I traded my 2003 Honda CR-V in back in June of 2006. The lien holder is Chase Automotive.
All dealers (and anybody with a pulse) must use an automated system to obtain payoff information for trade-ins. My dealer was quoted a payoff on June 26 2006 and a check was issued for the QUOTED AMOUNT to Chase on June 29.
I (foolishly) assumed everything was taken care of and enjoyed my new Jeep (I hated that Honda).
It turns out the automated quote is not the ACTUAL AMOUNT of the balance. My dealer was quoted short and Chase logged it as a "Short Payoff". I didn't understand why bills started showing up with Chase on the envelope. Stupidly, I ignored them.
After ten phone calls today, fifteen transfers and one service rep telling me off?! I gave up. They insist they have no record of automated quotes. One rep even went so far as to say that they have nothing to do with that system.
Add to this the fact that my wife paid off her loan with this corporation on her minivan in 2007. And Chase has still refused to release the lien! So we cannot even sell that car even though she has owned it for nearly a year!
AVOID ANYTHING TO DO WITH CHASE... PERIOD!
Product or Service Mentioned: Chase Bank Loan.
Monetary Loss: $382.