Consumer complaint received 2017-05-10
Company: BMO HARRIS BANK NATIONAL ASSOCIATION
State: MN
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Loan balance remaining after the vehicle is repossessed and sold

Complaint:
To Whom it May Concern : I am writing a complaint in regards to an outstanding balance I owe to BMO Harris Bank for a XXXX XXXX XXXX that is affecting my credit score. I am writing because I feel as if I was treated unfairly. I was going through a divorce at this time and I owned a XXXX XXXX XXXX, loan through a different bank, and my husband at the time owned ( loan was in my name ) a XXXX XXXX. When we separated I was left with the two cars and was not able to pay for both so I need to get rid of one. I went to XXXX XXXX, where I had bought my first car, to see if they would help. At this time, I had no idea what I was going to do with 2 car loans. When I arrive at XXXX they had told me I could trade in both my vehicles, both had depreciated value, and get a new car. Once this was in place I bought a XXXX XXXX XXXX. Going through the process of the loan, the car was worth around {$24000.00} but with both my bad equity from the two cars I already owned I ended up getting a loan for {$35000.00}. My car payments turned out to be around $ XXXXmonth for 7 years, which is very high. I said ok due to knowing I had to get rid of one car and being in a very emotional a distressed state of mind due to the divorce and worries of the payments I would have to make for 2 cars. I have made the payments for about 2 years and at that point was going through a transition with jobs due to the company going out of business so I returned the car back to BMO Harris. Once BMO Harris took the car they were to auction off the car, I received a letter stating the car was sold for around {$12000.00}. This still didnt cover what I owed to BMO. I still owe BMO Harris Bank {$17000.00}! I dont understand after making payments for so long that I would not even make a dent in my loan. I do not feel I should have received this loan in the first place knowing that it was too high of payments and income but that it was well over the value of the car its self. This is on my credit as a delinquent payment and is putting a hold on my future of buying a house. This has affected me with being able to be approved on even an apartment due to the bad credit. I dont feel I was treated fairly and was taken advantage of by being in a vulnerable state of mind, being very young and naive. I have requested from the bank to receive the loan agreement, payment history, and the auction amount but was denied this information. What I would like to see in the end if we could settle a balance on the car that is manageable to pay off that would make sense for all payments I have made or possibly forgiving the loan. I would like to buy a house in the near future but this has put a hold on things. Not only has this been a problem to get a house but this has been a problem everywhere. I would like to settle things to see my future in a better place. Sincerely,

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