Bank rep said my loan was current

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Jun 5, 2018
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Due to unemployment I fell behind on my car loan in 2017. My loan eventually went into repo status with my bank. I continued to make regular and extra payments to bring my loan current. On April 4, 2018 the repo was put on a 10 business day hold until because I was almost caught up, On April 24, 2018 I called my bank to make a payment on my car loan for an agreed amount. The bank rep told my on a recorded line that the amount due was less that what I had planned to pay and if I paid that amount today (April 24) that my loan would be brought current including the repo fees. I was excited about that because on April 4 the rep said its possible something can be done about the repo fees. And just to be sure I asked the rep to confirm that the lesser amount that she quoted to bring my loan current was correct. I even asked what happened to the repo fee and the rep replied that their isn't a fee on my account, and She confirmed to me that what she quoted was correct and I could start making my regular bi-weekly payments online (I wasn't able to do this while my loan was in repo status) beginning May 1, 2018 directly from my online bank account. So I made the payment that day and my regular payment on May 1, 2018 with no problems. Then when I attempted make my 2nd bi-weekly payment on May 14, 2018 I discovered that an additional amount was required and I couldn't make the online payment. So I called my bank and was told that even though my loan is no longer in repo status I still have to pay the repo fee. So since May 14, I've been trying to get my bank to honor what was quoted to me on a recorded line. I've been told several times that a manager would call me to discuss the matter. I received two calls but I was working and couldn't take the call but I did call the manager who left a voice mail and different phone from the usual. Everytime I call the rep promises that a manager will call within 72 hours but no manager has called me since Mid May. My last call was from my banks collections department (June 4 2018) and the rep made the same promises about a manager call and every rep I've talked to after April 24 said that the rep on that day made a mistake. But I don't believe that. I believe she quoted what was in the system on April 24, then someone went back into the system and re-instated the repo fee, probably so they could get a bonus. Also I was told any lesser amount I pay on my loan would be applied to the repo fees and not my loan so I haven't made a payment since May 1, 2018 and now I'm receiving delinquent notices from my bank. So I wan't to know is there any legal recourse to make the back honor what was quoted to me? Isn't an agreed recorded phone just as valid as a written document?
 

jsn55

Verified Member
Dec 26, 2014
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#3
I think your situation has a good chance of being resolved by the bank. You've made a concerted, continued effort to bring your loan current ... you've demonstrated that you want to pay the bank for your car, as agreed. However, not making your payments recently really negates this positive situation.

I suggest you compose a concise, polite letter and submit per our Company Contacts advice. If we don't have them for your bank, call the bank to find out to whom to send an email. Admit that you should have been making your payments in May and are ready to catch your account up now. Mention something positive about your experience with this bank, and be very polite. If you want to post a draft of your letter here, we'll be glad to review it. Sometimes people who work in an office don't understand that some of us "work in the field" or have jobs where we are not allowed to make or receive personal phone calls. Gently remind the bank of that fact. Good luck and please let us know the outcome.
 
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Likes: Neil Maley
Mar 23, 2015
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In my younger days, I worked for both a credit union (always use credit unions people!!) and Bank One. I would suggest going into a branch of the bank if you can. Phone tag and misunderstandings are far too easy when you're communicating solely over the phone and it's much easier to see you as "an account" rather than a person trying to do the right thing than if you're standing in front of them. Most have half days on Saturdays if you can't go in during the week. Good Luck!
 
Jul 27, 2016
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#5
The underlying issue here is: under the terms of your loan, do you owe the repo fee or not? If you do, then, while it's unfortunate that the rep made an error in saying that you didn't, the bank is fully in its rights to fix that error. It doesn't sound like you've been harmed by the error, since it's not that you spent money or bought a vehicle you otherwise wouldn't have purchased. As an example, if the price on the menu is $10, you order the item, eat it, and are then told it's actually $15, then you definitely have a right to complain. If the price on the menu is $15, but when the bill comes it's only listed as $10, but after you give the waiter your credit card he comes back and says oops, the bill misprinted, it should have been $15 (the menu price), that's a bit annoying, but doesn't exempt you from paying $15.

All this said, if you don't actually owe the repo fee, then that's a totally different situation. Do you have the text of your loan contract? What does it say about the circumstances under which a repo fee may be charged?
 
Jun 27, 2017
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You asked: "Isn't an agreed recorded phone just as valid as a written document?" Do you know for certain that your conversation with the bank rep was actually recorded - as in you have a copy of the transcript? And do you have this rep's name, along with date and time of your call?

I'm not a lawyer, but I think a recorded conversation is NOT as valid a written document. I would suggest you review every line of your written contract. Also, pull up or make note of EVERY payment you've made with printed proof - like a copy of the check or printout of your bank statements.

If your loan is with a bank that has a branch in your city, I would suggest you meet with someone - perhaps a loan officer - to review your documents and perhaps restructure your loan. If there is no branch in your city, you might visit the bank where you have your checking account. A loan officer may be able to explain how your loan works. Please handle this matter as soon as you can. This problem will not go away. And best of luck to you.
 

jsn55

Verified Member
Dec 26, 2014
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#7
Absolutely agree that sitting down with a bank officer is the best way to get this unscrewed. It's worth taking off half a day to do so. I hope you can make this happen.