Consumer complaint received 2023-06-05
Company: TRUIST FINANCIAL CORPORATION
State: NY
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Problem with fees charged

Complaint:
I purchase a brand new XXXX XXXX XXXX and financed the purchase through Truist On XX/XX/XXXX - I refinanced the loan with XXXX XXXX XXXX XXXX. They provided me with a check in the amount of {$52000.00} to which I also included a personal check in the amount of {$170.00}. Both checks were to payoff the original loan and the checks were sent by certified mail, return receipt requested to the payoff address provided by Truist on XX/XX/XXXX. 

On XX/XX/XXXX the checks were received by Truist according to the return receipt postcard which was initialed by the recipient. 

On XX/XX/XXXX I called Truist to inquire about the status of the loan. They told to call back because the check was still being processed and I should hear something the following week. 

On XX/XX/XXXX, I called Truist again, and they told me the loan check was still not processed. 

On XX/XX/XXXX, I went to XXXX XXXX to explain the problem and to inform them that my payoff check had not been cashed. XXXX XXXX said give it some more time before cancelling the check. 

On XX/XX/XXXX, the same day after speaking with XXXX XXXX I called Truist to inquire about the check. They told me to wait until XX/XX/XXXX and then call again, that it may be still being processed.

As a result of the mishandling of the check, I had to pay the XXXX loan payment to Truist. The XXXX payment also included a late fee. I did not pay the loan immediately because of the fact that the payoff check should have been received and processed by that time. I would now be responsible for the XXXX payment. 

On XX/XX/XXXX, I called Truist again and asked to speak with a supervisor. They finally opened up a case number for each of the missing checks- the check from XXXX XXXX XXXX # XXXX. And one for my personal check which was check # XXXX and XXXX # XXXX. Additionally, we filed a complaint case # XXXX for the way in which this whole issue had been handled. That complaint was to go to their advisory team. 

On XX/XX/XXXX, I received notification from XXXX XXXX that my first payment on the refinance would be due on XX/XX/XXXX they also asked for the title to be sent to them. 

In desperation, on XX/XX/XXXX, we went to XXXX XXXX to cancel the refinance loan, as I did not want to be responsible for paying two loans. 

I feel I was unjustly charged a late fee and have only received the run around from this company, Truist. They would not admit that the check has been lost, as we do have proof via the post office and the signed returned receipt that the checks were indeed received by them. Further we used the tracking number to confirm the checks were received by them. I would like any late fees to be returned to me along with compensation for the run around they have given me including a canceled check fee if one is charged for the refinance check. Further, given the way interest rates are on the rise, I may not be guaranteed the same rate if I choice to refinance the loan again. 

I feel they were extremely uncooperative through this process, even when I respectfully ask them to suspend the loan and any fees until this issue was resolved. They did not.

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 non-monetary relief