Consumer complaint received 2025-06-06 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Problems at the end of the loan or lease — Problem with paying off the loan
Company: TRUIST FINANCIAL CORPORATION
State: AL

Complaint narrative:
All, I currently have an auto loan with Truist Bank for USD XXXX. On XX/XX/year>, I requested that Truist provide us with a payoff letter so we can refinance with another bank at a lower interest rate. 

When I reached out to Truist to request a payoff letter, I was told that Truist only provides payoff letters via fax or mail. Initially, I requested the letter be faxed to the credit union, expecting the letter to arrive on time and to begin the refinance process. I was told that the fax should arrive within two business days. 

However, on the third day, my credit union had not received the letter. I called Truist customer support again and was told that the fax shows as complete on their end and was offered no further details. I was told that my only option was to schedule another fax to the same fax number, as well as a secondary request to have a physical copy of the letter sent to my home address. 

Again, I was told that we should expect the fax after two business days, and again, the fax was not received. I was told to expect the physical copy of the letter within 5-7 business days. This, of course, meant 5-7 business days on top of the 2 business days needed for processing the request. Unfortunately, a physical letter never arrived at my home address.

Due to this, I decided to visit a local branch today and ask that they provide me with a payoff letter, only to be told that, although the manager at the branch can receive the letter via email, unlike customers, it would also take 2 business days to process and that the branch manager will have to call me on my cell to let me know when it is ready to pick up. 

At this point, I have almost XXXX faith that I will hear from the branch manager, and I am certain that no one with Truist support will do anything more than what has already been done. Today is the 9th day since making the original request, which is outside the law on this matter. 

Due to this loan being set at a much higher interest rate, each day that I have been unable to start the refinance process, I continue to take on more interest, benefiting no one except Truist. 

It is worth mentioning that I started refinancing a second vehicle the same day and was able to receive my payoff letter from XXXX XXXX XXXX within seconds after ending my call with their automated support system. 

Given the limited options Truist provides customers, the nature of the loan, and the restrictions placed on each process, when compared to XXXX XXXX, Truist 's processes appear to be predatory. 

Truist has shattered any faith I had in their fair banking practices. Now, I fear that it will be another uphill battle getting them to close my current account once the refinancing process is complete. This experience has left my wife and me both feeling anxious about the potential financial impact we could be forced to endure should Truist continue to fall short of acceptable customer service. 

Any assistance you can provide in resolving this issue will be greatly appreciated.

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