Consumer complaint received 2023-10-13
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: FL
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Repossession
Sub-issue: Loan balance remaining after the vehicle is repossessed and sold

Complaint:
To whom it may concern, Please accept this letter as a formal complaint against Bank of America and XXXX XXXX XXXX dba XXXX XXXX. XXXX XXXX XXXX XXXX, XXXX, FL XXXX. This company used a potentially fraudulent scheme to invest my work capital in an illegal XXXX XXXX. 
On XX/XX/XXXX, I went to XXXX XXXX to purchase a used vehicle for my company. I needed to replace my old vehicle due to mechanical problems that would exceed the value of the vehicle. They quickly realized that it was my first time buying a car through a dealership, having a credit report higher than XXXX points, and having frozen my work capital because of the pandemic. 
I am a well-known musician in XXXX and I was not able to work during the pandemic. I was the perfect subject for entrapment and they offered to sell me the vehicle of XXXX XXXX XXXX, the owner of the dealer. They assured me that I could make great money renting the vehicle. They also told me that they have high-demand vehicles and that I could rent them, and in return, it would be a profitable business. 
They made false promises about these vehicles. One employee started to do the paperwork and another one told me false stories about XXXX dealer 's customers who followed their advice and they are getting rich in the XXXX XXXX Furthermore, it has come to my attention that I was also a victim of the " yo-yo scam '', a deceitful practice where I was told to sign paperwork while distracted by various people rushing me while they were negotiating with multiple banks and urging me to go give cars a test-drive while important details and information were being withheld. 
I was the target of entrapment techniques, at the same time they applied to XXXX different banks ( Bank of America, XXXX XXXX Bank, XXXX XXXX, XXXX XXXX  ) because my excellent credit score was too easy for them to get the loan, for the XXXX vehicles taking my work capital with the sole purpose to obtain money and benefits. 
After doing some research, I realized that they had lied to me because I don't have a license for a XXXXXXXX  XXXX. I had to pay approximately $ 6000 monthly to the Banks for the loans plus the insurance under my name without being able to open a XXXXXXXX XXXX 
The licensing process with the state , county, and city was very slow during the pandemic. After XXXX hours I returned to the dealer to return the vehicles and they told me I wasn't able to return them because the banks already paid for them and everything now was through the banks. 
I was told that they, unfortunately, have to achieve their sales goal for the month and they could not accept the cars back. After 4 months of making {$24000.00} payments, two cars were returned to the banks, and one was repossessed. 
Many violations by the dealer were committed in the Consumer Credit Transaction ( CCT ), Truth in Lending Act, and Consumer Law to my person. I have been calling the bank for the past two weeks trying to get the car contract that they were supposed to send me as soon as I got the car and it was very hard, I believe they recognize the big mistake and type of scam they did. After two weeks of contacting the banks to get the contracts that I was supposed to get as soon as I got the cars, they gave me a very hard time, I believe they realized all the bad things and the big scam involving me. ( ex. On the XXXX XXXX XXXX XXXX, they put a greater number of brand-new ones, a $ XXXX - $ XXXX plus the high-interest rate was added to the price we agreed to for all the rest of the cars, everything between the dealer and bank behind me ) I must emphasize that this situation involves not just one, but two distinct cases ( a criminal one and the civil one ).

The seriousness of these allegations can not be overstated. At this point, I lost a lot of contracts for not having the money to pay my employees, my credit score was completely damaged so I wasn't able to get capital to grow my business, and my personal life now is in a very bad situation, all because I was a victim of XXXX XXXX Dealer fraudulent scheme. 
Vehicle XXXX XXXX XXXX XXXX XXXX, XXXX : XXXX Bank of America. Account # XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation