Consumer complaint received 2026-06-09 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: BMO BANK NATIONAL ASSOCIATION
State: FL

Complaint narrative:
I am filing this complaint against BMO Bank N.A . regarding the servicing of my boat loan, including the accuracy of my principal balance, interest charges, payoff amount, payment application history, and BMOs failure to provide a complete account ledger. My original loan documents show an amount financed of {$72000.00}, an APR of 6.99 %, a 240-month term, and payments beginning on XX/XX/XXXX. BMO acquired/serviced this loan after XXXX XXXX XXXX XXXX I have requested that BMO provide a complete life-of-loan payment and transaction history beginning with my first payment on XX/XX/XXXX. I need this ledger in order to verify whether my payments were properly credited, whether interest was accurately calculated, whether payments made above the amount due were properly applied, and whether my current payoff amount is accurate. BMO has not provided the complete account ledger necessary to verify the balance it claims I owe. Without this information, I can not confirm how my current principal balance, interest charges, paid-ahead status, and payoff amount were calculated. This is not simply a request for general account information. I am formally disputing the accuracy of the loan balance, interest charges, payoff amount, and payment application history. Based on the monthly statements available to me, the payment application history is unclear and incomplete. Several statements show that I paid more than the stated amount due, yet substantial portions of those payments were still applied to interest. My statements also show that my account was advanced to a future due date in XXXX, but BMO has not provided a full reconciliation explaining how those paid-ahead amounts were applied, credited, or accounted for in the payoff calculation. In addition, I previously mailed a separate payment with written instructions that it be applied as a principal-only/principal reduction payment. BMO did not initially apply that payment correctly. After I contacted BMO and specifically requested correction, BMO reallocated one payment to principal. This confirms that BMO is capable of reallocating payments, but BMO has not reviewed or corrected the broader payment history or provided a full accounting. My concern is that payments made above the statement amount due may have been applied in a way that advanced my due date rather than reducing principal as intended, which may have caused my principal balance and payoff amount to remain higher than they should be. I am trying to verify the accuracy of the debt being collected, but BMO has not provided the complete records needed to do so. I am asking the CFPB to require BMO Bank N.A . to provide : A complete life-of-loan payment ledger from XX/XX/XXXX through present ; A transaction-by-transaction breakdown of each payment, including payment date, effective date, posting date, amount received, amount applied to principal, amount applied to interest, amount applied to fees, and running principal balance ; The statement balance and amount due for each billing cycle ; Any outstanding interest balance shown or carried forward for each billing cycle ; Any late charges, miscellaneous fees, or other charges assessed ; Any reallocations, reversals, corrections, adjustments, or payment application changes made to the account ; A written explanation of how my current principal balance was calculated ; A written explanation of how payments made above the statement amount due were applied ; A written explanation of how my account became paid ahead and how the future due date was calculated ; A full payoff reconciliation showing principal, accrued interest, per diem interest, any fees, any paid-ahead balance or future installment credit, and how any paid-ahead amounts were treated in the payoff calculation ; Copies of any account adjustment records, servicing notes, payment allocation records, payoff calculations, or other documents that affected the balance ; Correction of the account balance, interest charges, due date, and payoff amount if BMOs records show that payments were misapplied or interest was incorrectly charged. I am requesting that BMO provide a complete written response with supporting records, not a general summary. I need the full loan payment history and balance calculation to verify the accuracy of the debt being reported and collected. I am also requesting that BMO preserve all account records, payment histories, servicing notes, internal communications, call notes, chat records, payment allocation records, payoff calculations, account adjustment records, and any other documents related to the servicing of this loan.

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