Consumer complaint received 2024-11-13 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Credit denial
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TN

Complaint narrative:
I am submitting this complaint because I was discriminated against by Bank of America during a consumer credit transaction. On XX/XX/year>, I applied for an auto loan ( Application # XXXX ), and on XX/XX/XXXX, I received an adverse action letter denying my application. The reasons for denial were contradictory, vague and referencing generalized credit issues without specificity or explanation of underwriting guidelines. 
As part of my application, I included a tender payment to claim and accept all titles, rights, interests, and guaranteed equity on behalf of the principal, XXXX XXXX. I also instructed the bank to apply the principals balance to the account each billing cycle for set-off purposes. 

These instructions were sent to Bank of Americas XXXX, XXXX XXXX, three times via certified mail. These communications were accompanied by a Power of Attorney ( POA ) and notice of my capacity as the registered agent for the principal. 

On XX/XX/year> Bank of America responded to my notice of instructions to XXXX, stating that my assertions were invalid and without merit, and they refused to accommodate my request. Despite this, they failed to provide a legal basis for their refusal or specify why the instructions could not be honored. 

Additionally, I informed Bank of America that I was at the age of majority and possessed the legal capacity to contract, yet they failed to consider this when denying my application, which I believe constitutes age discrimination. This denial has severely impacted my ability to obtain an auto loan, which is essential for generating income for my family, as I am unable to access a vehicle for daily activities, work, and family obligations. 

Bank of Americas failure to comply with my instructions and their lack of transparency demonstrate a disregard for my rights and their duties under 12 U.S.C. 1431, which outlines the powers and duties of banks in the borrowing process, as well as their violation of The Equal Credit Opportunity Act ( ECOA ) and The Fair Credit Reporting Act ( FCRA ). They have not provided a clear explanation for their denial, nor have they followed the legal instructions I provided.

In response to the initial denial, I sent a separate rebuttal letter to via Certified Mail on XX/XX/year>, challenging the contradictions in their adverse action letter. However, Bank of Americas Customer Service Center has failed to respond to my rebuttal letter. They have not responded to my challenge of credit denial letter to date. 
Their lack of response to my challenge further emphasizes their failure to provide transparency and fairness in their decision-making process. 
Bank of America failed to provide specific reasons for denial of credit as required by XXXX. 

The denial included inappropriate consideration of irrelevant credit information and failed to clarify underwriting standards. 
This bank referenced credit reports from XXXX but inconsistently stated that XXXX had no part in the decision. This lack of transparency undermines FCRA compliance. 
They failed to act in good faith or provide transparency in credit decision-making, in violation of federal regulations that mandate fairness and equity in banking practices. 
The denial of credit, based in part on age discrimination, their refusal to follow the instructions I provided as the agent for the principal, and their rejection of the tender payment I included, has severely impacted my ability to provide for my family. Without a vehicle, I am unable to : Generate income through work. 
Perform daily errands ( e.g., school drop-offs, grocery shopping, doctor visits ). 
Meet basic family needs. 

The lack of transparency, reliance on inaccurate credit information, failure to honor the tender payment, and discriminatory actions have caused emotional distress and financial harm.

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