Consumer complaint received 2021-09-25
Company: JPMORGAN CHASE & CO.
State: IA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Problem with the interest rate

Complaint:
I hope you are well! Im requesting your help and protection in thwarting an immoral and potentially illegal financial practice. 

I purchased a used XXXX XXXX XXXX xDrive vehicle at XXXX XXXX XXXX located at XXXX XXXX XXXX, XXXX, IL XXXX on Saturday, XX/XX/XXXX. 

I had requested XXXX fXXXX and my credit score was in the top tier ( XXXX50+ ). However the Finance Manager at the dealership gave me a loan through JP MORGAN CHASE BANK, NA. located at XXXX XXXX XXXX, XXXX XXXX, TX XXXX. 

Total amount financed was {$48000.00}. I attempted to pay off the loan the following business day : Monday, XX/XX/XXXX. However, the lender did not provide any access to the loan nor the loan account number until Friday, XX/XX/XXXX ( 10 business days later ). Thus, blocking me from paying off the loan and avoiding interest accrual. 

I called Chase Auto Loan Customer Service at XXXX on Saturday, XX/XX/XXXX at XXXX central time to confirm the loan payoff amount. It was {$48000.00}. The loan had accrued interest of {$97.00} during the aforementioned time period at an estimated daily dollar amount of {$7.00}. The loan number ending in XXXX. I asked Chase escalations customer service rep, XXXX XXXX, to waive or remove the interest accrued during the time period when Chase did not provide any access or information on the loan. She refused and stated that I agreed to such terms. I asked her to cite the section or verbiage of the terms she was referencing. She refused. 

Another Chase customer service rep I spoke to prior to XXXX mentioned that he agrees it is unfair to charge me interest on a loan that I can not even identify with a loan number, nor access. He also mentioned that the reason for the delay is because it takes a while for all relevant documentation to get from the merchant to the creditor. I replied that that is not my fault nor responsibility, so to charge consumers interest on a loan that they can not access is unfair and potentially illegal. 

Im requesting the lender, JP MORGAN CHASE BANK, NA, to eliminate all interest accrued on the loan during the period when the loan was inaccessible and unidentifiable. Furthermore, Im requesting CFPB or overseeing authorities to bar creditors/lenders to charge interest on loans that consumers can not identify with a loan number or make a payment towards. 

It makes no logical or moral sense to subject consumers to interest charges or fees on a financial obligation that they are blocked from fulfilling by the lender/creditor. 

I work in Information Technology. Billions of credit checks or loan decisions involving car dealers, lenders, and consumers are performed every second on the internet. Thus, the technical capability to transmit loan information from a dealer to a lender would literally take seconds if not milliseconds. To fail to process such information and avail loan servicing access to consumers within a reasonable amount of time is either negligence or a deliberate business decision to maximize profits on loans. 

I try really hard to look at all sides of an issue and understand the other party 's perspective, but I can not identify a reasonable explanation for how this is a fair, moral, or legal business process. Such practices probably generate millions or billions of dollars for lenders at an unfair cost to consumers. 

Thank you for your time. I look forward to your help.

Company response to consumer: Closed with explanation