Consumer complaint received 2018-05-10
Company: JPMORGAN CHASE & CO.
State: AZ
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Billing problem

Complaint:
I have had a 30 year history with XXXX XXXX XXXX. My credit score was XXXX. I worked 72 hours a week for 6 months as a XXXX at night. I needed to buy a car. I went to XXXX and chose a XX/XX/XXXX XXXX. I signed a 4 year loan at 0 % interest. I was going on a cruise with my husband. I set up the first payment through online bill pay with XXXX XXXX XXXX to pay Chase auto loan dept XXXX on XX/XX/XXXX. XXXX   XXXX XXXX sent Chase Bank {$64000.00} on XX/XX/XXXX. I had {$52000.00} something in that account. I was still in the country on XX/XX/XXXX. No in any way attempted to call me before sending a check that would put me in overdraft. Chase got the check on XX/XX/XXXX and cashed it- receiving the funds on XX/XX/XXXX- 3 days before the posting date. I came home on the evening of XX/XX/XXXX and saw the title in the mail. I saw on the morning of XX/XX/XXXX that I was overdrawn. I went to XXXX XXXX XXXX and Chase. Chase said they wanted a letter from me stating that I wanted to reopen the loan. They said they had a check for me already written out for the difference between the {$64000.00} and the loan value of the car. They paid off the car and closed my loan account. When I would call, I was always told that the account had been closed. XXXX  XXXX XXXX told me not to take the check for the difference, but to hold out for the full amount after the loan had been reopened- in other words the $ XXXX- {$640.00}. I did not want to pay cash for the car. I wanted my loan to reopened. I kept calling because nothing was happening. Chase said that the matter had to go to their research dept for 10 business days. Then, if the wrote me a check, they would have to hold onto it for another 10 business days due to federal anti money laundering laws. There was additional time that it could take to actually get the money to me. I thought that the process had begun, but then on XX/XX/XXXX, I was in XXXX for my daughter 's graduation from college and they called ( XXXX XXXX from the car loan dept ) to tell me that Chase wanted me to send the title, the document that came with it stating that they were returning the overage in the form of a check, and a bank statement showing the money leaving my account. She gave me fax number while I was driving- following someone in my car. When I got home I saw a XXXX XXXX  envelope in the mail and I immediately sent the documents requested in addition to a Power of Attorney. I was pretty upset about signing over to them a letter for power of attorney. That did not seem reasonable or safe at all. I had to go to a couple different Chase bank locations to get it signed that Monday morning- XX/XX/XXXX. I thought everything was fine. Now, on XX/XX/XXXX, I got a call, again while I'm driving someone home from a medical procedure, and Chase wants more bank statements. They already have the statement showing the money leaving my account. That occurred on the last day of the statement I sent them. They were troubled they said because the statement ended in a negative balance. I told them that we all know how that occurred. I was getting upset. I am not trying to get a home loan here. The Chase representative- a supervisor in the office of auto loan financing XXXX XXXX   suggested that I send them a statement for XXXX to XXXX, the statement prior to the one I sent which was XXXX to XXXX. My big concern here is that these are all delay tactics to keep my money as long as they can. The statement I sent shows a beginning balance of $ 44,000+ and the deposit of 4 paychecks. My balance was $ 52,000+ and then it dropped to $ 11,000+ in the negative. I thing that they are going to want something more every time so that they can delay return of payment. I really want my loan reopened. The intent was never that I would pay cash for my car. I give my children money for things. Some are still in college, one is on a mission, etc ... I do not really want to make Chase angry so that they will not reopen my loan. This is why I have signed over power of attorney and sent them my bank statement even though they already obviously got my money. Chase reports that they can not sent the money electronically because they will only send it the way they received it- as a paper check.

Company response to consumer: Closed with explanation