Consumer complaint received 2025-03-19 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Problem with additional products or services purchased with the loan
Company: JPMORGAN CHASE & CO.
State: IN

Complaint narrative:
XXXX XXXX XXXX XXXX XXXX  XXXX, IN XXXX Phone : XXXX Email : XXXX XX/XX/XXXX JPMorgan Chase Bank , N.A . 
XXXX XXXX XXXX XXXX XXXX XXXX, OH XXXX Subject : Request for Fair Resolution and Loan Settlement XXXX XXXX XXXX ( Limited Edition ) Dear Sir/Madam, I hope this letter finds you well. I am writing to formally express my concerns regarding the current situation with my auto loan for the XXXX XXXX XXXX ( Limited Edition ), XXXX model, which I financed through JPMorgan Chase Bank , N.A . As a loyal customer, I trust that you will take into account the exceptional circumstances I am facing and work towards an equitable resolution. 

Vehicle and Loan Information : Make : XXXX Model : XXXX XXXX ( Limited Edition ) Year : XXXX VIN : [ Insert VIN ] Original Purchase Price ( Including Taxes ) : {$71000.00} Current Loan Balance : {$50000.00} Current Mileage : XXXX miles Loan Rate : 2.99 % Since the vehicle was delivered to me on XX/XX/XXXX, it has unfortunately become inoperable due to a software issue arising from an over-the-air ( OTA ) update, which has rendered the car " bricked '' and non-drivable. Unfortunately, since XXXX is no longer operational due to bankruptcy, there is no available service to resolve this issue, and the vehicle remains unusable. 

While I understand that a resolution is being sought through the ongoing litigation, I find the current offer from Chase, amounting to {$36000.00}, unacceptable. This amount is significantly below my loan balance of {$50000.00}, representing a 50 % reduction in the vehicle 's original value. As a result, I am left in a difficult financial position, unable to use the vehicle, and yet still required to meet the terms of the loan. 

Moreover, the proposed solution of purchasing a new vehicle manufactured by XXXX is not a feasible option. The price for a comparable XXXX vehicle is approximately {$90000.00}, plus additional taxes and fees, which represents a significant financial burden. The new interest rate for a Rivian vehicle ( 5.50 % to 6.50 % for a 60-month term ) further exacerbates the financial strain, especially given my current rate of 2.99 %. 
As a XXXX XXXXt of XXXX XXXX XXXX XXXX  I am already facing substantial financial responsibilities, and this additional financial burden would severely disrupt my ability to provide for my family, particularly for my children 's education. 

Given these circumstances, I respectfully request the following : 1. Fair Market Value Adjustment : A resolution that considers the fair market value of my XXXX XXXX XXXX at or above the remaining loan balance of {$50000.00}, to ensure that I am not left with an outstanding balance on a non-drivable vehicle. 

2. Credit for Payments Made : Any payments I have already made toward the loan be credited back to me as part of a final settlement, considering the cars current non-operational status and the lack of available service.

I trust you will consider the substantial hardship this situation has caused and the potential long-term impact on my ability to meet my financial obligations. As a responsible borrower, I am seeking an equitable solution that allows me to fulfill my financial commitments without further compromising my familys well-being. 

Please contact me at your earliest convenience to discuss a resolution to this matter. I can be reached by phone at XXXX or via email at XXXX. 
Thank you for your attention to this matter, and I look forward to your prompt and fair response. 

Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation