Consumer complaint received 2020-11-25
Company: U.S. BANCORP
State: MA
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:
I am filing this complaint against US Bank XXXX XXXX on behalf of XXXX and XXXX XXXX for the failure of US Bank XXXX XXXX to deliver the legal title to the XXXX XXXX XXXX that was purchased by XXXX and XXXX XXXX on XX/XX/XXXX. Under applicable law, US Bank XXXX XXXX is required to provide title within 10 business days of sale of the vehicle. XXXX and XXXX XXXX would not have acted to purchase the XXXX XXXX XXXX in XXXX but for the fact that they expected to receive title and the associated benefits of ownership ( which includes assignability and transferability ) in the month of XXXX. XXXX and XXXX XXXX do not have title, do not have the legal benefits of ownership of the vehicle and would not have purchased the vehicle without the receipt of title and the associated benefits within the legally required timeframe. US Bank has had ownership and possession of {$41000.00} of XXXX and XXXX XXXX ' money since XX/XX/XXXX without fulfilling its legal obligation to provide title and therefore denying XXXX and XXXX XXXX the right of ownership and the benefits associated therewith. 

Timeline of events : Purchase : XX/XX/XXXX : XXXX XXXX XXXX " XXXX '' XXXX and XXXX XXXX XXXX " XXXX '' XXXX entered into a 36 month lease of the XXXX XXXX XXXX from XXXX XXXX, XXXX Connecticut at an agreed upon rate of {$490.00} ; this rate was later amended to {$520.00} to account for the change in sales tax once XXXX and XXXX moved their primary residence to Massachusetts. 

XX/XX/XXXX : Connecticut Title was issued to US Bank XXXX XXXX ( " US Bank '' ) for truck. 

Initiation of Sale : XX/XX/XXXX : Potential buyer ( " Buyer '' ) of truck contacted XXXX, set up time to view truck for potential sale. 

XX/XX/XXXX : Buyer viewed truck and gave his intent to purchase. 

XX/XX/XXXX : XXXX and Buyer agreed on sales price of {$37000.00} ; Buyer gave {$1000.00} deposit to XXXX. XXXX called US Bank and declared his intent to purchase the vehicle from the leasing company. US Bank indicated that they would send payoff documents in the mail, and that those documents would arrive within 2-3 business days. 

XX/XX/XXXX : Called US Bank. US Bank informed XXXX that documents had been sent and they should be received in next several days. 

XX/XX/XXXX : No documents were received. XXXX called US Bank and they confirmed that they could fax payoff information. Payoff form was sent via fax ; XXXX filled out payoff information, including check for {$41000.00} and overnighted documents to US Bank. 

XX/XX/XXXX : Confirmed via XXXX that documents were delivered to US Bank. 

XX/XX/XXXX : Check was cashed by US Bank. Upon funds clearing, XXXX called to confirm that a purchase receipt was sent in the mail, and that a new title would be processed within 8-10 days XXXX as required by law ) and mailed to XXXX and XXXX. 

XX/XX/XXXX - XX/XX/XXXX : Called US Bank approximately 6 times to check on status of title ; was not able to confirm that title had been processed or the status of title transfer to XXXX and XXXX. 

XX/XX/XXXX, XX/XX/XXXX : XXXX spoke with US Bank who stated both on XX/XX/XXXX and XX/XX/XXXX that US Bank was in possession of amended title in XXXX and XXXX name, and that it would be mailed via USPS to XXXX and XXXX address XX/XX/XXXX. XXXX spoke to multiple employees who all provided that same false information. 

XX/XX/XXXX : XXXX spoke with US Bank who asserted via phone that the title in XXXX and XXXX name had in fact not been mailed on XX/XX/XXXX, and could not confirm whether it was still in the possession of US Bank. Representative at US Bank noted the matter would be expedited and that XXXX could expect the title by XX/XX/XXXX. 

XX/XX/XXXX : XXXX filed a consumer complaint ( attached ) with the Massachusetts Attorney Generals Office. 

XX/XX/XXXX : XXXX and XXXX sent a demand letter ( attached ) to US Bank stating that XXXX and XXXX would seek legal action if the title is not mailed within 3 business days from receipt of letter. 

XX/XX/XXXX : Presumably in response to the demand letter, a representative of US Bank called XXXX and XXXX 'XXXX  insurer XXXX XXXX, Agent, XXXX XXXX, and stated that title had been mailed in XXXX. XXXX and XXXX spoke, and XXXX confirmed the title mailed in XXXX was a title in US Bank 's own name in relation to a separate administrative matter and was not the title at issue. 

XX/XX/XXXX : XXXX spoke with US Bank who asserted that the title was being processed, however US Bank could not give a timeline on delivery of title. 

XX/XX/XXXX : XXXX scheduled appointment with Massachusetts XXXX in XXXX XXXX, MA to attempt to title and register vehicle in XXXX name using the Bill of Sale and prior registration. XXXX was told that it is not possible to register the vehicle in Massachusetts unless US Bank XXXX XXXX signs existing paper title to XXXX or provides an amended Connecticut title showing XXXX as owner. XXXX was not able to register and title vehicle in Massachusetts. This appointment took approximately 6 hours of XXXX time. 

XX/XX/XXXX : XXXX spoke with US Bank who asserted that the title was lost during the replacement process, and that a request for a replacement amended title would be placed through the Connecticut XXXX. US Bank estimates that the timeline for delivery of a replacement title is approximately 6-8 weeks. In a separate conversation with the Connecticut DMV, XXXX was informed that CT maintains the right to take up to 90 days to process such requests. 

XX/XX/XXXX : XXXX independently contacted the Connecticut XXXX, who confirmed that the duplicate title requested on XX/XX/XXXX had been processed and sent back to US Bank on XX/XX/XXXX. 

XX/XX/XXXX : XXXX spoke with US Bank, who confirmed receipt, and stated that the title was in the process of being 'perfected. ' The individual XXXX spoke with stated that the title would be sent out in the next 3-5 business days. 

XX/XX/XXXX : XXXX spoke with US Bank, who were not able to confirm whether the title had been received from the Connecticut XXXX, or processed, or sent to XXXX. US Bank stated that XXXX should call back on XX/XX/XXXX. 

In addition to the above, XXXX and XXXX have released the Buyer of the vehicle from the conditional agreement of sale with the on XX/XX/XXXX, as they have not been able to obtain legal ownership documentation for the vehicle. XXXX and XXXX have maintained insurance on the vehicle during this time at a rate of approximately {$100.00} per month, and will be subject to annualized property tax on the vehicle for the period aforementioned. 

Our desired resolution of this matter is the refund of the {$41000.00} paid to US Bank, at which time we will relinquish possession of the vehicle.

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 non-monetary relief