Consumer complaint received 2015-12-30
Product: Consumer Loan — Vehicle loan
Issue: Problems when you are unable to pay — 
Company: TD BANK US HOLDING COMPANY (NJ)

TD Bank, XXXX, located in XXXX XXXX, New Jersey XXXX issued a car loan in XXXX, XXXX to my daughter and I co-signed for the loan. After Hurricane XXXX in the fall of XXXX, we, like thousands of residents, had no electricity, phone or heat for over 2 months. I contacted all businesses that had loaned us money ( mortgage, credit cards, automobile loans, etc. and each and every lender afforded us a 3 month grace period in making payments. This grace period meant that the lenders waived our payments for 3 months without penalty and without reporting a delinquency to the XXXX major credit bureaus. Lenders did not waive 3 months of payments, they simply extended the length of the loan for an extra 3 months without penalty. TD Bank granted us that waiver. That meant that XXXX, XXXX and XXXX, XXXX payments were waived. One month after our payments were to resume, TD Bank, without notifying me, issued a repossession order for the car and " charged off '' the car in XXXX XXXX. As such, TD Bank did not honor the grace period granted to us and instead ordered the car to be repossessed. As the co-signer of the loan, TD Bank never notified me that the car was being repossessed. When my daughter notified me of the action taken by TD Bank, I spent days attempting to locate the department within the bank that was handling the repossession. Once I reached the bank 's " charge off '' department, I made arrangements to pay off the remaining balance due on the car. In so doing, I was provided the title of the car. In the meantime, TD Bank reported to the credit bureau 's that the car had been charged off, and they also reported that there was an unpaid balance ( not true, there was no unpaid balance ). The credit bureau 's listed this as a derogatory event, and effectively ruined the credit rating of my daughter and myself. TD Bank never lost money on their loan to us, as we paid the full amount of the loan and received the title to the car. I have spent 2 years dealing with TD Bank to have this derogatory information corrected, which they refuse to do. They also will not provide an accounting of all of the payments made on the car loan. They will only provide a payment history up to and including when they " charged off '' the car loan on XXXX XXXX, XXXX. Because of this, TD Bank is reporting {$9500.00} as an unpaid balance, when in effect the unpaid balance is {$0.00}. In short, TD Bank did not honor their commitment to allow a 3 month grace period due to hurricane XXXX. On the XXXX month after they claim the payments were delinquent, in reality, due to the grace period granted to us, there was technically no delinquency on the loan. Furthermore, TD Bank was made " whole '' in that they received all of the payments due, plus interest, for the entire amount of the loan and granted the title to the car to us. Instead of holding true to their word on a grace period, TD Bank prematurely reported the car as a charge off. In so doing, I am certain that there were certain tax advantages afforded to TD Bank by the XXXX. In the meantime, TD Bank has adversely effected the credit score for my daughter and myself, and they refuse to correct their mistaken reporting to the credit bureau 's. To do so would only prove, in writing, that the way in which TD Bank handled our auto loan was fraudulent.