Bank of America Sucks
1 rating since posting on Thursday, January 20, 2005
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Bank of America: Who DOESN'T hate Bank of America? I leased a Honda Civic through B of A for 5 years...(bad decision #1 - leasing). I was supposed to have the "option to buy" at the end of the lease. About six months before the lease was up, I applied to buy the car and they wouldn't sell it to me stating that my credit was not good enough, even though I probably only made one or two late (approx. 30 days) payments to them in the 5 years I had the car. My father offered to co-sign, he has excellent credit. Still, they would not sell me the car. They referred me to "Fleet Bank" who told me that if I were bankrupt, they might be able to work something out. I called Customer Service at B of A to find out my options. I had gone over my mileage quite a bit in 2002 when a personal tragedy had me commuting from Placentia to a full time job in Beverly Hills (50 miles each way), thus my mileage penalties were going to be about 4,500 dollars. They told me that I could sell the car to a third party. I found a buyer. When I found a buyer, I bought a RAV-4 from Capital One...another bank that sucks, BTW. I called up B of A, told them I had a buyer. I also informed them that my last 3 car payments were running behind because I had to buy a new car, since they wouldn't sell me theirs. They told me that would be fine. Well, it wasn't fine. Instead, they decided not to sell it to the buyer, they repossessed the Honda, and sent me a letter stating that I owed them 6000, minus the 2000 they auctioned it for, for a total of 4,000 and began to harrass me and my father, who had nothing to do with the original lease, via phone. I ended up settling with them for 2000. Okay, even if I was wrong on my end, being that I was over the mileage and unable to pay my last three car payments, consider this bad business decision... The third party who wanted to buy the lease from me had very good credit. The car's blue book value was only about 6,000 and the third party buyer would have paid about 8,000 (once interest was included)... Instead they repossed it and made half that amount. Not a very good financial decision for a financial institution. Not to mention, they just suck...so much being a loyal customer for 5 years gets you... - Unsubscribed , posted 01/20/05 |
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