Consumer complaint received 2017-09-18
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: MN
Product: Debt collection
Sub-product: Other debt
Issue: Communication tactics
Sub-issue: Frequent or repeated calls

Complaint:
In XX/XX/XXXX we bought a brand new XXXX XXXX boat and financed it through Bank of America. We went over 8 years without ever missing a payment. I lost my XXXX  job and started a XXXX XXXX career in XX/XX/XXXXand started draining my 401k and other retirement funds to bridge the financial gap without totally killing our life style. We sold our home on the lake in XX/XX/XXXX and downsized getting rid of our mortgage. Reduced our cash outlay but it still was not enough so we started a more aggressive ( we 've been adv. it since XX/XX/XXXX) effort to sell the boat in XX/XX/XXXX, we advertised the boat nationally and lowered the price a couple times. In XX/XX/XXXX we actually made a deal for a broker to sell it, I agreed in XX/XX/XXXX to pay him {$10000.00} upon successful sale. His name was XXXX XXXX and he ultimately sold the boat for the bank. We made the payment in XX/XX/XXXX and reached out to Bank Of America in early XX/XX/XXXX advising that we were not going to be able to make the XX/XX/XXXX payment. I advised that I was selling the boat and even offered to share the advertising but they had little or no interest in giving us any breathing room. They assigned a specialist and we talked XX/XX/XXXX, XXXX. We spoke on several occasions as with others when XXXX was n't available and all they ever wanted was to collect payment, no efforts to try and help with ever growing pressure to pay up or else. I was n't always available when BofA called but I did always call back.XX/XX/XXXX I got a call from the XXXX XXXX salesman I 've know for years that BofA was sniffing around to repo the boat. I called the broker and said time was of the essence, he called me a few days later and said he had a buyer but I told him I could not get the bank to hold off without cash. On a boat this size in the dead of winter you just do n't buy it sign unseen or without a survey. I could not get BofA to hold off and In the dead of winter, with almost 2 feet of snow on the ground and the boat locked in by at least 7 other boats they spent the money to have the marina move the boats so repo company could get to the boat and take it which they did XX/XX/XXXX and moved it down the road a few blocks to another, much smaller marina but with a fenced in yard. On XX/XX/XXXX XXXX confirmed he had a cash buyer looking to buy the boat at the price I was asking, {$290000.00}. I spent two weeks trying to get anyone to talk to me to get access to the boat sooner than later as I heard they repo company typically moved the boat to Ohio, another expense that they did not need to incur on my behalf. I finally got approval to show the boat with XXXX to his buyer and they loved the boat. There were some items I had left on the boat that were missing, it took me a few weeks to find those items and commit to the buyer that those items would be returned to the boat ( lines, fenders, grill, life jackets, flairs etc ). Shortly after through the local marina and XXXX XXXX XXXX and BofA unkown to me they advised XXXX to no longer deal with me and deal with XXXX XXXX. During the next week no one would talk to me, XXXX gave me tidbits that they were buying the boat but would n't say price or anything else. XXXX updated me on XX/XX/XXXX that the survey was done with only some minor issues and his buyer was buying the boat. I later learned after many calls that they sold the boat for {$250000.00}. That 's {$49000.00} below what the broker told may they would pay and with all the equipment we had added market value would support. This boat was meticulously maintained by the marina who maintained it since it was new, it was in fantastic shape. 
As they continued to spend money they did n't need to, the move, the repo company, the commissions they paid they finally advised me that I still owed {$41000.00} after the sale of the boat. I do not think they needed to act so quickly, they should have let me at least carry on with the buyer and I would have been able to pay it off and maybe make some money beyond what I owned BofA. Due to the weather, the location of the boat and the best marina handling it in the area, their asset was safe where it was. I do not believe they used commercially reasonable efforts to settle this situation. I do not believe I would owe them any money, I do n't believe they have a right to bill me for any dollars they have to write off or all the pain and suffering they 've put us through in the process. I do not believe they showed commercially reasonable tactics and efforts in my behalf to try and support this effort.

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