Scotia nightmare: no car title after three years!
This is an open letter to Jacqueline Sharp, CEO of Scotiabank Jamaica.
Dear Mrs Sharp,
I am writing with disappointment and dismay of an ongoing incident with your bank that continues to cost me a great amount of money. I'm even more disappointed that, to date, I have received absolutely no response from your team to my letter that I sent about this same matter on March 22, 2016.
I purchased a car more than three years ago through a loan with your bank. After deciding to list the car for sale, an interested buyer expressed interest and started his loan process to purchase my car (also through Scotiabank). The buyer's loan was approved, but as the process neared completion, he (buyer) advised me that his banker has been unsuccessful in retrieving my car title from Scotia's Mandeville branch where my loan is being held.
I contacted my loan representative, who advised me that he's on vacation and gave me the contact to "a member of his staff who will assist me".
After several futile attempts to reach this representative, I decided to contact the tax office, where I was advised that it does not have a title printed for my car.
As explained by the tax office, when Scotia submitted the documents for my car, there was information missing from/incorrect with the lien. The tax office sent the documents back to Scotia for this to be corrected. It's now three years later and the tax office has said to date, Scotia has not resubmitted my documents to the tax office. As such, a title was never printed for my car.
I finally reached your Scotia representative, who advised me that it will take six weeks for my title to be printed. When I told her that I am not in a position to wait six weeks because I will lose my buyer and I need to close this loan as soon as possible because I am making great sacrifices to be able to afford the monthly payment of $35,000, she advised me that there is nothing that the bank can do because that is the process that the tax office uses.
After eight weeks, I finally got through to the Scotia representative, who advised me that she just received a batch of titles from the tax office, however, mine was not among them, which means that I had to wait even longer. My ordeal has dragged on without an ounce of apology from the Scotia representative, the loan officer, or the branch manager, who evidently has been made aware of this matter.
In fact, in all my conversations with Scotia, I've been made to feel like the bank is doing me a favour and that I have no choice but to wait, regardless of how long this whole matter takes to be resolved.
Naturally, I have lost my first buyer, as well as two other interested buyers whom I have not been able to engage because I do not have a title for my car. Meanwhile, I continue to make my monthly car payments of $35,000 every month to Scotia - and God forbid I should miss one of these payments.
Is it fair now for me to continue to pay my car loan having lost so many buyers because of a blatant breakdown in Scotia's system?