Consumer complaint received 2019-12-05
Company: HYUNDAI CAPITAL AMERICA
State: NC
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Problems at the end of the loan or lease
Sub-issue: Unable to receive car title or other problem after the loan is paid off

Complaint:
On XX/XX/2019 I purchased a XXXX XXXX and took out a 48 month 0 % interest loan with Hyundai Motor Finance in the amount of {$16000.00}. The first installment of {$330.00} was made on XX/XX/2019. On XX/XX/2019, after driving the vehicle XXXX miles during the 64 days of ownership, the car was rear-ended by another motorist. 100 % liability was accepted by the other motorist 's insurance company which is XXXX XXXX. As of XX/XX/2019 XXXX XXXX deemed the vehicle to be a total loss. After a minimal amount of negotiating with XXXX XXXX we agreed on a settlement amount of {$14000.00}. I made my second installment payment of {$330.00} on the due date of XX/XX/2019. As of that date the payoff balance was {$15000.00}. 

In the remainder of this narrative I am reporting on what I have been told by the parties involved. XXXX XXXX has forwarded to me the documents they purport to have sent to Hyundai Motor Finance. I have nothing from Hyundai Motor Finance to support any of the information they have provided over the phone. 

On XX/XX/2019 XXXX XXXX sent a letter of valuation to Hyundai Motor Finance and requested a Letter of Guarantee. In the period between XX/XX/2019 and XX/XX/2019 I made multiple calls to XXXX XXXX and Hyundai Motor Finance to learn the status of the situation. XXXX XXXX said they were waiting for the Letter of Guarantee they needed to issue the check for {$14000.00}. Hyundai Motor Finance claimed they needed the valuation. On XX/XX/2019 State Farm called Hyundai Motor Finance and the latter 's representative confirmed that a Letter of Guarantee had been sent out that very day and at XXXX XXXX 's request he would have a fax of the document sent out. As of this morning at XXXX XXXX on XX/XX/2019, XXXX XXXX has received no document, hard copy or fax. The latter despite the fact that on at least 3 more occasions in the interim, Hyundai Motor Finance has been called, has been requested to fax the document, and has confirmed they have again done so. 

Although Hyundai Motor Finance has never suggested that this might be a sticking point, today ( XX/XX/2019 ), I made an installment payment ( actual due XX/XX/2019 ). Rather than the amount due of {$330.00}, I made the payment for {$400.00}. As a result, the balance due as of today will be {$14000.00}. 

I do not know whether my actions today will finally incentivize Hyundai Motor Finance to actually send the requested Letter of Guarantee and in your eyes make this complaint moot. However, I can tell you that this incident and specifically our treatment by Hyundai Motor Finance has been a nightmare for both my wife and me, who are both senior citizens. At this point our credit rating has dropped at least 25 points having to have two car loans open at the same time. In addition, a check of Hyundai Finance 's XXXX page and relevant consumer watchdog sites reveals that such treatment as we have received is apparently standard operating procedure for this company. I am not asking for any financial remuneration. I am asking for help in making this nightmare end and ideally helping others not to have to experience it.

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