My Dad passed recently. It has been a sad time for those of us who knew him. I had his car shipped from his residence in Florida to Massachusetts to take care of some body work. I decided to keep it because it was a cute 2010 Scion with low mileage and I thought it would be a great around-the-town car. I visited the local Bank of America office to see what it takes to get the Title transferred. They advised me that I have 60 days to pay the vehicle off and said thank you very much.
As a followup, I received a letter stating in quotes “We would like to extend our condolences upon hearing that our valued customer passed away”. What does it mean that this sentence is in quotes? Does it mean they don’t really mean it? Does it limit their liability?
The letter continues “The Bank will allow you 60 days in which to obtain financing for the collateral with a new lender and pay the Loan balance in full (the “Forbearance Period”), so long as the Loan payments remain current during the Forebearance Period. If, however, the Loan payments become past due or the Forebearance Period expires, then this letter shall also serve as written notification that: (i) The Bank is declaring the Loan in default; (ii) The Bank is accelerating the Loan balance; and (iii) The Bank intends to repossess the collateral securing the Loan.”
If you look at their web site, you will see wonderful hyperbole like, “Bank of America is committed to helping homeowners understand all their financial options.” or “See how we’re supporting small businesses, helping customers in financial need and giving to local communities through our lending and investing programs.” Or the best, “Bank of America is lending, investing, and giving to help make our communities great places to live and do business.”
Is this how they show they care? Whatever happened to your friendly neighborhood bank of yesteryear? Since when are these tactics acceptable to the American people? Where is the outrage that these Banks (so large that we can not allow them to fail) have become dictatorial, anti-family, anti-community and anti-American? Is our only recourse to cease and desist?