Consumer complaint received 2022-07-06
Company: JPMORGAN CHASE & CO.
State: CA
Product: Debt collection
Sub-product: Auto debt
Issue: Written notification about debt
Sub-issue: Didn't receive enough information to verify debt

Complaint:
This is to inform the CFPB of the information given to me on XX/XX/2022, I find this very disrespectful that a multi dollar company provide me with a Contract that is hardly visible to understand JPMorgan Chase you should be ashamed for providing this information to me. But just to inform you of the laws requirements. 1006.34 Notice for validation of debts. Follow with 34 ( a ) Validation information required. and not to mention that this account. has an insurance of in case me as a consumer is protected in case the account goes in faults, I also notice the violation on this contract During the purchase of this vehicle the annual percentage is 10.64 show me how you calculated the manual percentage on this vehicle. 12 CFR Appendix J to Part 1026 - Annual Percentage Rate Computations for Closed-End Credit Transactions ( 3 ). I also was asked to put down for {$1800.00} I would like to ask JPMorgan Chase auto finance to return the {$1800.00} down payment giving when I did not have to put a down payment. the vehicle finance amount was. XXXX. XXXX Financed. The total sale price cost of the purchase on credit including my down payment is XXXX Which this should cover this vehicle also not including the charge off of this vehicle if this vehicle was a charge of why it has a balance Correct me if I'm wrong This account is consider gross not income explain to me how this account is a charge off if you have not provided the proper verification. 15 U.S. Code 1666b - Timing of payments ( a ) Time to make payments A creditor may not treat a payment on a credit card account under an open-end consumer credit plan as late for any purpose, unless the creditor has adopted reasonable procedures designed to ensure that each periodic statement including the information required by section 1637 ( b ) of this title is mailed or delivered to the consumer not later than 21 days before the payment due date. Specific Instructions for Form 1099-C The creditor 's phone number must be provided in the creditor 's information box. It should be a central number for all canceled debts at which a person may be reached who will ensure the debtor is connected with the correct department. 
Do not file Form 1099-C when fraudulent debt is canceled due to identity theft. Form 1099-C is to be used only for cancellations of debts for which the debtor actually incurred the underlying debt.

File Form 1099-C, Cancellation of Debt, for each debtor for whom you canceled a debt owed to you of {$600.00} or more if : File Form 1099-C if you are any of the following. 
1. A financial institution described in section 581 or 591 ( a ) ( such as a domestic bank, trust company, building and loan association, or savings and loan association ). 2. A credit union. 
3. Any of the following, its successor, or subunit of one of the following. 
a. Federal Deposit Insurance Corporation.

b. National Credit Union Administration. 
c. Any other federal executive agency, including government corporations. 
d. Any military department. 
e. U.S. Postal Service.

f. Postal Rate Commission.

4. A corporation that is a subsidiary of a financial institution or credit union, but only if, because of your affiliation, you are subject to supervision and examination by a federal or state regulatory agency.

5. A federal government agency including : a. A department, b. An agency, c. A court or court administrative office, or d. An instrumentality in the judicial or legislative branch of the government. 
6. Any organization whose significant trade or business is the lending of money, such as a finance company or credit card company ( whether affiliated with a financial institution ). The lending of money is a significant trade or business if money is lent on a regular and continuing basis. Regulations section 1.6050P-2 ( b ) lists three safe harbors under which reporting may not be required for the current year.

Company response to consumer: Closed with explanation