Consumer complaint received 2016-09-07
Company: U.S. BANCORP
State: NJ
Product: Consumer Loan
Sub-product: Installment loan
Issue: Managing the loan or lease

Complaint:
US Bank is currently suing me and XXXX for breaking a XXXX XXXX XXXX loan contract. I did not know that these were the stipulations, especially the part that in NJ, I required an attorney to represent my XXXX. I was not allowed to represent my company. The contract was signed without allowing me fully understanding of the clauses or get council. XXXX XXXX, US Bank representatives came the seminar I was invited to by XXXX XXXX XXXX XXXX XXXX. The seminar talked about the XXXX system and a special promotion of 6 months of no-payment and free practice materials for the machine as well as free training. The seminar speaker showed how the Medicaid XXXX offices could financially make a profit with this equipment. I applied for financing, very sure that I would be turned down any way like I had been that year from other lenders and creditors because I had high debt compared to income. When the financing representative gave me the " good news '' of approval and a page of very tiny prints to sign, I felt unsure because the prints were tiny. I asked if I could take a copy home first to read it over. The representative told me that it was a formality telling me the monthly payment. I did n't have to worry about it because they would not have approved me if I was not qualified especially since XXXX. At time the name they used was XXXX XXXX XXXX, not US Bank. I had a brief dealing without negative experience with XXXX XXXX a few years back when they provided financing for my XXXX who qualified until XXXX XXXX said they were dropping out of that service. XXXX XXXX was a trusted supply company I used for years and did not have any bad experience. I was told that the special promotion was just for the seminar only, I could get the XX/XX/XXXX end-of-year income tax reduction, and I would have 6 months to settle in, learn the new technology, and make income to pay when the loan repayment began. 
6 month no-interest promised was of no value, because I did not get the equipment until a few days before XX/XX/XXXX. I did not get the training until about XX/XX/XXXX. They also asked me to pay for insurance and processing fees before the loan first begun due. The first day of repaying the loan came in XXXX XXXX and I made the payment using budget set aside for paying XXXX loan, XXXX Property Taxes, and residential mortgage. After two payments, I contacted US Bank before the next due date, I informed them of the financial status of defaulting on other loan payments as listed above. I did not want to default on any of my loans and needed help. They said someone will call me back to help so I had waited in hope to manage the payments soon. But, no one helped me. They kept passing me to another person. The I received a letter of demand or get the equipment repossessed. I asked about my option of letting equip repossessed because they were not lowering the payment to help. Even XXXX worked with me after a devises ting Storm, XXXX, hit NJ. US Bank representative, XXXX XXXX, intentionally misled me to give up equipment to avoid additional lawsuit and just pay the remaining loan in terms I could afford. None of it was true. Everything that took place was exactly opposite of what I was told by XXXX XXXX, who worked for collection department of US Bank. I realized only recently in XX/XX/XXXX because US Bank hired XXXX XXXX technicians for repossessing process of the equipment and never paid them. XXXX XXXX contacted me when they were not getting anywhere with receiving payment for 6 month after the service. I emailed to XXXX XXXX and her Colleagues and was told they were no longer working in the collections department and told me to talk to someone else. That someone else never answered my emails.

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