Vehicle loan or lease -- Problems at the end of the loan or lease -- Complaint #5057055
Complaint Overview
Complaint ID: 5057055
Company: Jpmorgan Chase & Co.
Product: Vehicle loan or lease
Sub-Product: Lease
Issue: Problems at the end of the loan or lease
Sub-Issue: Problem when attempting to purchase vehicle at the end of the lease
State: California
ZIP Code: 93021
Date Received: 2021-12-30T12:00:00-05:00
Date Sent to Company: 2021-12-30T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Lease term was for 3 years with Chase Auto Finance. After the final payment on the lease was made, we requested to purchase the car and were sent paperwork along with a final amount due to purchase the vehicle. We procured a cashiers check for the amount of {$18000.00} and had it sent via XXXX. The check was delivered and received on XX/XX/XXXX ( 7 day before the termination of the lease agreement ). On XX/XX/XXXX the check had not been posted, so I called and was told that processing of payments required 10-15 business days. I called again on XX/XX/XXXX to inquire about the process and was told to call back again on XX/XX/XXXX. On XX/XX/XXXX I called and was told that the check and paperwork had not been located, that an investigation would be opened into the status of the check. During the XX/XX/XXXX call I was told that the payment team would send a physical letter to my address regarding the outcome of the investigation within 1 week. On XX/XX/XXXX I call again and was told, after speaking with an escalation specialist, that the check was located and the payment process would be expedited. On XX/XX/XXXX I open some mail to find a letter drafted on XXXX XXXX indicating that I have defaulted on my lease and unless immediate action is taken, Chase may begin the process of repossession of the car within 10 days of the letter. On XX/XX/XXXX I call Chase and speak with an escalation specialist as well as a member of the quality team. The member of the quality team assures me that the delinquency being reported to the credit bureaus would be back dated, no repossession would occur, and that I would have a response as early as the end of the day Monday XX/XX/XXXX or as late as Wednesday XX/XX/XXXX. Having not been contacted, again I call Chase motor finances on Thursday XX/XX/XXXX and spoke with a member of the quality team that informed me that no check had been found yet and that they would continue the investigation but would likely not have any news for me until the beginning of the new year. I have still not received a letter from the payment team and at this point I am concerned with the damage being done to my credit and the likelihood of repossession of a car.
Frequently Asked Questions
What is Complaint #5057055 about?
Complaint #5057055 was filed against Jpmorgan Chase & Co. regarding Vehicle loan or lease specifically about Problems at the end of the loan or lease. It was received by the CFPB on 2021-12-30T12:00:00-05:00.
How did Jpmorgan Chase & Co. respond to this complaint?
The company responded with: "Closed with monetary relief". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Vehicle loan or lease) and describe your issue in detail.
Can I see other complaints against Jpmorgan Chase & Co.?
Yes, visit the Jpmorgan Chase & Co. company profile at readthecomplaint.com/company/jpmorgan-chase-co to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.