Consumer complaint received 2022-04-01
Company: JPMORGAN CHASE & CO.
State: CA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Problems at the end of the loan or lease
Sub-issue: Problem with paying off the loan

Complaint:
In XX/XX/XXXX, I refinanced my home to pay off this loan to make a large purchase for my home business. The title company I was working with ( XXXX ) sent a pay off check ( about $ 66k ) for the amount quoted by Chase Bank. After 10 business days, the check could not be found by Chase, so a stop payment was put on check by XXXX. 

I called Chase several times and was told the check would be applied and the official payoff would backdated to XX/XX/XXXX. I was promised this would not hurt my credit and no fees would be applied to the account. 

A new check was sent by XXXX via XXXX XXXX, which was received/signed for by Chase on XX/XX/XXXX. On XX/XX/XXXX the loan balance had dropped and showed an outstanding balance of {$230.00} which I believed were late fees and accumulated interest. Since I was told the the XXXX check was not received, I called to have late fees and accumulated interest reversed, assuming the XXXX check had been applied. 

Chase refused to waive the balance, despite several promises by many customer service reps that everything would be " wiped clean ''. On XXXX I decided to pay the small balance to keep my credit intact. 

When I opened Chase app to see what the balance was, the entire loan balance was put back on acct by Chase ( $ 66k ). I called and was told they applied the XXXX check ( the one they previously lost ) to the account, which bounced as it had been stopped by XXXX. They could not locate XXXX check ( which was delivered by XXXX XXXX  and signed for by Chase on XX/XX/XXXX ). I disputed and spoke to 10+ customer service reps and two supervisors. No resolution, they promised me multiple times that they would not send a negative report to the credit bureaus and that once XXXX check was found and applied, all fees would be waived, and all accumulated interest waived. 
A few days later, the loan balance again showed a balance of around {$230.00}. I thought they had finally located and applied the XXXX check. After a few more days, the entire loan balance ( $ 66k ) was back on the outstanding balance. 

I called them and determined they attempted to apply XXXX check to account AGAIN - a second time. 

Around that time, I was notified by XXXX XXXX and XXXX XXXX that my credit score dropped XXXX points due to delinquent Chase auto loan. 

The loan balance now is again at around {$230.00}. When I called to again have the balance waived, I was told they had no record of the XXXX check ( The one they applied to the loan twice that bounced as it had been stopped by XXXX XXXX  ). They told me I have to prove that check was received by them in order to dispute the final balance. I pointed out they had applied the check to the account twice- the representative told me without a tracking number, the final balance is my responsibility. 

I have documented all pertinent calls, dates, times, and I have documents from chase ( statements ) showing the loan balances throughout the process and I have a letter from XXXX with their actions. 

Both check numbers are identified in my letter to Chase ( attached ). I have received letters from Chase threatening repossession of the vehicle. I sent two letters ( certified mail ) to Chase. 1 to customer service, 1 to credit disputes dept. No response from Chase. 

I can't resolve this issue and I have made every possible effort to do so. Chase repeatedly broke promises, failed to resolve any of the issues with my account, and they have ruined my credit score. By reporting their mishandling of my account to the credit bureaus, Chase has put responsibility for their failures to receive, track, and apply a check from a title company to payoff a loan. 

My credit score is down, and now I can not get a loan for my business expense. The {$230.00} balance is still showing on my account as an outstanding, overdue balance and they refuse to help me. They will not escalate my issue to anyone above a supervisor and they have refused me the opportunity to speak with someone with authority to resolve this. This has been going on for 49 days. Please help me get this resolved. I am beyond frustrated, disappointed, and angry. I have lost all confidence in Chase and their banking and business ability.

Company response to consumer: Closed with monetary relief