Consumer complaint received 2018-10-04
Company: M&T BANK CORPORATION
State: FL
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Problem with additional products or services purchased with the loan

Complaint:
In XXXX of 2018, I financed a new travel trailer from XXXX XXXX XXXX XXXX, dba XXXX XXXX XXXX on XXXX XXXX in XXXXXXXX XXXX, FL. The loan closed on Thursday XX/XX/XXXX, with XXXX XXXX XXXX employee XXXX XXXX. During the loan closing, the terms were presented as well as the monthly payment with ALL ancillary products, specifically, and including : 1.  Travel Trailer Service Agreement ( XXXX XXXX XXXX XXXX ) 2. Good Sam Tire and Wheel Service Contract ( XXXX XXXX XXXX XXXX ) 3. Good Sam GAP Deficiency Waiver Addendum ( XXXX XXXX XXXX XXXX ) 4. Exterior/Interior Protection Package ( XXXX XXXX  XXXX XXXX ) The premiums for the add on products were disclosed on the itemization of amount financed, but I was never quoted a payment without the ancillary products. Mr. XXXX was assertive that being " fully protected '' would only raise the payment $ XXXX monthly. After I returned home that day, excited about the new camper, I proceeded to really look closely at the paperwork. The finance charge was almost as much as the trailer itself. Granted the loan ( which was approved through M & T Bank ) was on a 15 year term, but after looking at the deal in a loan calculator without the {$6800.00} in add-on products, the monthly payment on {$11000.00} loan at rate of 6.74 % would have been {$98.00} on a 180 month term. This was never disclosed, and the manner in which the monthly payment was presented was in fact a false statement from Mr. XXXX and both an unethical and deceptive manner in which to do business. 

On XX/XX/2018 I sent an email to both Mr. XXXX and a Mr. XXXX XXXX ( another AC RV associate who was helping us thorough the purchase process ), advising them that I wanted to cancel ALL add-on products. In the email, I referenced the year, make, model and VIN # of the trailer as well as the closing date of the loan. In addition, I asked that any cancellation notices that needed to be signed on my part be provided to me by XXXX XXXX ( aka XXXX XXXX ). Later that same evening, ( XX/XX/18 ) I forwarded the email I had sent Mr. XXXX and Mr. XXXX to XXXX XXXX, the Sales Manager for XXXX XXXX XXXX. 

On Thursday XX/XX/XXXX, after not receiving a response to my XX/XX/XXXX email, I proceeded to visit the XXXX XXXX XXXX ( XXXX XXXX ) location where purchase was made. While there I spoke with Mr. XXXX XXXX and advised him that I wished to cancel ALL of the add on products. It was at this time that Mr. XXXX provided me with the XXXX Cancellation Checklist. He advised that it needed to be completed for submission. I completed it on the spot, and even had Mr. XXXX provide me a copy with my signature which was executed on the same day, XX/XX/18, one week after loan closing. 

On XX/XX/18 I spoke with XXXX in the M & T Bank call center. I apprised him of the situation and he transferred me to Sue in the M & T Bank servicing department. Sue asked that I fax the following information to their installment loan servicing department : * name * account number * contact info * general synopsis of what the issue with the dealer was This was sent to M & T the next day, on XX/XX/2018. Shortly thereafter, I spoke with XXXX XXXX in the M & T research department. She advised me that my information was received and that she would begin taking the necessary steps to get the {$6800.00} refunded from the dealer and applied to the loan balance. I had asked her if the loan could be recast or re amortized after the refund. She advised me it could not. I told her that I would make the payment as shown on the payment coupon, so as not to impair my excellent credit rating. Ms. XXXX advised me that it would be several weeks before the process would be complete. 

On XX/XX/2018, I called M & T Bank again. I spoke with XXXX in the call center. He advised me they " have all the info they needed ''. He explained that the last update was from XXXX on XX/XX/18 and they were continuing to follow up with the issuing companies. XXXX explained that " we '' ( as in M & T ) could look at recasting after funds were applied to the account. He explained that I could follow up in 7-10 days if I didn't hear anything. 

Today is XX/XX/2018. It has been almost 90 days since I visited the XXXX XXXX ( XXXX XXXX ) dealership where I made my purchase to cancel the add-on products. To this point, I have never had ANY follow up with XXXX XXXX XXXX ( XXXX XXXX ). 

I also reached out to M & T Bank again today. I spoke with XXXX in the Call Center and asked for my call to be escalated. I was transferred to a Call Center Manager, XXXX, who was not able to provide any further information towards resolution. 

At this point, I am tired of having to continually repeat my story, so I am seeking help from the CFPB. In terms of the products added on to the trailer, the premiums to date, have yet to be refunded. Also, just to be 100 % clear, the Exterior/Interior Protection Package was never applied, so I am not trying to seek a refund for something that was actually added. I continue to pay both principal and interest on products I sought a refund for 3 months ago.

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