Vehicle loan or lease -- Getting a loan or lease -- Complaint #5897712
Complaint Overview
Complaint ID: 5897712
Company: Bank Of America, National Association
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Getting a loan or lease
Sub-Issue: Changes in terms mid-deal or after closing
State: Virginia
ZIP Code: 20147
Date Received: 2022-08-19T12:00:00-05:00
Date Sent to Company: 2022-08-19T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
I originally applied for an auto loan through Bank of America and was approved for an auto loan for up to {$53000.00}. I found a car at XXXX XXXX in New Jersey and the out of door price for the car came to {$44000.00}. The representative XXXX XXXX XXXX ) that was handling this transaction was in close contact with the loan rep ( XXXX XXXX ) and got the deal approved and ready to go. So I drove up to New Jersey from XXXX, VA to pick up the car. When I got there I met with XXXX and signed all the documentation and also was told that I need to get insurance for the car before driving off the lot. I called and got insurance through XXXX that cost me {$530.00} to initiate the insurance. XXXX then sent over the insurance binder to XXXX XXXX. This was all done on XX/XX/2022. Now I get a call on XX/XX/XXXX, XXXX from the Finance Manager at XXXX XXXX and they are telling me that Bank of America has not sent over the funds yet because Bank of America is only covering {$37000.00} of the car and I need to come up with the rest. I do not see how this is my issue when the sales rep and the loan rep approved everything before I drove all the way up to New Jersey and now they are telling me that I need to come up with the remainder of the money or return the vehicle. This has been impacting my livelihood in the worst way and is extremely inconvenient for me to go all the way out of my way to drive there for them to tell me this almost a month later.
Frequently Asked Questions
What is Complaint #5897712 about?
Complaint #5897712 was filed against Bank Of America, National Association regarding Vehicle loan or lease specifically about Getting a loan or lease. It was received by the CFPB on 2022-08-19T12:00:00-05:00.
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.