Consumer complaint received 2024-12-15 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Struggling to pay your loan — Denied request to lower payments
Company: JPMORGAN CHASE & CO.
State: NC

Complaint narrative:
I contacted JP Morgan Chase Auto to discuss applying for their deferment program. I spoke with an individual on XX/XX/XXXX, and I applied for the program. I advised that I would like to skip my XXXX car payment and add it to the end of the loan due to an unexpected financial hardship. The representative asked me several qualifying questions and stated that I was APPROVED for this program. He indicated that they will send me a written agreement that I would need to sign and send back. I received the agreement via mail and faxed it back on XX/XX/XXXX. Nonetheless, The representative advised that my XXXX payment would be skipped and that this would not affect my credit. Mind you, I have never been late with my car payment at all during my relationship with JPMorgan Chase. The representative asked when I would make my XXXX car payment, and I had indicated on XXXX when it was due. He further explained that this would be a new month and would be standard payment procedure. Well come to find out, They did not approve my payment deferment because I was not able to make my car payment on XX/XX/XXXX. They provided no communication stating that I was denied and the details of being denied was not detailed in the agreement that I signed. In addition, I was under the impression that if I make my payment within the 10 day grace period that I would still be ok. I contacted the escalation department and spoke to them about my grievances with their procedures and how it was a switch and bait. Due to their illogical business process ... my credit has been adversely affected, and this is not fair. Like, I stated previously I have never been late on my car payment. i trusted them that they would follow through on their plan. they tricked me and now my credit has dropped more than XXXX points. I am in the process of purchasing a home and now I will definitely not be able to close because of this hiccup. I ask they they correct the negative reporting to the credit bureaus and that they approve my request for deferrment as soon as possible. The representative stated that I need to make XXXX payments now in order to be current and to be considered again. They are like a XXXX organization that just played a trick on their client for what gain? I am not sure but I am collateral damage. I think this new administration needs to regulate companies like this with these arbitrary policies that benefit no one. It's illogical and unfair, and it really speaks to their business goals of not truly helping their customers. I already pay way to much in interest ( 21 % ) which is already unfair to pay for a XXXX XXXX XXXX that is not even worth half the money I still currently owe. The economic climate and inflation has made it unbearable to be able to afford anything now a days. I pride myself in paying my car payment on time and they just arbitrarily ruined my credit and have no recourse nor compassion over their flawed illogical policy that has no legal reasoning to base their decision. Please hold them accountable. The Constitution was created for " we the People, '' not " we the corporations. '' I am requesting help from all agencies, including the Justice Department, to correct this.

Company response to consumer: Closed with non-monetary relief