Company: Banco Popular de Puerto Rico

Company:  Banco Popular de Puerto Rico 

Nature of Complaint: Vehicle lease; Taking out the loan or lease 


Response from Company: Closed with explanation

Complaint:  I have a lease auto loan and I want to payoff the pending amount. The Bank ( Banco Popular de Puerto Rico / Popular Bank of XXXX XXXX ) is calculating my cancellation amount using the Rule XXXX. In addition, they claim a cancellation fee. Therefore, I ‘m receiving a double penalty ( using rule XXXX + cancellation claim ). Does the federal code allow use of rule XXXX? It is like a penalty for the consumer who want to pay off the loan before the loan time. Does using double penalty is allowed?. ( 1334869)


Submitted on 4/17/15 by a consumer in PR