Consumer complaint received 2019-05-30
Company: PINNACLE FINANCIAL PARTNERS, INC.
State: TN
Product: Payday loan, title loan, or personal loan
Sub-product: Title loan
Issue: Problem with the payoff process at the end of the loan

Complaint:
~Purchased a vehicle from XXXX XXXX , XXXX XX/XX/XXXX. Paperwork signed for a buy here, pay here loan. One month later I received notice that my payments where to be made directly to Pinnacle Bank, XXXX XXXX. ( see file attachment ). At n time did I sign any paperwork for the loan to be assumed by Pinnacle Bank, XXXX XXXX. 

~All payments made went directly to Pinnacle Bank . Total loan with interest ( see file ) was approx. 19000.00 until XX/XX/XXXX leaving a {$9300.00} balance! 

~In XX/XX/XXXX having relocated to XXXX XXXX , leaving the XXXX at my address/condo in XXXX I signed a surrender to the bank for the XXXX to sold at auction in XXXX XXXX as advised by XXXX XXXX ! 

~XX/XX/XXXX I flew to XXXX for thanksgiving and the XXXX was sitting in my driveway in XXXX XXXX with key under floor matte. I called the bank directly and was told it was a mistake and they picked up the XXXX while I was still there! 

~I called in XX/XX/XXXX. asking for auction bill of sale copies and was told the XXXX had not gone to auction yet! 
~XX/XX/XXXX I called and spoke to a " loan specialist at XXXX XXXX branch of Pinnacle Bank '' and I asked if there was any documentation of the auction sale amount? She stated " oh you don't owe anything, the loan is payed out! '' ~A few months later I still had not received ANY sale paperwork so I requested it again and pulled my credit report in a effort to buy a new vehicle and monitor my credit report. 

~I relocated back to XXXX XX/XX/XXXX and the first week here I called Pinnacle Bank and asked once again for proof of sale of the XXXX at the auction and was told by XXXX XXXX at Pinnacle XXXX that I owed a balance of {$4300.00} dollars from the balance of {$9300.00} and that the amount had gone to collections!!! She also said no paperwork could be located and was not in my file! she agreed to " do some research and contact XXXX XXXX, XXXX and request paperwork of the sale from them. 

~I called XXXX XXXX myself that day and was told by the former manager " there is no paperwork for any auction we got the XXXX back and resold here off the lott ! '' I aksed for the amount of the sale and copy of the paperwork of the sale and was told they could not release that to me?? 

~XX/XX/XXXX I pulled my credit report and realized the amount is now on my credit report as a bad debt write off with compounding interest! I spoke to XXXX XXXX again and she stated she would email me the " only paperwork they have as the record of the loan is incomplete! '' I received the file from Pinnacle Bank that same day. 

~She also stated the " owner of XXXX XXXX '' has a long time personal and professional relationship with Pinnacle Bank and they buy his portfolio of auto loans frequently! 
~The XXXX did not go to auction at all but in-fact went right back to the sellers lot at XXXX XXXX where they resold the XXXX for a undisclosed amount and sent a {$5000.00} check to Pinnacle Bank   leaving a unproven/undocumented left over amount compounding ( see file ) of {$4300.00} as indicated on my credit report of XX/XX/XXXX! 

XXXX XXXX. XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation