JPMorgan Chase & Co. Consumer Loan Complaint

JPMorgan Chase & Co. Consumer Loan department,

Vehicle loan Managing the loan or lease Oregon

I have a car loan with Mazda Capital Services ( serviced by Chase ). My minimum monthly payment is $290.00. I have paid, from the beginning of the loan on, $300.00 each month, with the expectation that the $9.00 paid over the minimum monthly payment amount be applied towards principal on the loan, reducing the principal for the remainder of the loan, and in effect also reducing the interest for the remainder of the loan. Upon reviewing a monthly statement from Chase, I came to the realization that Chase has been applying the monthly payment overage to the following payment by default. I contacted Chase on -/-/2016 at - - -, and spoke with a representative by the name of - - I explained to - that applying payment overage to the next monthly payment coming due is not in the best interests of the consumer, as it effectively cheats them out


I asked - to reapply my payments retroactively so that the overage from the first payment made on the loan on has any amount paid over the minimum monthly payment amount applied to principal, in effect reducing the interest paid from date the payment was made on, due to the reduction in principal that occurred on the date the payment was made. - stated she could only reapply the amount paid towards the next payment currently coming due to principal. I explained to - how doing that would reduce the principal as of today, and in effect reduce the interest paid on future payments from today on, but would, whether intentional or not, effectively cheat me out of the reduction in principal and interest I would have seen had the monthly payment overages been applied retroactively from the first payment made on the loan on, as I had requested. I insisted - honor my request and have the payments reapplied as I requested, retroactively, and asked to speak with a supervisor. - advised me that she would have a supervisor contact me in 24 hours. I explained how I feel that a business open for business should have a supervisor available when I call in, stated I am willing to wait on the line to speak with -, and that is unacceptable to have - call me back in 24 hours. I work - jobs during the week, and called on a weekend because this is when I have the time available, and see the call back as a way to prevent me from following up and resolving this issue. Ultimately, - agreed that her only option would be to have a supervisor call me back in 24 hours, so I am unable to wait on the line to speak with a supervisor to resolve this today, not due to my own decision, but rather due to Chase 's choice in how they do business.