In 1997 I purchased a new vehicle which Bank One financed. I paid the 1st payment 3 weeks before the commence date; the payment center in Phoenix held that payment for 2 weeks before posting thus accruing $236.75 in interest before actual due date of 1st payment. This is just the beginning of Bank One's Deceptive Practices.
My contract states "We will apply each payment first to accrued interest, and then to reduce your principal balance; my Loan Summary clearly reflects 98% of all payments posted, the amount applied to the interest portion was MORE than that ACCRUED, therefore the portion applied to principal balance was LESS than what should have been, hence KEEPING THE PRINCIPAL HIGHER TO ACCRUE MORE INTEREST.
Whereas, on a simple interest loan (which mine was) the accruing interest is calculated on the principal owed & daily compounded! By keeping the principal higher than what ACTUALLY should have been, over a 72 month loan INTEREST DECEPTIVELY ACCRUED a total of $1822.83, I have BANK ONE DOCUMENTS reflecting this! Not to mention their employees going into my account & changing facts long after the happenings to accrue more interest & charges deceptively!
Bank one claims "their SYSTEM SAYS I still owe" & refuses to acknowledge or correct their system errors, consequently holding my lien release hostage! They have charged off that balance & if able to acquire my vehicle will DECEPTIVELY PROFIT $10,000.00!!!!! Leaving me VICTIM W/OUT RECOURSE!
You can forget about turning to your government for help, The Office of the Comptroller of the Currency (OCC) which governs national banks fails to uphold their duties to cease the national bank from committing these types of practices which clearly violate banking statutes, regulations & other applicable policies applicable to nationally chartered banks!
Accordingly, I have written the Arizona State Banking Commissioner, the OCC, Arizona State Governor, Senators, Representatives, and Bank One Chairman of the Board; (the only one left to write is the United States President). All of which, just like Bank One, will pass the buck, or uses elaborate talk to avoid the tangible dilemma.
This is just a highlight of my dilemma; it's too lengthily to go in depth! STAY AWAY FROM BANK ONE & I agree w/the Let's Boycott Bank One