Consumer complaint received 2024-05-14
Product: Vehicle loan or lease — Loan
Issue: Struggling to pay your loan — Denied request to lower payments
Company: FIFTH THIRD FINANCIAL CORPORATION (NC)

I became unemployed in XX/XX/XXXX. Despite a lack of income, I continued to make my regular monthly payment approximately 10 days prior to the due date. After the new year, it became increasingly difficult to continue making payments with zero income. On XX/XX/XXXX, I contacted XXXX Bank at ( XXXX ) XXXX ( the number provided on their website for hardship assistance - see attached ) and was told I had reached the sales department and would need to contact the correct area. The associate gave me the correct phone number, ( XXXX ) XXXX Option 4, and transferred me. I spoke to a representative who explained the process for hardship assistance. He stated I could request 3 months of half-payments, followed by 3 months of deferred payments, and lastly a split pre-payment plan. He recommended I start with the half-payment plan first, then move to the additional plans if I still needed assistance after the first 3 months. He informed me that I would need to decide and begin the process prior to XX/XX/XXXX. I thanked him for the information and advised that I would consider these options and call back if I chose to pursue. On XX/XX/XXXX, I called the hardship assistance line again and spoke to XXXX, who assisted me with initiating the process. I reiterated the information that I already knew ; that I was eligible and had to request 3 months of half-payments, followed by 3 months of deferred payments, and lastly a split pre-payment plan. She confirmed the process and set up the 3-month half-payments. I also spoke with XXXX for 5/3 sales at ( XXXX ) XXXX to discuss refinance options. She provided me with an option to refinance at 9.16 % - 11.51 % for 66 months, and I declined due to unfavorable terms compared to my current loan. She also informed me that my loan was not with XXXX Bank but with my car dealership, and I'd need to contact them for more information related to additional warranty payments included within the loan payment. I was confused and did not understand since I had been making payments directly to 5/3 Bank  from the inception of my loan. XXXX was unable to explain it clearly but rather advised me to contact the dealership for more information. I called 5/3 Bank on XX/XX/XXXX because my half-payments should have been for XXXX, XXXX, and XXXX. However, the XXXX payment showed the full amount. The representative stated that since it was a few days past the XXXX due date, the XXXX payment amount was already reflected. She assisted with processing the XXXX payment for the reduced amount. I am still unemployed and called the hardship assistance line again on XX/XX/XXXX to proceed with the next hardship plan option. The representative placed me on hold for a few minutes, then returned to advise that I was not eligible for another hardship assistance plan because I recently completed the half-payment plan option and would need to wait another year before I was eligible for another hardship assistance plan. I stated that I understood what he was explaining but that this information was not provided to me when I initially called. The representative offered to send me an email with information on third-party resources but that there was nothing 5/3 Bank could offer at this time. I requested to hold on the line until I could speak with a manager or supervisor. After several holds, he informed that a supervisor was not available, he would take information to submit a supervisor request callback form, and once the supervisor reviewed the call and note history, I would receive a return call within 1-2 business days. I received a call from XXXX ( employee ID # XXXX ) on XX/XX/XXXX. She proceeded to reiterate the policy for hardship assistance and recommended I request a 401 ( k ) withdrawal, voluntary repossession of the vehicle, refinance the loan with my bank, and even addressed my fianc to ask him directly if he would be able to assist with making my payments. She did not address the misinformation provided to me by the previous 5/3 representatives. When questioned about it, she stated she still needed to review the previous calls although it was explained to me by the prior rep that the supervisor would review all the calls and note history prior to reaching out to me. She did not address, apologize, or take ownership on behalf of 5/3 Bank providing incomplete or inaccurate information. She continuously reiterated the hardship assistance policy when questioned about the misinformation. She blatantly deflected my concerns, refused to honor the options provided previously, and did not offer any resolutions taken on behalf of 5/3 Bank providing incomplete or inaccurate information. She told my fianc and I that if we had an issue with how she or anyone else at 5/3 Bank handled the situation then we should go ahead and contact our lawyer. We requested her manager or escalation to the next level at corporate. She laughed at us and stated, You're already speaking to corporate, and I am the only person you can speak to. We took her information and ended the call.