• Report: #725635

Complaint Review: J.P Morgan Chase

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  • Submitted: Wed, May 04, 2011
  • Updated: Sat, December 31, 2011

  • Reported By: NDN — Hillsboro Oregon United States of America
J.P Morgan Chase
P.O Box 31167 Tampa, Florida United States of America

J.P Morgan Chase CHASE auto finance Using my car payment to cover fee's that we were contesting. They repo'd my car with no notification Tampa, Florida

*General Comment: FYI

*UPDATE EX-employee responds: "Right to Offset"

*Author of original report: The situation is not as you think.

*Consumer Comment: Why On Earth WOULD They Tell You?????

*Consumer Comment: They Lie?

*Consumer Comment: NDN, It appears that JP Morgan Chase can do whatever they want because it looks like they're part of an 'Organized Crime Syndicate'........

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They repo'd my car with no notification at all. When they gave us an amount to get my car back,which we collected, they then said that they did not want to continue finacing us. We were told by them, that they would not report it as a repossesion until the 6th of this month so that we could find another way to finance the car. They lied. And now I am stuck. Help!!!!

This report was posted on Ripoff Report on 05/04/2011 01:51 PM and is a permanent record located here: http://www.ripoffreport.com/r/JP-Morgan-Chase/Tampa-Florida-33631/JP-Morgan-Chase-CHASE-auto-finance-Using-my-car-payment-to-cover-fees-that-we-were-conte-725635. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 5Consumer 0Employee/Owner
Updates & Rebuttals

#1 General Comment

FYI

AUTHOR: blank - (United States of America)

A bank does not have to give a warning when its going to repo a vehicle if you do not live in a "Right to Cure State". Also when they give you the amount you have to pay to get your vehicle back they are going to ask you to pay all late payments, late fees, repo fees, and any other fees they accured finding you trying to contact you, and picking up your vehicle.
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#2 UPDATE EX-employee responds

"Right to Offset"

AUTHOR: W. - (USA)

I think I understand what you are saying now, assuming you are being 100% truthful, that the payments you made on the car loan were in fact diverted to pay the outstanding balance on your checking account that was overdrawn and closed, correct? If so, what you are experiencing is a clause in the account disclosures called "Right to Offset" which basically means that they can take money from ANYTHING with your name on it, and apply it to a debt. For example, say you were behind on your car payment by $300 and got your direct deposit from your job; they could take the $300 from the checking account if they wanted to (assuming you had the loan and account at the same place). You probably had your account back when it was Wasington Mutual, which is when I started and left when it became Chase, and unfortunately you kept the account open. What I can tell you now is to come to a credit union (assuming you aren't on Chexsystems), you will be very happy that you did. I even learned that Chase now has a clause on their credit cards that if you are late on another loan with them, say your car loan, but NOT late on your credit card, they can STILL charge the default rate on the credit card since you were late on SOME loan with them; right now the rate is 29.99%. Bottom line now, GO OPEN AN ACCOUNT AT A CREDIT UNION, AND KEEP A CHECK REGISTER SO YOU DO NOT SUFFER ANY OD/NSF CHARGES!
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#3 Author of original report

The situation is not as you think.

AUTHOR: NDN - (United States of America)

See the thing is that I made all of my car payments early and they were more than was required. We use to have a checking/savings account with Chase. They docked us with a lot of overdraft fees that were not correct and we were contesting them. The Chase account existed and was closed as our checking/savings, before I got the loan for the car. They decided that they could take our car payments that were made out to Chase auto financing and apply them to the charges that we were contesting.
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#4 Consumer Comment

Why On Earth WOULD They Tell You?????

AUTHOR: Jim - (USA)

You can protest all you want but the bottom line is you were late on your payment(s) and they took action to protect the security for the loan, the car.  Its all perfectly within the terms and conditions of the contract...just like the terms and condition that YOU would make each and every payment on time, everytime. 

The repo was done to PROTECT their security...the car.  Why in the hell would they give anybody advance notice.  That would be pure nonsense.

And by the way, I don't work for them.
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#5 Consumer Comment

They Lie?

AUTHOR: Robert - (U.S.A.)

When you got the loan you made a legal agreement that said you will make a set number of payments for a set amount.  If your car was reposessed that means that you were delinquent, so you were actually the one who lied.

Your car was used as security for the loan.  You were late on your payments.  When you got the loan it was in the paperwork that if you are delinquent they may reposess it.

Would you have made your payment if you were notified?  If that is the case all that says is that you were gambling and delaying on paying them as long as you could.  Unfortunatly it looks like you lost the gamble. 

As for them not wanting to finance you anymore.  Most finance companies will allow you to continue paying on the loan if you get current.  For them to request full payment, they are basically saying that they don't think you are going to be able to complete the loan payments.  If that is the case, even if they didn't report the reposession it sounds like the chances of you getting a loan with another company would be about zero.

So if you don't pay off the loan and you can't come to some other agreement they will sell the car at auction.  It will sell for dramatically less than your loan balance, so you will still owe the remainder.  If you don't pay that they may come after you through collections or filing a civil suit against you.
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#6 Consumer Comment

NDN, It appears that JP Morgan Chase can do whatever they want because it looks like they're part of an 'Organized Crime Syndicate'........

AUTHOR: Karl - (USA)

according to information available on the web.

If you 'Google' this- WHO OWNS THE FED BANK, WHO CONTROLS WHO VIDEO, you can watch it on the web. The charts being displayed in the beginning of that video are also available on the web.

Just 'Google' this- WHO OWNS THE FED?, and go to the site with the 5 charts. You'll see that JP Morgan appears in 'Chart 1', right?

It also appears that the Federal Reserve not only controls the banking system in the USA, but they also control the U.S. Government. If you 'Google' the following videos and watch them on the web, you might come to that same conclusion-

AMERICA: FREEDOM TO FASCISM
FRONTLINE: INSIDE THE MELTDOWN
FRONTLINE: THE WARNING
ELIZABETH WARREN ON THE ECONOMY NOW ON PBS
THE OBAMA DECEPTION
YOUTUBE FALL OF THE REPUBLIC

Try contacting your Attorney General's office to see if you have any recourse. Just do a 'Google' search to find out who your Attorney General is and to get the physical address and email address, so you can file a complaint, okay?

Good luck to you!

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