Consumer complaint received 2025-08-09 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:
I am presenting evidence of a vehicle that was paid off as agreed, but is still showing a balance and charge off on my credit report. 

This vehicle has been paid as agreed despite extreme failures and delays on behalf of the insurance company, but it is still effecting my credit to the extent that I cant move forward with my life. I will demonstrate errors on behalf of both the insurance company and bank thank I pray initiate and intercession on your part. Ive made multiple unsuccessful attempts on my own to get this issue resolved. I merely want this mistake of a derogatory mark off of my credit file. 

I was struck by a vehicle that ran a stop sign on XX/XX/year>. After discovering the vehicle had frame damage and spending a couple months arguing with XXXX XXXX of XXXX XXXX  XXXX XXXX that the vehicle should be totaled ; the vehicle was deemed a total loss on XX/XX/year> and XXXX XXXX  is assigned as the Total Loss Adjuster. Payoff in the amount of {$22000.00} was verified on XX/XX/year> by Attorney XXXX XXXX, and a settlement offer of {$26000.00} was agreed upon. Documents were signed and sent on XX/XX/year> accepting the offer and releasing the at fault party from further liability. 

Im still receiving calls from SunTrust bank in XXXX regarding payment, so I reach out to XXXX XXXX  regarding the issue and she responds stating that she received the documents on XX/XX/year> and further stated they were a couple months late and the letter of agreement was initially received on XX/XX/year>. I found this absurd considering the vehicle wasnt declared a total loss until XX/XX/year>. I am including the initial letter of agreement from SunTrust dated XX/XX/year>. 

XXXX XXXX  abandons communications until XX/XX/XXXX of XXXX. On XX/XX/XXXX, she replies to an e-mail from XXXX XXXX of SunTrust dated XX/XX/year>. XXXX apologizes for the extreme delay and requests a new letter of agreement. This new letter of agreement states that payoff for the vehicle is now {$26000.00}, and that this amount is good until XX/XX/year>. Ive included a copy of the check issued on XX/XX/XXXX for that very amount. 

The account should be closed, settled, and in good standing. However it is listed on my credit report as a Charge Off in the amount of {$29000.00} with a balance of {$2100.00}. This is unreasonably absurd. Considering payoff in the amount of {$22000.00} was verified in XXXX, then this {$6700.00} increase would indicate the account accrued 29.77 % interest in just 5 months. This would indicate an APR of over 71 %. SunTrust acknowledges receiving payment in the amount of {$26000.00} in due time, yet it is unwilling to adjust the report. Please intercede on my behalf and use the power of your office to help me move forward with my life. 

Thank you for reading,

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