Fifth Third Bank Consumer Loan Complaint

Vehicle loan Taking out the loan or lease

Fifth Third Bank Consumer loan department,

Vehicle loan Taking out the loan or lease California

I took an auto loan from Fifth Third Bank in - of 2014 via a Car dealership. I was actually approve dby a different institution but the car dealership suggested I will save more money if I were to go with Fifth Third Bank. My monthly payment is $440.00, but I have been paying $500.00 for the past 7 months, despite this, when I compared my loan info and payments compared to online loan calculators, I learned that I have been paying a lot more in interest charges due to the manner in which Fifth Third Bank is compounding interest, this was never explained to me either by the dealership nor by the Bank. I believe this is very misleading, pernicious and predatory practice. Can the CFPB please investigate this?

Fifth Third Bank customer in California
May 16, 2015

* Source: CFPB Complaint Database

Fifth Third Bank response to complaint:
Closed with explanation

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