan and that THEY kept all original signed XXXX documents, including the title at the time of signing, along with a check in the amount of {$2200.00} to pay for the taxes and registration fees. At this point the manager backtracked and re-affirmed that the bank was the one who made the mistake and that it was not my fault in any way.

To try and help the situation, I voluntarily asked the Manager if there was a way for them to provide me with the original documents that they kept so I could go to XXXX and get everything worked out. He said there was no way of doing that and that he did not have access to any of the original documents. 

After this meeting, he re-affirmed that the bank had made a mistake and that he would continue to work on it. It has now been 6 months and it still has not been resolved. To make matters worse, the bank for some reason, sent the original {$2200.00} check through to XXXX who cashed it nearly a year later and without any warning. Now I am {$1200.00} negative in the bank, and ironically the boat payment is due from direct deposit from that account.

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 monetary relief