Vehicle loan or lease -- Managing the loan or lease -- Complaint #4496036
Complaint Overview
Complaint ID: 4496036
Company: Bank Of America, National Association
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Managing the loan or lease
Sub-Issue: Billing problem
State: Texas
ZIP Code: 76148
Date Received: 2021-06-27T12:00:00-05:00
Date Sent to Company: 2021-06-27T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Bank of America has misrepresented its loan as a simple interest loan and that isn't entirely true. Additional payments are not applied to principal, they are applied to future payment without authorization. The net result is the consumer gets overcharged. I have contacted the bank several times about this and they intentionally make it difficult, requiring a 45-minute call. The rep always says the bank will have someone go back through the account and correct the error but it hasn't happened and it has been over 90 days. The regularly scheduled payment is {$610.00} on auto pay and it has never missed a payment. Here are some examples of misapplied principal payments made in addition to the {$610.00}. XX/XX/2021 a {$1000.00} payment was applied as a regular payment instead of principal. They pulled {$5.00} out as interest plus the additional future interest. XX/XX/2021 a {$300.00} principal payment was applied as a regular payment. {$20.00} was removed as interest plus additional future interest. I have filed a prior report on this with the CFPB. Bank of America sent me an e-mail to contact them and I did. I left a voicemail with no response call back or email from Bank of America. Again, it has been several weeks and no changes have been made to the account to correct the issue.
Frequently Asked Questions
What is Complaint #4496036 about?
Complaint #4496036 was filed against Bank Of America, National Association regarding Vehicle loan or lease specifically about Managing the loan or lease. It was received by the CFPB on 2021-06-27T12:00:00-05:00.
How did Bank Of America, National Association respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Vehicle loan or lease) and describe your issue in detail.
Can I see other complaints against Bank Of America, National Association?
Yes, visit the Bank Of America, National Association company profile at readthecomplaint.com/company/bank-of-america-national-association to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.