Consumer complaint received 2018-04-13
Company: U.S. BANCORP
State: WY
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Problems at the end of the loan or lease
Sub-issue: Problem related to refinancing

Complaint:
Date of Application : XX/XX/XXXX Date of Approval/Documents Signed ; XX/XX/XXXX Lender : U.S. Bank,  XXXX, Wyoming Branch, XXXX XXXX XXXX, XXXX, WY XXXX Branch Manager : XXXX XXXX XXXX Branch : XXXX Initial Loan Officer : XXXX XXXX ( No Longer with U.S. Bank ) Type of Loan : U.S. Bank Business Quick Loan Note and Security Agreement with XXXX XXXX XXXX Amount : XXXX XXXX 2nd Loan Amount : {$19.00}, XXX.XX To Whom it may Concern ; Initial Refinane Loan application was submitted to this U.S. Bank branch on XX/XX/XXXX. Loan was approved XX/XX/XXXX. Subsequent documents were signed on this day. NUMEROUS calls were made to the initial loan officer from both our business number and cell numbers regarding updates concerning the vehicles titling & registration concerns. 

Loans were transferred/refinanced to this XXXX, Wyoming Branch from a credit union in the state of Alaska so a new title and registration needed to be issued. As of todays date XX/XX/XXXX we have yet to receive title transfer information on this vehicle. We are currently paying on the loan as of XX/XX/XXXX and the bank has not provided us with new titling documents to update the state in which it should be registered. Tags and plates have not been issued and we have been asked by the local police department to obtain current tags and license plates for the vehicle with Alaska plates. A police officer documented this on XX/XX/XXXX. After receiving the warning on the ticket issued by the officer we again contacted the bank and requested to speak in person to the branch manager. The branch manager assured us the paperwork would be handled in a timely manner and that the loan officer who initiated our loan was no longer with their branch.

The larger of the loans is an additional commercial vehicle thats Wyoming tags were set to expire on XX/XX/XXXX and we voiced our concerns with the loan officer that the loan be processed in a timely manner. Unfortantely as of todays date XX/XX/XXXX the vehicle has been out of service because of expired tags since that date with no update on the titling and registration with the state of Wyoming. We were told the process to update the information with the state of Wyoming would take up to 10 days. It has now reached 45 days. This vehicle is a work vehicle and has now been out of service because of expired tags since XX/XX/XXXX. Commercial Insurance costs have been paid on this vehicle for our business use and we have been unable to operate our company with it.

We have Now been paying on a loan since XX/XX/XXXX thats paperwork was initiated on XX/XX/XXXX on a vehicle that can not be driven because of expired tags and on a vehicle with out of state tags that are now ticket worthy according to the state of Wyoming Police Department. 
We have sent emails to this U.S Bank branch that have gone unanswered and have made several calls and left messages that have not been returned.

The only updated response we have gotten has from the branch manager regarding any updates stated ; BRANCH MANAGERS EMAIL sent XX/XX/XXXX ; Attached is the POA that would be required for both vehicles. This is in order to finish processing the titles since technically the business owns the vehicles. I would need two ( 2 ) original copies signed and notarized for both vehicles.

This Power of Attorney was taken to and reviewed by our business attorney. We were told by both the bank and our attorney that is was for the purpose of the bank titling and registering the vehicle for us. 

OUR RESPONSE ; After waiting over 45 minutes at the local branch and being told the branch manager was expected to arrive and never showed we emailed the following ; We dropped the notarized release form for the titling/registration of the XXXX this morning. Placed them on the seat at your desk. Can you email to confirm that you received rhem. Thanks! 

BRANCH MANAGERS RESPONSE ; Yes I did get those, thank you! I have them going down to get processed tonight ... It does take our back office up to 10 business days. I will keep my ear to the ground and let you know when everything has been taken care of so you can get the cars registered. 

WE RESPONDED ; Wasn't the purpose of signing the power of attorney to have you as the bank register the vehicles? Wasnt that the whole point of signing the power of attorney?

As of XX/XX/XXXX The email has gone unanswered.

Numerous attempts to resolve this issue including several calls, numerous visits in person and emails that have gone unanswered has resulted in us filing a complaint as we have a right to proper and timely lending practices. The proper paperwork to legalize the use of these vehicles in the state of Wyoming after finalizing a loan on XX/XX/XXXX should be expedited by US Bank and their associates.

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