• Report: #701760

Complaint Review: SUNTRUST BANK

  • Submitted: Wed, March 02, 2011
  • Updated: Mon, June 06, 2011

  • Reported By: anoymous — Jacksonville North Carolina United States of America
SUNTRUST BANK
919 E Main St Richmond, Virginia United States of America

SUNTRUST BANK REFUSES TO RELEASE TITLE AFTER LOAN PAYOFF (REFINANCE) BY ANOTHER FINANCIAL INSTITUTION Richmond, Virginia

*General Comment: Why

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On May 31st, 2010 I purchased a brand new 2010 Toyota Prius and had the vehicle financed through Suntrust Bank. In July of 2010, I had the vehicle refinanced for a lower interest rate with "Bank B". I took a check for the balance of loan in full from "Bank B". Stamped on the back of the check from "Bank B"were instructions and the forwarding address for Suntrust to send the title to the new lienholder. I was later contacted by mail by "Bank B" expressing that they have not received the title from Suntrust and it is my responsibility to obtain the title and ensure that "Bank B" receives it. Suntrust Bank failed to provide me with a copy of the title to my vehicle.

I contacted Suntrust in September of 2010 and made my initial complaint to the Better Business Bureau, after receiving numerous correspondence from the current lienholder, "Bank B" in regards to the failure of the title, (collateral) being provided and threatening to increase my interest rate. Communication was facilitated through BBB between Suntrust and myself and it was agreed upon speaking to a supervisor that she would request a copy of the title from the North Carolina BMV in Raleigh and have the title sent fed-ex to me after she receives. She informed me this process would take between 6-8 weeks. Suntrust again failed to send me the title.

I am in the militaryand I was scheduled to deploy by the end of January 2011 to Afghanistan so I was hoping to have this resolved prior to my departure. On February 15, 2011 a 2nd complaint to BBB was filed again in regards to Suntrust refusal to send me the title to my vehicle. To, since the complaint has been filed, Suntrust has not initiated any contact with me. I have contacted Suntrust and I was informed that they will not send me a title they will only send me a lien satisfaction letter and they refuse to send the title to "Bank B", even though they were initially instructed to do so at the time full payment was made for the balance of the Auto Loan. Suntrust accepted funds from "Bank B" and refuses to give them the collateral. It will be going on a year soon and I still have not received the title to my vehicle. I am currently deployed in Afghanistan. My wife, has legal power of attorney and authority to handle all business and financial matters that may arise in my absence.

Desired Resolution is for Suntrust to send me a copy of the title for the vehicle in which I refinanced and have it mailed directly to my address  in c/o my wife with the proper tracking information provided so that I may ensure the title is received by the current lien holder, "Bank B" in my absence.

This report was posted on Ripoff Report on 03/02/2011 12:35 PM and is a permanent record located here: http://www.ripoffreport.com/r/SUNTRUST-BANK/Richmond-Virginia-23219/SUNTRUST-BANK-REFUSES-TO-RELEASE-TITLE-AFTER-LOAN-PAYOFF-REFINANCE-BY-ANOTHER-FINANCIAL-701760. 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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#1 General Comment

Why

AUTHOR: brownsong - (USA)

Why won't your bank accept the satisfaction of lien? This is all they should need. You can get the title from the DMV once it is paid off.
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