Vehicle loan or lease -- Problems at the end of the loan or lease -- Complaint #4986840
Complaint Overview
Complaint ID: 4986840
Company: Bank Of America, National Association
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Problems at the end of the loan or lease
Sub-Issue: Unable to receive car title or other problem after the loan is paid off
State: Tennessee
ZIP Code: XXXXX
Date Received: 2021-12-07T12:00:00-05:00
Date Sent to Company: 2021-12-07T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
My wife and I owned a XXXX XXXX XXXX XXXX recreational vehicle ( RV ) that we purchased and financed through Bank of America in XX/XX/XXXX. There was never an issue with the monthly payments or any other issue that could have created issues at the termination of the loan. On XX/XX/XXXX, we sold the RV to a couple from XXXX, TX. The couple financed the purchase with a loan from XXXX XXXX XXXX XXXX XXXX for the amount of {$240000.00}. The payoff of the loan would have been approximately {$150000.00} leaving an over payment of approximately {$91000.00} which should have been sent directly back to us. As of XX/XX/XXXX, we have not received the over payment or a satisfactory answer as to why we have not received the funds. The check from XXXX XXXX was sent 2nd day XXXX to Bank of America on XX/XX/XXXX. The check arrived at their facility in XXXX, FL, on XX/XX/XXXX, at XXXX AM. See attached. I received notice on XX/XX/XXXX, the payment had been applied to my loan and the account was paid off. During the period from XX/XX/XXXX to XX/XX/XXXX, Bank of America continued to charge me interest on the loan. I was informed by BoA that the overage amount required it to be held for 3 weeks so they could verify the funds. I had just a few days earlier had a conversation with a BoA employee who stated he had verified the check and all was good. This didn't appear to make any difference in the 3 week waiting period. I was also informed the over payment would be available for release on XX/XX/XXXX. On XX/XX/XXXX, I contacted BoA regarding the payment and was told I would have to wait an additional 3 business days to have the funds transferred to my BoA checking account. It is now XX/XX/XXXX, and I have not received the funds nor can any of the dozen or so " associates '' I've discussed this issue with provide me with a date as to when I'll receive my funds.
Frequently Asked Questions
What is Complaint #4986840 about?
Complaint #4986840 was filed against Bank Of America, National Association regarding Vehicle loan or lease specifically about Problems at the end of the loan or lease. It was received by the CFPB on 2021-12-07T12:00:00-05:00.
How did Bank Of America, National Association respond to this complaint?
The company responded with: "Closed with monetary relief". 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.