Consumer complaint received 2017-09-27
Company: BANK OF THE WEST
State: MN
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Fraudulent loan

Complaint:
XXXX XXXX, XXXX I was contacted by a dear friend regarding the potential of co-signing for a loan for a vehicle. As I spoke with her on the phone she was at XXXX XXXX XXXX XXXX XXXX and speaking with XXXX XXXX XXXX XXXX ), a representative for financing through The Bank of the West. XXXX was firm not wanting myself to be a co-signer for her vehicle. As XXXX and I spoke, he took the phone introduced himself and stated that he had a simple solution to XXXX dilemma. That would be borrowing my credit for a period of 4-6 months. At the end of that time the loan would be rolled over into XXXX name and because the loan was placed with Bank of the West, they ( the bank ) would help XXXX re-establish her credit. He stated that once you are with Bank of the West, you become a lifetime member and she could even place her mortgage with them. When we ask XXXX what was the amount of the car he stated {$25000.00} plus tax and title, which quickly rose to {$34000.00}. He stated that he works with the bank that does this type of creative financing all the time and there would be no problem getting the loan rolled into XXXX name. I stressed that I could not have a vehicle loan, for my comfort level, which it most definitely needs to roll over into XXXX name as soon as possible. I wrote a check to XXXX for {$500.00} down payment and was told by XXXX that {$300.00} of the down payment will be refunded to you once the loan is accepted by the bank, usually within XXXX weeks. The down payment check of {$300.00} did come back made payable to me. 
XXXX spoke with XXXX regarding the vehicle she had at the time. He stated that her loan on that vehicle would be taken care of once she dropped the car at the dealership where she purchased it. He actually drove the car back to the dealership and stated : this vehicle is a piece and should go back to the dealership. When we questioned him, he stated that the dealership would auction the car to pay off the loan and XXXX credit would be fine. That this happens all the time, so there is no problem. 
We started to sign the paperwork and XXXX actually signed one document ( Product Price and Payment Disclosures for Installment Sales ) and was quickly told that she is not to sign additional documents until the loan would be rolled into her name. XXXX had asked about insurance and XXXX gave her insurance information. While we were signing another gentlemen came into our conversation stating that, here is how the payment drops once the loan is in XXXX name. He showed us on paper the reduction of the payment over the next 6 months and that would help XXXX. 
Shortly after the transaction, XXXX insurance company stated that she was not insured on the vehicle because it was not in her name. I, same day went to my insurance company to insure the vehicle. 
We waited the 6 months, actually going into the 7th month. I called the General Manager of XXXX, XXXX XXXX, ( XXXX ) and have left several messages for him to return my calls, to date not a return phone call. I reached out to XXXX XXXX. He answered one of my calls and at that time he said he was driving and stated ; he remembered me and the transaction and that he works with several banks that would be able to handle the roll over and that he was driving and would call me back within an hour. He also said he was surprised that we had not rolled over the loan yet. I waited, after not receiving a return call ; I reached out to call him back and only got VM. I have left several VMs to date not a return call. 

Why would a business in a small community treat the consumers this way is beyond me. I have contacted the BBB with a fraud/scam report and I have also sent a fraud report to the Attorney General. I feel we were duped/scammed into what I now known as a Straw Deal and it is my understanding that this type of dealing is illegal and causes harm to the consumer. 

What I would like for the end result is the loan removed/satisfied with no repercussion to my credit. I feel that the unfair sales tactics and lending fraud did harm to a single mother and to me that has caused significant stress and has bound my credit with unwanted debt, just to make the sale happen. We were lied to and deceived there was never intention on XXXX XXXX or XXXX to re-finance the vehicle.

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