Consumer complaint received 2021-11-30
Company: JPMORGAN CHASE & CO.
State: TX
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Credit denial

Complaint:
I am a consumer as defined in TILA  and 16 CFR 433.1 ( b ) and this is my claim : On XX/XX/XXXX I spoke to XXXX XXXX, a Used Car Salesmen of XXXX XXXX XXXX XXXX, located at XXXX XXXX XXXX, XXXX, TX XXXX, by phone. A week prior to that conversation on XXXX XXXX XXXX, I stopped into the Dealership letting XXXX know I was relocating to XXXX XXXX XXXX XXXXrom XXXX XXXX XXXX and needed clarity on the car buying process. Essentially, I am a consumer looking to have credit/cash advance extended to me under a Purchase money loan as described in 16 CFR 433.1 ( d ) to enter into to contract with the Seller, XXXXXXXX XXXX XXXX XXXX XXXX XXXX, TX.  That would have covered the cost of the consumer credit contract described in 16 CFR 433.1 ( i ) which is an instrument that I would've specially indorsed at a later date. 

At that time I shared that I was interested in getting a car for personal use to commute to and from work, in XXXX, TX traveling from XXXX XXXX XXXX in over an hour worth of traffic, round trip ; my fianc also uses the car for household purposes such as getting groceries to provide a meal for the family, travel to see family over the holidays, and more. 

I arrived in XXXX on XX/XX/XXXX and rented a car from XXXX until the following Tuesday for {$630.00}. XXXX had set the expectation that my vehicle was already in transit and would arrive by Tuesday XX/XX/XXXX. Unfortunately as the text messages will show, he asked me to call him to share the bad news. The Title was lost. Apparently, XXXX XXXX XXXX XXXX is having this problem nationwide, or so they say. 

I tried to negotiate a better deal through my frustration at having to extend my rental agreement a day and pay a hefty fee, only to be upsold on a vehicle that was {$2000.00} above my budget. Considering I am juggling a relocation from XXXX to XXXX, home purchase, and new workplace, it was a stretch that they would not work with me on a better financed sale as defined in 16 CFR 433.1 ( e ). 

On XXXX XXXX, XXXX called me to preform a credit sale. According to the Truth In Lending Act, 15 USC 1602 ( h ) defines a credit sale as any contract, mine was verbal since it was on the phone... where under nominal consideration I would have the option to become the owner of a XXXX XXXX XXXX once the negotiable instrument was specially indorsed, in person. 

On XX/XX/XXXX I took a worse off consumer credit contract with another institution because JPMORGAN CHASE BANK, N.A. denied me credit for personal and household purposes. 

I got what looks like an Adverse Action notice of denial on XX/XX/XXXX in the afternoon when I traveled home from work. The Adverse Action letter provided me with my rights under the Fair Credit Reporting Act and the key factors that helped JPMORGAN CHASE BANK, N.A. decide to take adverse action against me as a federally protected consumer. 

These were the reasons : " LIMITED CREDIT FILE AND/OR INSUFFICIENT INSTALLMENT CREDIT HISTORY, VALUE OF VEHICLE IS INSUFFICIENT RELATIVE TO REQUESTED AMOUNT, '' and that was page one of the letter. 

Page two, went further to say : " We also obtained your credit score from the consumer reporting agency ( XXXX, XXXX ) and used it in making our credit decision. '' Lastly, " Here are the key factors that ADVERSELY affected your credit score, Number of inquiries, ratio of balances to limits on bankcards, length of time account have been established. 

Based on my rights, under the Fair Credit Reporting Act, 15 USC 1681m, JPMORGAN CHASE BANK, N.A. is a USER of my consumer reporting, obviously so, based on the adverse action notice. 

As a USER of consumer reports, JPMORGAN CHASE BANKXXXX N.A.  has duties it must fulfill when they take adverse action against a consumer. They have completed the duty of notifying me in accordance with the federal law 15 USC 1681m ( a ) ( 2 ) ( B ) After I reviewed section 15 USC 1681m ( b ) I realized whenever credit for personal, family, or household purposes involving a consumer is denied partly because of information obtained from an organization other than XXXX, XXXX bearing my credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living, JPMORGAN CHASE BANK, N.A. shall, within a reasonable period of time, upon my written request for the reasons for such adverse action received within sixty days after learning of such adverse action, disclose the nature of the information to the consumer. 

15 USC 1681m ( b ) goes on to state The user of such information shall clearly and accurately disclose to the consumer his right to make such written request at the time such adverse action is communicated to the consumer. Without reading the Federal law for myself, I would not have known JPMORGAN CHASE BANK, N.A. was supposed to disclose that I had this right and they failed to provide this notice in their adverse action letter to me, dated XX/XX/XXXX. 

I was denied credit in the amount of {$24000.00} for a XXXX XXXX XXXX that I needed for personal and household use. I had to extend my rental agreement with XXXX, travel using family member personal property and slept less knowing a had a denial because of what appeared on a consumer report, because of this adverse action. 

Any time I read a new body of work I do not understand, I go through the definitions. 15 USC 1681a helped me a consumer understand that I can be denied for Insurance and employment under federal law, however it does not once mention that I can be denied for credit. 

This decision by JPMORGAN CHASE BANK, N.A. to deny me was directly adverse to my interest of getting a car from XXXX XXXX XXXX XXXX, located at XXXX XXXX XXXX, XXXX, TX XXXX. This to me seems like a violation of that sub-section and so I demand remedy for damages. 

The damages are {$24000.00} which represents the amount financed and credit that was denied. From my essential understanding of 16 CFR 433.1 ( d ) I went to get a Purchase money loan in exchange for a " Finance Charge '' within the meaning of the Truth in Lending Act. As an applicant, I had the capacity to enter into a binding contract ( 16 CFR 433.1 ( f ) ) and I believe I was discriminated against under the Federal Equal Credit Opportunity Act, 15 USC 1691 ( a ) ( 1 ) in that extension of credit. 

I am writing through this medium because the Adverse Action letter I received, reads, the Federal agency that administers compliance with this law concerning JPMORGAN CHASE BANK, N.A. is the Bureau of Consumer Financial Protection, XXXX XXXX XXXX XXXX, Washington, DC XXXX. 

My open end credit plan as defined in 15 USC 1637 was used in connection with this transaction and also feel my credit card pursuant to 15 USC 1602 ( l ) was used without my authorization. I say that because 15 USC 1602 ( p ) states if I received no benefit, that qualifies as unauthorized use. 

I am writing through this medium because the Adverse Action letter I received, reads, the Federal agency that administers compliance with this law concerning JPMORGAN CHASE BANK, N.A. is the Bureau of Consumer Financial Protection, XXXX XXXX XXXX XXXX, Washington, DC XXXX.

Company response to consumer: Closed with explanation