Payday loan, title loan, or personal loan -- Problem with the payoff process at the end of the loan -- Complaint #5502508
Complaint Overview
Complaint ID: 5502508
Company: Keycorp
Product: Payday loan, title loan, or personal loan
Sub-Product: Installment loan
Issue: Problem with the payoff process at the end of the loan
State: Indiana
ZIP Code: 470XX
Date Received: 2022-04-26T12:00:00-05:00
Date Sent to Company: 2022-04-26T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Keybank has repeatedly put the responsibility of obtaining title to a loan / lien that was paid in full for both a boat and a trailer. It is regulated by the FDIC and the FTC as well as state governing banking agencies to release the lien on a paid off loan and provide proof. It is also law to have a registered agent for service when you are an employer. That RA does not have to be in the state doing business, it is the representative of the company, and we now live in Indiana. Your company will have to travel here when we sue you. We are going to complain to the FDIC, the FTC and your state banking commissioner as well as re open the CFPB complaint and expect monetary compensation for the process of trying to calmly and legally obtain legitimate documentation for title to the trailer for which you provided a loan. If you transferred this title then you need to provide that information as we have not received it, the original note ( attached ) shows you provided financing orginally for said trailer. Why are you not able to provide the title? You stated on the phone that we have to go to the state of California to obtain title, but you said the option has " expired '' in your letter so which is it? How this complaint is now not the same is you are putting the responsibility on us, the consumer, to obtain title for a trailer you financed and admit you did not provide final title and release of lien for, that is illegal. Before we simply asked for the title but now stating there is an expired timeline falls to you as well as if you sold this loan we were not notified. We demand all documentation of that sale, for the title of the trailer as well as your registered agent information in the state where you hold your company licensing, as well as the title for the trailer. If we can get it from California so can you. Since we were not notified of this change of title / ownership of the loan we expect due process from your company. As well, how are we to research this new loan / lender without information from you : i.e. no new loan number, no address, no name, no reference to the trailer? Since we paid the loan off after moving to Indiana you had our new address, we also had a forward from our old address and are friends with the new owners who have mailed us mail that did not forward. There is simply no excuse for this behavior or the fact that you dropped the ball, likely sold the loan, did not inform us and now are trying to place blame on us. Due process and normal course of business require you to act in good faith. We will not go away and the complaints will escalate and become bountiful.
Frequently Asked Questions
What is Complaint #5502508 about?
Complaint #5502508 was filed against Keycorp regarding Payday loan, title loan, or personal loan specifically about Problem with the payoff process at the end of the loan. It was received by the CFPB on 2022-04-26T12:00:00-05:00.
How did Keycorp respond to this complaint?
The company responded with: "Closed with explanation". 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 (Payday loan, title loan, or personal loan) and describe your issue in detail.
Can I see other complaints against Keycorp?
Yes, visit the Keycorp company profile at readthecomplaint.com/company/keycorp 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.