Vehicle loan or lease -- Managing the loan or lease -- Complaint #5262112
Complaint Overview
Complaint ID: 5262112
Company: Bank Of America, National Association
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Managing the loan or lease
Sub-Issue: Problem with fees charged
State: Georgia
ZIP Code: 30127
Date Received: 2022-02-25T12:00:00-05:00
Date Sent to Company: 2022-03-14T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I took out a loan for a used vehicle with XXXX XXXX XXXX. I have made many payments in person and online. Because I am paid ahead till XX/XX/2024 I want to make principle only payments. I am not able to do that online and when I went into the office I was told I can't make principle only payments there either. That the computer decides. So far, every payment I've made they take out a finance charge. I don't think this is right. I was also charged XXXX years worth of car insurance, life insurance, and auto club fee without telling me. When I noticed the additional charges that same day they removed the fees when I provided my XXXX page from my insurance company. Had I not noticed these charges I would have been paying 2 car insurances. What I don't agree with is my finance balance would not have incured so much finance charges. Those fees were almost {$7000.00}. They issued me a check which I applied to the account but the original bal was calculated with a higher amount and a higher f/c was applied. I feel I'm due the credit and the f/c should be based on the correct amount of the vechicle. I'm concerned about the people that are taken advantage of when they do not know they are paying these unnecarsary fees.
Frequently Asked Questions
What is Complaint #5262112 about?
Complaint #5262112 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 2022-02-25T12:00:00-05:00.
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.