Consumer complaint received 2025-08-18 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: TRUIST FINANCIAL CORPORATION
State: AZ

Complaint narrative:
In XXXX of XXXX  I purchased a Can-Am Defender XXXX Limited from XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX processed all of the loan documents ( Sheffield Financial ) and the Arizona registration paperwork. XXXX did not advise me on other endorsement options and the definition and benefits of each type of endorsement. I was instructed by XXXX to sign the loan documents as a general endorsement. 

There is a legal framework for endorsements. This legal framework is primarily derived from the Uniform Commercial Code ( UCC ) article 3, which has been adopted in some form by all states. It outlines the rules for endorsement types, requirements, and the effects of each.

UCC 3-205. SPECIAL INDORSEMENT ; BLANK INDORSEMENT ; ANOMALOUS INDORSEMENT. 
( a ) If an indorsement is made by the holder of an instrument, whether payable to an identified person or payable to bearer, and the indorsement identifies a person to whom it makes the instrument payable, it is a " special indorsement. '' When specially indorsed, an instrument becomes payable to the identified person and may be negotiated only by the indorsement of that person.

( b ) If an indorsement is made by the holder of an instrument and it is not a special indorsement, it is a " blank indorsement. '' When indorsed in blank, an instrument becomes payable to bearer and may be negotiated by transfer of possession alone until specially indorsed.

( c ) The holder may convert a blank indorsement that consists only of a signature into a special indorsement by writing, above the signature of the indorser, words identifying the person to whom the instrument is made payable. 
( d ) " Anomalous indorsement '' means an indorsement made by a person who is not the holder of the instrument. An anomalous indorsement does not affect the manner in which the instrument may be negotiated.

Once signed, this loan document became a negotiable instrument, or more accurately a collateral security. XXXX XXXX acting as a fiduciary in this matter, failed miserably in properly advising me on the endorsement options under the UCC article 3.

He also did not explain the consequences of registering the vehicle with the XXXX of XXXX. The true ownership document, the XXXX XXXX of XXXX XXXX must be surrendered forever and it is not recoverable. XXXX XXXX never mentions the XXXX during the entire transaction. I consider this a gross omission of fact. An Arizona state issued title is a certificate of title, it is a representation of title, not a true title. When the terms of the loan are fulfilled, I will never truly own the vehicle because I will only hold a representation of a title held by the State of Arizona. Failing to disclose all of the above decision making information is fraud. Had I been advised properly by the sales manager I would have paid cash for the vehicle as I have done before at XXXX XXXX. XXXX XXXX deceived me to acquire my endorsement on financial and registration documents.

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