JPMorgan Chase & Co. Consumer Loan Complaint

JPMorgan Chase & Co. Consumer Loan department,

Vehicle loan Managing the loan or lease Montana

On -/-/-, my business partner and I purchased a - Jeep Wrangler Rubicon from a person representing himself as the rightful owner. The vehicle was accompanied with a Clear, Lien Free title which we were able to verify with the state of - in which the vehicle was title. We sent the title off to our agent in - where we operate a business. A week later, our agent in - notified us that the vehicle had been reported as stolen. How can this be if we have possession of the vehicle with a lien free title? After investigating this matter further, we discovered the previous owner, now referred to as Gentlemen -, had a loan balance with CHASE BANK exceeding $37000.00. Gentlemen - offers to purchase the - Jeep Wrangler from Gentlemen - and submits payment to Gentlemen - in the form of a check, what type of check we do not know. Gentlemen - then sends check to CHASE BANK to pay off his auto loan.


gain possession of the vehicle along with a clear title after apparently writing a bad check for the - Jeep Wrangler. The premature lien release from CHASE BANK allows the - gentlemen to resell the vehicle to my business partner and I without reason for suspicion. CHASE BANK is claiming no responsibility for the matter, in fact the customer service person in their fraud department I spoke to stated, " it is our policy to release a lien on a vehicle immediately once we receive a check for the loan amount. '' Regulation CC of the Electronic Code of Federal Regulations allows banks to place holds on checks to prevent this fraudulent activity from happening. Under subpart C of the E-CFR, section 229.38, CHASE BANK is liable for any losses incurred.