Consumer complaint received 2026-06-11 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: KEYCORP
State: OH

Complaint narrative:
CFPB COMPLAINT AGAINST KEYBANK AUTO LOAN SERVICING FAILURE I am filing this complaint due to multiple unresolved errors and servicing failures by KeyBank related to my vehicle financing, previous vehicle payoff, tax funding, and failure to timely resolve these issues despite repeated requests. The process of purchasing my replacement vehicle began on XX/XX/2026. All dealership and financing paperwork was completed and signed on XX/XX/2026. My previous vehicle was picked up by the dealership on XX/XX/2026, and I no longer had possession or use of that vehicle after that date. Despite the dealership paperwork being finalized, KeyBank failed to timely provide the necessary funding to the dealership for my new vehicle. This caused a significant delay in delivery of my new XXXX, which did not arrive until XX/XX/2026. Because the transaction was delayed due to KeyBank 's failure to provide funding, I was required to obtain a rental vehicle and incurred approximately {$1000.00} in rental expenses. Additionally, after my previous vehicle had already been surrendered to the dealership and was no longer in my possession, KeyBank withdrew an automatic payment of {$1400.00} from my prior vehicle loan on XX/XX/2026. I have requested a complete accounting of this payment and reimbursement of any funds improperly collected. As part of the financing agreement for my new vehicle, the applicable sales taxes were included in the loan amount and KeyBank was responsible for providing the tax funds necessary for me to complete the Ohio title and registration process. KeyBank issued the sales tax check on XX/XX/2026 ; however, the check was never received through the mail. I did not receive any proactive communication from KeyBank regarding the missing sales tax check. Instead, after nearly XXXX months of delay, I was required to personally retrieve the check and vehicle title from the KeyBank XXXX XXXX branch on XX/XX/2026. Upon receiving the sales tax check, I discovered that KeyBank had incorrectly calculated the amount and the check was approximately {$2000.00} less than the amount required to pay the taxes and register the vehicle in Ohio. As a result, I have been unable to complete my Ohio registration and obtain permanent license plates. Since discovering this issue, I have contacted KeyBank repeatedly in an effort to resolve the matter. I have made at least XXXX documented phone calls to KeyBank 's loan department requesting updates, a corrected tax payment, an explanation for the error, and a timeline for resolution. Despite these repeated attempts, I have consistently been told that KeyBank is " working on the issue '' but no corrected tax payment has been issued and no firm resolution date has been provided. Furthermore, KeyBank has advised me that the current loan is being restructured or rewritten due to the errors with the financing. As a result, I do not currently have an active loan account available to make my required monthly payment. I have requested written confirmation that I will not be reported as late or suffer any negative credit consequences while KeyBank is correcting its own errors. As of the filing of this complaint, approximately XXXX months have passed since the transaction began, and I remain unable to complete the registration of a vehicle that I purchased and financed through KeyBank due solely to KeyBank 's failure to properly fund the sales taxes and resolve the matter in a timely manner. I have acted in good faith throughout this process, completed all required dealership paperwork, cooperated with all requests, and made extensive efforts to resolve these issues directly with KeyBank before filing this complaint. I respectfully request that KeyBank : Immediately issue the corrected tax funds required to complete my Ohio title and registration. Provide a written explanation as to why the sales tax funds were incorrectly calculated and why the matter has remained unresolved for several months. Provide a complete accounting of the prior vehicle loan, including the XX/XX/2026 withdrawal of {$1400.00} after I no longer possessed the vehicle, and reimburse any funds owed. Review reimbursement of approximately {$1000.00} in rental vehicle expenses caused by the funding delay. Provide written confirmation that my credit, payment history, and loan status will not be negatively impacted while KeyBank corrects the loan. Assign a dedicated representative with authority to resolve all outstanding issues and provide a definitive timeline for completion. I am requesting immediate intervention because KeyBank 's repeated servicing failures have caused financial losses, significant inconvenience, and have prevented me from legally registering and operating a vehicle that I have already purchased and financed.

Company response to consumer: Closed with monetary relief