Consumer complaint received 2022-11-16
Company: NAVY FEDERAL CREDIT UNION
State: IL
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:
I currently am paying a loan on a XXXX XXXX XXXX XXXX initially financed through XXXX XXXX, started in like XXXX. I refinanced the vehicle with Navy Federal Credit Union in XXXX. On my consumer credit report I am being rejected for financing for my business and personal self due to inaccurate information reported. While I have disputed it multiple times it has been to no avail. The timeframe being reported by XXXX XXXX as late payments are inaccurate as they received a check in hand in person at a XXXXXXXX XXXX location as instructed paying the vehicle in full and were to release the title and or lien to Navy Federal Credit Union. While I initially got a low rate for my vehicle with NFCU for monthly payments that rate quickly skyrocketed because NFCU did not have the tile ot lien to vehicle which XXXX XXXX keeps alleging they sent directly to XXXX XXXX. Ive tried numerous times with failed attempts to resolve this and have continued to faithfully pay off my loan however why am I paying on a vehicle in which both companies are saying they do not hold title nor lien for? My finance charges increased because of it. I'd like this matter fixed and some type of resolution for this issue. My consumer credit report has taken hard hits due to the negative reporting and it even caused me to lose out on thousands because initially NFCU approved me with a pre approval check for a work vehicle that they quickly rescinded while I was in the dealership signing contracts for it. My consumer rights I am sure are being violated in more ways than one by one or both of these banking institutions and I have decided to take this matter up a level in hopes to resolve it. I hope to hear back soon. My vehicle was over XXXX when loan started with XXXX it was at about XXXX plus when refinanced with NFCU it is now paid down to about XXXX and yet no title or lien it also caused me to have to pay way more money when going to dealership to get vehicle sticker as both companies deny having title to vehicle. While NFCU is receiving payments as lien holder I have no documentation in support and am being charged more over a missing title which was to be exchanged between the two banks. I have neither missed any payments nor been late on any payments and to have such negative activity reported has caused my family and I great loss as a consumer. Of course the check proof would be perfect evidence of the time chase recieved it from me as payment from NFCU and an actual title on hand would be all the evidence all parties need for resolve but none can be provided. I also reached out to chase several more times on recorded line where they had other issues on my credit with errors that they had since corrected and then this one pops up years later and they refuse to properly investigate it or provide supporting proof.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation