Consumer complaint received 2023-05-01
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NC
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Struggling to pay your loan
Sub-issue: Denied request to lower payments

Complaint:
After giving birth I was unable to return to work following maternity leave because of being diagnosed with XXXX XXXXXXXX and XXXX XXXX rendering me unfit for employment. I began to fall behind on my vehicle loan with Bank of America at that time and in XX/XX/XXXX my oldest child was enrolled in college and I had to make tuition payments totaling $ XXXX so I reached a point where I had to choose between making my full car payment or paying the tuition payments. During these times ( XX/XX/XXXX and XX/XX/XXXX ) I contacted Bank of America to explain my circumstances and work out an alternative payment arrangement and I was denied. 

My vehicle was repossessed on XX/XX/XXXX despite a payment of {$580.00} being made two weeks prior on XX/XX/XXXX and no notice that the vehicle was in danger of repossession. I contacted BOA on XX/XX/XXXX to find out the past due amount to recover the vehicle and was told they demanded full payment of {$27000.00} immediately or they would be selling my vehicle. I made several calls to BOA over the next week again explaining the exact circumstances that caused me to fall behind and that there was no way I could come up with {$27000.00} but I did have the full past due balance available to pay right away and I would be returning to work the following week as long as I had a vehicle and I would be able to make on time payments again going forward. I was denied and told by a repossession supervisor it would be more lucrative and beneficial to BOA to resell the vehicle rather than to let me resume the loan. 

I also keep receiving conflicting letters and the credit reporting continues to be inaccurate. Payments made 5 days late are being reported as 30 days late and months when payments were made on time and in excess of the monthly amount due are shown on my credit reports as being 90 days past due. The balance is also being reported as {$31000.00} from XXXX as if no payments were made when the actual amount due was {$26000.00} at the time of repossession. It is also being reported as XXXX for XX/XX/XXXX ( a payment was received on the due date of XX/XX/XXXX and XX/XX/XXXX ) and XXXX for XX/XX/XXXX although it was not. It was also reported as past due for XX/XX/XXXX although it had already been repossessed and sold by that time and all further payments were refused. I received a letter on XX/XX/XXXX stating the vehicle was sold at auction for more than the balance owed. Then it appeared on my credit report as a charge-off. I then received a letter on XX/XX/XXXX stating the consumer reporting agencies would be updated to reflect " account settled for less than the full balance '' although it was paid in excess. I then received another letter on XX/XX/XXXX stating the account was overpaid in the amount of {$2200.00}. 

I called BOA today XX/XX/XXXX and asked for an updated letter stating the actual facts of the repossession and the sale with amounts and dates and was told that is not something they can provide. It is my understanding that their calculations were incorrect and my vehicle should have never been repossessed at the time it was because I was not as far behind as they claimed but due to the used car shortage being experienced now it was more beneficial to them to move forward with the repossession. I am unable to return to work now because I work in home healthcare and must have a vehicle to drive to see patients. I also can not purchase another car because this loan reflects so poorly and inaccurately on my credit reports.

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 monetary relief