Consumer complaint received 2017-11-22
Company: ZIONS BANCORPORATION
State: UT
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:
In XX/XX/XXXX, I opened an auto loan with Zions Bank for the amount of {$25000.00}. On the original promissory note, it stated that my monthly payments would be {$480.00}. I faithfully paid {$480.00} each month with the exception of XX/XX/XXXX and XX/XX/XXXX. For those two months, I paid {$100.00} for a payment deferment per Zions Bank 's policy. 

The apparent problem with the loan began in XX/XX/XXXX. For some reason that Zions Bank has yet to explain, I began to receive monthly payment coupons for my loan which stated that I should pay just over {$400.00}, instead of the original promissory note 's stated {$480.00}. I naively assumed that Zions Bank knew what they were doing in managing my loan and had perhaps readjusted something with the loan. So, I began to faithfully pay {$410.00} per month. With each successive month 's payment coupon, it reflected that I was AHEAD of my payment schedule since I had paid {$410.00} instead of the stated required {$400.00} per month. 

After nearly 36 months of this payment schedule, the last payment coupon I received stated that I only needed to pay around {$100.00} since I was AHEAD from paying a little extra each month. Unfortunately, I ignorantly assumed that Zions Bank was competently managing my loan, and I did not keep the hard copies of my monthly payment coupons. As you may well understand, I was completely blindsided and dumbfounded when this XX/XX/XXXX ( when my loan should have been paid off ), I received a letter from Zions Bank stating that I owed roughly a {$3500.00} balance on my loan immediately or I would be sent to collections! That so-called balance ( Zions claims ) was the equivalent of the past 36 months of paying {$410.00} instead of {$480.00}. I was never notified of any overdue balance or charges during that 36 months, but, as stated earlier, my monthly payment coupons indicated that I was AHEAD of schedule. 

After a couple of weeks of working Zions Bank, trying to get them to send me copies of my monthly payment coupons that explicitly stated that I should pay {$400.00} instead of {$480.00}, Zions has yet to deliver. Instead, they only sent me my payment history ( see attached ). More disturbing is the fact that after talking to someone that represented the Office of the President of Zions Bank and explaining my situation, her best explanation concerning why Zions Bank would have sent me monthly payment coupons requiring {$400.00} instead of the original {$480.00} from the promissory note was simply, " I 'm sorry. That must have been a mistake. '' It certainly was not my mistake, so why am I the XXXXne being penalized? 

After another week of receiving letters and phone calls from Zions Bank demanding that I pay the so-called balance of {$3500.00}, and with no hope in sight of being able to resolve this dilemma ( with Zions Bank accepting no responsibility ), I simply paid the balance by draining my son 's savings account. I have felt absolutely used and abused since that day I paid Zions Bank on XXXX XXXX, XXXX. 

I emailed and called the Office of the President for Zions Bank, once again requesting for them to send me copies of the last 12 months of monthly payment coupons so that I could show them what THEY did with managing my loan, hoping that they might acknowledge their obvious mismanagement of my loan and make things right, but they will not accommodated my request.

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