Consumer complaint received 2025-03-12 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Problems at the end of the loan or lease — Unable to receive car title or other problem after the loan is paid off
Company: TRUIST FINANCIAL CORPORATION
State: TX

Complaint narrative:
XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX Consumer Financial Protection Bureau XXXX XXXXXXXX XXXX XXXX XXXX XXXXXXXX Subject : Dispute Against Regional Acceptance Corporation for Failure to Release Title After Auto Loan Payment and Improper Application of Payment via Stamp Endorsement Dear Sir/Madam , I am writing to file a formal dispute against Regional Acceptance Corporation ( RAC ) XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX for their failure to release the title of my vehicle despite my auto loan being paid off in full. In addition, I am disputing the improper application of payments made to my loan, which were sent as lawful money under 12 U.S.C. 411, via stamp endorsement. 

Background : On XX/XX/year>, I made the final payment for my auto loan under account number XXXX. This payment was made using lawful money, in accordance with Title 31 U.S. Code 5118, which mandates that lawful money is to be accepted for any payment obligations. The payment was processed and cleared successfully. However, Regional Acceptance Corporation has failed to release the title of the vehicle, despite my loan being fully satisfied, as confirmed in the attached correspondence from RAC dated XX/XX/year>. 

Additionally, I received confirmation that I was entitled to a refund of {$570.00} for the unused portion of a product associated with my loan, further confirming that my loan is fully paid off and that there is no outstanding balance. Despite this, RAC has failed to take the necessary steps to transfer the title of the vehicle.

Legal Violations : Under Title 31 U.S. Code 5118, lawful money must be accepted for all obligations. I made my payment using lawful money, and Regional Acceptance Corporation is legally obligated to honor such payments. However, they appear to have improperly applied the payment and failed to release the vehicle title, in direct violation of my rights as a consumer. 

Furthermore, this instrument was presented as a form of payment in accordance with UCC 3-301 ( Person Entitled to Enforce Instrument ) and UCC 3-501 ( Presentment ). I also request that RAC acknowledge the acceptance of this instrument as lawful tender in accordance with 12 U.S.C. 411 ( Issuance to Reserve Banks ; Nature of Obligation ; Redemption ), which entitles the bearer to lawful money on demand. 

The failure to release the title after full payment constitutes an unfair business practice, as the title is a legal document that should be transferred to the rightful owner once the loan is satisfied. Regional Acceptance Corporation 's failure to act is not only a breach of contractual obligations but may also violate state laws that protect consumers from such actions.

Impact on My Rights : As a result of RACs actions, I am being denied full ownership of the vehicle I paid for. This not only harms my ability to legally and fully control my property, but it is also an unfair financial burden. Additionally, the improper application of payments and failure to release the title is causing unnecessary stress, inconvenience, and delay in resolving this matter. 

Request for Resolution : I am requesting the Consumer Financial Protection Bureau to : Investigate this matter and compel Regional Acceptance Corporation to immediately release the title of the vehicle upon verification that the loan has been paid off in full. 
Ensure that Regional Acceptance Corporation complies with all relevant laws, including the proper handling of payments made with lawful money, and enforces their legal obligation to apply payments correctly.

Hold Regional Acceptance Corporation accountable for any damages resulting from their failure to release the title in a timely manner, including any financial or reputational harm caused by this delay. 
Issue guidance to Regional Acceptance Corporation to ensure they adhere to lawful practices regarding title transfers and the application of payments made with lawful money. 
I have attached all relevant documentation, including the notification letter from RAC confirming the loan has been paid off and the payment proof showing the loan was fully satisfied. 

Please feel free to contact me at [ your phone number ] or via email at [ your email address ] should you require further information or clarification. I appreciate your attention to this matter and look forward to your prompt resolution. 

Sincerely, XXXX XXXX XXXX XXXX Without Prejudice, XXXX. XXXX - XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXXXXXX

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