Consumer complaint received 2022-09-22
Company: CENTRAL BANCOMPANY, INC
State: AZ
Product: Vehicle loan or lease
Sub-product: Lease
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 or about XX/XX/2022 I called Central Bank XXXX XXXX XXXX to pay off and buy out my vehicle. I authorized their employee XXXX over the phone to charge my debit card the amount that he told me was owed to them by me ( me being an individual who is buying out leased vehicle from the bank ), my account was charged and payment of {$11000.00} was taken out of my account by Central Bank XXXX XXXX XXXX. About two weeks went by and I received a bill payment for my loan I already paid off/was charged. I still did not receive my title in the mail either, as I was told I would receive. I contacted Central Bank XXXX XXXX XXXX again on XX/XX/2022 and was told my account has never been closed, even I was charged pay off amount. I was told they did not know the reason why it was still not closed, but will investigate and get back to me once it is fixed. I eventually was contacted and was told that account was fixed and the issue was corrected and I should be receiving my title in a mail within a few weeks. Now today it is XX/XX/2022 and instead of receiving my car title in a mail, I receive ANOTHER bill with now two payment and late fees included plus interest for account that I PAID OFF. I again contact the bank and am explained that person who took my payment to pay off my account charged me pay off amount that was for the dealership pay off, and not for me. I am told that my pay off was about {$800.00} more than dealerships pay off. But I am also told that my current total pay off now is no longer the remaining {$800.00}, but {$1100.00}, because of late fees and interest that has accrued on the loan that I ALREADY PAID XXXXl already received a letter stating that I paid it off over the phone/money was taken. Representative I spoke to today XX/XX/2022 also tells me that " bank will not fix their own made mistake and I will not receive my title until I pay off my account to the last penny and that there is no way anyone at the bank can fix their own made mistake ''. 
I did contact the bank prior to XX/XX/2022 several times over the phone ( they do not have online any kind of option for these loans I was told ) to get the amount owed, I wrote it down and have it dated in my iphone notes, then went to another institution and hit a {$12000.00} loan. I then called XXXX Bank XXXX XXXX XXXX again to check on what I owe while my loan was clearing out into my bank account. XXXX I spoke to from XXXX Bank XXXX XXXX XXXX told me the amount again was still {$11000.00}. I then told this person that I will call back the next day to make a final payment in whole to pay off my car and will ask to speak to them specifically to pay off my car. I did call the next day, which was XX/XX/2022 and made that payment with XXXX over the phone. And then the bills continued to be send to me, I was told my account was not closed, but then that it was fixed and that I would receive my title. So I again waited, until finally no one contacted me after XX/XX/2022 to inform me of anything at all. And the only way I found out that bank has made a mistake and still did not release my car title to me was only when I called myself on XX/XX/2022 after getting another bill in a mail with now two payments owed to them for the loan I paid off. Manager I spoke to was only repeating over and over again to me that consumer pay off quote and dealership quote is different amount. Me as a consumer who they had to verify and knew who I was before I made my final payment had no knowledge of any of this. I never received any explanation. I still am not even sure if this is even legal at all. But I paid off to the bank what I was told I owed to them to receive my vehicle title. But whatever error has happened on their end they will not fix it and are holding up my title, wracking up more fees and interests for me to pay more to them and have not send me any paper letters or explanations on anything of proof of anything at all. This bank also does not have any kind of online banking for these car leases and loans either. So I have been in a dark with them receiving information about my account only verbally over the phone or in their print out bills they send me in the mail. My account has always been in good standing. I need bank to fix their mistakes and release my title for car I paid off.

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