While this all seems a little complicated, it’s really quite simple. I bought the vehicle in January of 1997 and began making payments in February of 1997 as agreed and billed. The fact that I made all 47 satisfactorily is not a matter of dispute as there is a credit report that provides clear evidence. At the end of 4 years, on January 6, 2001, I took the vehicle back to Dallas at their request as satisfaction for the last payment. (see reprint of contract regarding last payment options)

So, after 4 years of faithful payment and the safe return of their property at their request, Bank of America concludes that I “voluntarily allowed them to repossess” my vehicle according to Craig Andrews who is a Bank of America manager in North Carolina. I had a 25 minute phone conversation with Mr. Andrews on June 23, 2006. Click here if you would like to know how Bank of America deals with people who have a problem. While Lee Payne and Van Le, who are retail bankers for Bank of America, agree that there is something very inconsistent in their contracts. Mr. Andrews, on the other hand, says that Bank of America’s position is that I owe them $8342.47 and that they stand behind the contract as it is on the paper.

In other words, I have to prove that I don’t owe the money even though it is painfully obvious that their contracts are flawed and that something is amiss. To put it in plain English, they simply don’t care about what has happened to me and my family. In my opinion, they see this whole matter as a business opportunity.

I found out what happened to my account only by opening a checking account at Bank of America and forming a relationship with a local banker who wanted to help me. He actually printed these screen shots from their internal Merlin systems. You can see that internally their documentation makes no sense. They have a 48 month term but a 60 month agreement beginning January 1996 and ending in January 2001. As of July 25, 2006, on Experian Credit Reporting service they still show that my account was a 60 month agreement and that it was charged off and repossessed. None of those things are true nor are they accurate.

So far, Van Le (local banker) has offered that if I will pay the 8342.47 they say that I owe, that they will agree to expunge this matter from my credit record. Isn’t that nice? Great customer service….although, it is an upgrade from Craig Andrews position stated above.

The day before my credit was ruined; my credit score was north of 720. After Bank of America made their report to the credit agencies, it had dropped to a stunning 541.

I have filed suit in Texas State Court in Travis County. Click Here to see the Petition.

Based on my experience with Bank of America, I will never have a loan agreement or anything of the kind with them again. I will never put myself into a position where, through their error, they can ruin me financially for over 5 years.

I would like the readers of this website to understand that I have done everything I can, including writing letters, to resolve this matter amicably. In the end, litigation is my only alternative.

Thank you for reading. If a big corporation or bank has damaged your credit wrongfully, I would be interested to hear your story and your outcome if you have one. Email a write up like this one.

Best regards,

Clay Weger
Austin, Texas