Consumer complaint received 2025-09-10 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Managing the loan or lease — Billing problem
Company: BMO BANK NATIONAL ASSOCIATION
State: DE

Complaint narrative:
Formal Complaint Equipment Loan Statement & Prepayment Concern with XXXX XXXX a BMO Bank N.A . 

I am submitting this formal complaint concerning an equipment loan I entered into on XX/XX/XXXX, through XXXX XXXX, A Program of BMO Bank N.A . for the purchase of a forklift for my company. The loan agreement is for a XXXX term at 0 % interest, with a monthly payment of {$480.00} due on the XXXX of each month. 

We ( husband/business partner ) signed the contract ( attached ) on XX/XX/XXXX and I have made the following payments since signing, which are substantially larger payments each month, ranging between {$2000.00} and {$3000.00}, with the intent of accelerating payoff of the loan. 

XX/XX/XXXX - {$2000.00} - Check # XXXX XX/XX/XXXX - {$2000.00} Check # XXXX XX/XX/XXXX - {$2000.00} Check # XXXX XX/XX/XXXX - {$2000.00} Check # XXXX XX/XX/XXXX - {$2000.00} Check # XXXX XX/XX/XXXX - {$2000.00} Check # XXXX XX/XX/XXXX - {$3000.00} Check # XXXX These payments have been made reliably and in good faith, well in excess of the minimum payment obligation. The total of the loan was {$23000.00} and I have made {$13000.00} in payments and the credit showing on my dashboard is {$11000.00}, which by my calculations I should have a balance of {$10000.00} for payoff. I did ask for statements in XX/XX/XXXX and through their portal a couple of times. I also asked for a payoff today - XXXX and XXXX said she will get that information to me within XX/XX/XXXX hours. 

However, I have only received one monthly statement ( attached ), which was in XX/XX/XXXX, and have received no documentation since then reflecting my ongoing payments or showing my remaining loan balance. 

After speaking with a representative named XXXX today, I was informed that the company does not provide monthly statements. She also referred me to an online dashboard, which only shows a credit balance of {$11000.00} with no running payment history, no applied amounts, and no indication of current principal owed. 

I have attached the following documentation with this complaint : - A copy of the signed loan agreement, - A full record of all payments Ive made since XX/XX/XXXX, and - A screenshot of the lenders dashboard that was provided to me as the only access to my account status. 

In that conversation, XXXX also pointed me to Section 4 : Prepayment of the loan agreement, which reads as follows : Subject to the terms of this provision, you may prepay the indebtedness under this Agreement in full ( but not in part ), so long as you are not in default hereunder. If you make a prepayment in full, you must pay ( a ) any accrued and unpaid late charges and other amounts due under this Agreement, plus ( b ) assuming timely payments and a XXXX year of XXXX XXXX months, the outstanding balance of the Principal Amount as of the date of prepayment. The provisions of this Section will not apply to any prepayment made as a result of a casualty loss, which shall instead be subject to the provisions of Section XXXX ( Risk of Loss ). 

I am deeply concerned that this language is being used to justify the lender 's refusal to provide regular statements or to apply my overpayments transparently. If I am making larger payments than required each month, it is critical that I have visibility into how they are being applied, and toward what balance. 

The lack of documentation, refusal to provide statements, and the ambiguity of the prepayment clause raise potential concerns under Regulation Z of the Truth in Lending Act and basic account transparency practices. 

I am respectfully requesting the CFPB to : 1. Investigate whether this lender is in violation of any federal or state consumer lending laws ; 2. Determine if the Section 4 prepayment clause is being used unfairly to prevent early payoff or to avoid applying excess payments properly : 3. Require the lender to provide : - A complete payment history, - The current payoff amount, and - A written breakdown of how my excess payments have been applied to date. 

Thank you for your time and consideration. I am available to provide further information upon request.

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