Consumer complaint received 2017-09-06
Company: JPMORGAN CHASE & CO.
State: CA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Problems at the end of the loan or lease
Sub-issue: Problem with paying off the loan

Complaint:
The complaint at its core is the loan was charged off and closed prior to receiving all insurance monies. The vehicle total loss date was XX/XX/XXXX. All payments had previously been made on time or prior to monthly due date of the XXXX up to and including the XX/XX/XXXX payment. I knew everything would be covered by the primary insurance, service contract cancellations, and GAP payments and communicated this to the finance company multiple times. Because of communication issues between the finance company and the primary insurance company, the insurance payments were delayed from the very start. I had to email the Settlement Summary from the primary insurance to the finance company on XX/XX/XXXX because they could not communicate and I had to step in. It was this same day that I sent the finance company the GAP checklist to obtain GAP benefits.
OnXX/XX/XXXX I physically went to the dealership from where I purchased the vehicle to cancel the extended warranty and oil service contracts. I found out much later that only the extended warranty was cancelled at this time. It took approximately 2 months for the extended warranty cancellation refund to reach the finance company and my account. I did not realize until the end of XX/XX/XXXX that the oil service contract had not been canceled and it seems the finance company had no idea either. Once I realized this mistake, I physically went back to the dealership to have the oil service canceled even though I have paperwork showing it was cancelled in XX/XX/XXXX.
The initial GAP payment was made in early XX/XX/XXXX. The breakdown I received was dated XX/XX/XXXX. In the GAP benefit calculation the original full price of both the extended warranty and the oil service contract are deducted from the initial payment. In a page accompanying the breakdown titled " Important Questions and Answers '', an explanation is given as to how a supplemental payment is made to the lender for the used portion of the extended service contracts. I highlighted this section in a phone call and email to the finance company both occurring on XX/XX/XXXX.
In early XX/XX/XXXX, I received a final bill closing the auto loan account. I emailed the finance companyXX/XX/XXXX to once again highlight the paragraph explaining the supplemental GAP payment to show they were closing the account in error. On or just before XX/XX/XXXX I received a breakdown of the supplemental GAP payment which I immediately emailed to the finance company. I then called and spoke to the finance company about the final payment from the GAP policy. The GAP company had amended my finance contract to state the finance company would backdate insurance benefit payments to the date of loss as had happened with the previous payments but since the account had been charged off, they could no longer backdate the final payment from the GAP company. I was told by a supervisor that they were in the process of waving the final balance of {$13.00} but that has never occurred.

Company response to consumer: Closed with non-monetary relief