Consumer complaint received 2024-04-22 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Repossession — Loan balance remaining after the vehicle is repossessed and sold
Company: TRUIST FINANCIAL CORPORATION
State: WA

Complaint narrative:
I am writing to file a complaint against XXXX XXXX, the car dealer who sold us a XXXX Used XXXX XXXX with existing failure, and Truist, the loan bank which will not allow me to sell off the failed car without destroying my credit or paying the full amount of the remaining loan at once. 

I have a document from XXXX XXXX, the mechanic that extensively examined the XXXX, attesting that the cars failure was due to defects that were so extensive they estimated that they pre-dated my purchase of the car. Basic details on the car, purchase agreement, loan terms, and the mechanic attesting on my behalf are provided below. A timeline of the purchase and subsequent failure follows. 

SALES DEALER : XXXX XXXX ( sales contract paperwork ) / XXXX XXXX XXXX XXXX ( loan paperwork ) XXXX XXXX XXXX, XXXX, VA XXXX XXXX Dealer Number XXXX CAR PURCHASED : XXXX XXXX Used XXXX XXXX XXXX XXXX miles Delivery/purchase date of XX/XX/XXXX PURCHASE AGREEMENT : Purchase price of {$23000.00}. 
{$26000.00} with fees and taxes. 
{$2000.00} down payment. 
Under XXXX XXXX of 30 days or XXXX miles, with dealer paying 50 % of labor and parts. 

XXXX XXXX XXXX  : Truist XXXX XXXX XXXX XXXX, OH XXXX XXXX of 5.64 % with XXXX payments of {$460.00} beginning XX/XX/XXXX. 
Total with finance charges to be paid {$27000.00} Balance of loan as of XX/XX/XXXX is {$15000.00}. 

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. 
XX/XX/XXXX XXXX confirmation letter received from Truist Bank. 
XX/XX/XXXX Had car inspected car at XXXX XXXX ( XXXX XXXX XXXX, XXXX, VA XXXX ). Inspection findings were limited to the need to change brake pads and rotors. 
XX/XX/XXXX With family moved to XXXX, Washington. Began to utilize XXXX Motorworks ( address above ) for routine maintenance from that point to XX/XX/XXXX ( routine maintenance on XX/XX/XXXX and XX/XX/XXXX ). 
XX/XX/XXXX Experienced sudden dashboard warning of catastrophic engine failure, including warning to shut down vehicle immediately. 
XX/XX/XXXX Took in vehicle to XXXX XXXX for assistance. 
XX/XX/XXXX XXXX by XXXX Motorworks complete. XXXX needs new engine due to multiple failures. 

XXXX XXXX issued the following statement on XX/XX/XXXX ( assessment attached ) - Technician verified the customers concern of a rough running engine. He performed a fault survey and found faults present for camshaft crankshaft correlation. He measured the oil to be XXXX low. He performed a cylinder leak down test and found 100 % leak down on cylinder XXXX and over 60 % leak down on cylinder XXXX. He removed the spark plugs and used a borescope camera and found significant carbon buildup indication oil burning in the combustion chambers. There is an issue with the timing system but due to the internal oil consumption it is not recommended to repair this engine. 

In addition to this statement, through multiple discussions with XXXX XXXX, I was made aware that this was not a sudden issue. The scale of the problem indicated that the oil burning in the combustion chambers had been going on for a long time, likely from before the time we purchased the car XXXX year prior. This verbal information is confirmed through a letter we have from XXXX Motorworks. 

In follow up discussion, XXXX XXXX advised me to go to the used engine market because a new engine was being quoted between $ XXXX without labor, which exceeded the value of the car itself. XXXX provided XXXX estimates for used engines, with specs similar to our XXXX ( year, mileage, cylinders, etc. ). XXXX estimate, for if we did not plan to keep the car for the long term, came in at {$13000.00}. XXXX estimate was for a higher priced used engine, if we planned to keep the car long term, at {$19000.00}. These estimates were also prohibitive as they were near to or exceeded the value of the car loan. 

XX/XX/XXXX XXXX was able to locate an engine on the used car market with higher mileage at lower cost, in the range of $ XXXX {$8000.00} before labor. 

XX/XX/XXXX to XX/XX/XXXX - XXXX made XXXX attempts to install XXXX separate used engines into the vehicle. Each of the used engines failed on testing. All engines had extensive carbon buildup, rated by the technician as XXXX of XXXX, and failed leak down tests. It was agreed that repair of this car was not feasible. 
While waiting for XXXX XXXX to assess the XXXX and attempt XXXX times to replace the engine, we utilized car rentals for a total of {$3400.00} from XX/XX/XXXX to XX/XX/XXXX. 
o XX/XX/XXXX XX/XX/XXXX XXXX XXXX XXXX- {$760.00} o XX/XX/XXXX XX/XX/XXXX XXXX XXXX - {$1300.00} o XX/XX/XXXX XX/XX/XXXX XXXX XXXX XXXX XXXX XXXXXX/XX/XXXX XX/XX/XXXX XXXX - {$170.00} o XX/XX/XXXX XX/XX/XXXX XXXX XXXX XXXX- {$690.00} o XXXX XX/XX/XXXX XXXX XXXX  provided loaner vehicle o XX/XX/XXXX XX/XX/XXXX XXXX XXXX  - {$480.00} o XX/XX/XXXX Leased a new car XX/XX/XXXX I reached out to Truist for consultation on how to deal with the remaining {$17000.00} bank loan, how to sell the non-functioning car on the used market given Truist maintains ownership of the title. Truist provided only the following options : XXXX ) Truist would auction the non-functioning car as a mechanics special, given they own the title. If Truist is able to sell the car, they will use the funds to cover a portion of the outstanding amount of the loan. This would severely impact my credit record. I would still have to pay the rest of the outstanding debt to Truist. 
XXXX ) I make an agreement with Truist to pay off the entire loan at XXXX time to get the title. This would allow me to sell the car on the used market. Full payment of the car loan in cash was not realistic given that we had to take on payment for a new lease vehicle for regular transportation and other financial impacts. 

As of the date of this complaint, we continue to pay for loan on time for the non-functioning XXXX to avoid jeopardizing our credit. Loan amount is currently {$15000.00} My wife and I have not previously defaulted on any loan, including car loans. Prior to the purchase of this XXXX, we purchased a XXXX XXXX XXXX and paid off on time. We have proof of full payment in a XXXX XXXX Bank letter and XXXX XXXX XXXXXXXX Notice XXXX XXXX XXXX. We also have good driving records, with no accidents in this XXXX XXXX.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation