Consumer complaint received 2024-09-24 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Loan opened without my consent or knowledge
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: TX

Complaint narrative:
On XX/XX/XXXX, my husband and I visited Bank of America for an appointment scheduled via the bank 's application with XXXX XXXX XXXX, a bank agent. We specifically requested a Spanish-speaking agent, as my husband does not fully understand XXXX. Upon arrival, XXXX XXXX assisted us, mentioning that while she was not fluent in XXXX, she could understand it. We agreed to proceed with her assistance. 

Our primary goal was to secure a loan to purchase a new car. However, the most important aspect for us was to first pay off the remaining balance on our current vehicle to reduce the interest rate. I directly asked XXXX XXXX if it would be possible to request a {$30000.00} loan, use {$19000.00} to pay off the existing car debt, and use the remaining amount to purchase a new vehicle. She assured us that this was indeed possible. She explained the interest rates, terms, and options for a new car loan, and I repeatedly emphasized that our main objective was to pay off the current loan and use the remainder for the new car. XXXX XXXX consistently affirmed that this could be accomplished with a new car loan. 

Trusting her guidance, my husband and I decided to proceed with the application. We asked if it would be better to apply together or separately, as I earn more than my husband, but he has no debts. She advised us to apply jointly, which we did with her assistance. We completed the application, believing that her advice was sound, as we were dealing with a reputable institution where both of us hold checking accounts. 

We spent over XXXX hours at the bank that Saturday. After submitting the application, we left. On Monday, we received a notification that the loan had been approved, but with an interest rate close to 12 %, which we found quite high. On XX/XX/XXXX, we returned to the bank, but XXXX XXXX XXXX was unavailable. XXXX XXXX XXXX assisted us instead and spoke to us in XXXX. When we explained our situation, XXXX XXXX XXXX informed us that it was not possible to pay off an existing debt with a new car loan. Such loans are exclusively for the purchase of a new vehicle. 

At that moment, we realized that we had been misinformed. We were deeply concerned, as my husband and I have always taken great care to maintain good credit in the United States. We understand the importance of preserving a strong credit score. XXXX XXXX XXXX tried to assist us by contacting the bank 's loan application department to attempt to reverse the application and prevent any negative impact on our credit. 

It is crucial to highlight that we initiated a formal complaint within Bank of America, but unfortunately, XXXX XXXX XXXX has been dishonest throughout the investigation and is withholding important details that were communicated to us. Her supervisor, XXXX XXXX XXXX, is also aware of the situation. While initially XXXX XXXX appeared to acknowledge that XXXX XXXX had made a mistake, I later received a call from XXXX of the " investigators '' within the bank. The investigator informed me that XXXX XXXX now claims that everything in the process was done correctly and that we only mentioned our intention to pay off our existing car loan after the application had been submitted. This is a falsehood. All of our requests were made clear before the application was submitted. 


We are now seeking your assistance in resolving this matter. We were given inaccurate information by XXXX XXXX XXXX, and while we do intend to purchase a new car, our plan was to do so only after paying off the debt on our current vehicle. We do not wish for our credit to be affected by an error that was not ours, but rather the result of incorrect advice from the bank. We respectfully request that this application does not impact our credit score negatively, as the application was submitted based on misleading information provided by the Bank of America agent.

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