Consumer complaint received 2019-12-05
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: NY
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:
I secured a car loan from Bank of America for a new XX/XX/XXXXXXXX XXXX after they offered me a better interest rate. ( My original loan was from XXXX ). I continued to make my car insurance payments directly to XXXX via automatic deductions from my bank account. Unfortunately, the car was written off after a bad accident during a rainy night on XX/XX/XXXX. I contacted the insurer ( XXXX ) who informed me that they, without my knowledge and proper notification, cancelled full coverage on my car. However, I did not receive any of the letters that they claimed they sent requesting pictures of the car for full coverage purposes. They continued automatic deductions from my account, so I was not aware of the change in coverage until I contacted XXXX. I was also shocked to find out that BOA was not aware that the car did not have full coverage as they continued to accept my automatic payments each month. After the accident, I spoke to at least 10 of BOA employees after calling almost every day and got transferred to many departments. After many times of calling, no one gave consistent advice. I was completely misinformed about what to do moving forward. I was offered a write off by the Towing company and XXXX ( the other party involved in the accident ) but was unable to move forward because the lien holder was BOA. BOA reps informed me to get a new tile with them as the lien holder, which they were, and they will take the car back and " write it off. '' Unfortunately, at this time I became unemployed. When I got the title from DMV, I called BOA and was informed by another employee that they will not write the car off. This employee told me to surrender the car as a repossession which I agreed. It took a long time for them to pick up the car, and after several more phone calls I spoke to a XXXX XXXX who put me through to the repossession department. 
After a long six months, they finally picked up the car. Then, they sold the car for far less than what I was offered. Additionally, they tacked on repossession expenses and commission on the sale. BOA is now making harassing phone calls about this loan balance that has totaled to an amount of {$10000.00}. In turn, this balance has ruined my credit and is threatening collection using aggressive collection tactics. I have lost my down payment and my monthly payment that I have invested over two years, nonstop, for this car. I am now left with a ruined credit and threatening calls from BOA. I think BOA engaged in unfair practices by providing me with false and deceptive information. For instance, they told me to get them on the title as a lien holder then conveniently informed me to have them repossess the car, which I voluntarily did and now I had no recourse. I feel that consumers are constantly being taken advantage of by these financial institutions. In looking back, it seems that BOA used this vulnerable situation to try to remedy their title deficiencies and then used a bait and switch technique after they received the documentation and the car. I am now left without a car, a big loan and bad credit.

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