I had an auto loan through BMO when I bought my new car from the dealarship. The frist month I wanted to pay extra on the principal so I paid $100 more than the payment. When I looked later they didn't apply the extra to the principal but to the next payment (so they get more interest). I called and complained and they fixed it and said I would have to send in 2 checks, 1 for the regular payment and another for the extra with a letter asking for the additional to be applied directly to the principal. I did this and sure enough, they applied it to the next payment again. This went on for 4 months before I said enough is enough and refinanced through my local bank. Now BMO wont send my local bank the letter of termination for the loan I had through them and it has been almost 2 months. We are still waiting for the letter so I can get a refund on the GAP insurance I bought through the dealarship and so my local bank can finish paperwork and send the title to the Secratary of State Office.
Long story Short: This bank is absolutely horrible at doing the basic requirements and fulfilling their obligations. I would not go through this bank unless you have no other options.
I applied for a line of credit a month ago. For all intents and purposes the loan was approved two weeks ago, because the bank filed and received a loss payee on my homeowners insurance policy. I have contacted my banker and she cannot explain why the approval to close the loan has not been given. This in spite of several calls to the people in charge of giving the O. K. No one seems to know what the problem can be at the lending facility. I have dealt with banks for over 50 years, borrowed several hundred thousand dollars and have never encountered such disregard for customers.
CARL D. HUGHES
We recently obtained an auto loan - the dealer hooked us up with bmo harris who had a good rate. We got a coupon book (haven't seen those in awhile) but there is no way to make payments online unless you have a checking account with them. You can make same day payments over the phone for a fee. When i called them they suggested i make payments through one of their branches. Their drive through lanes are really archaic. The third payment i made was "lost". I called and couldn't use the phone information service unless they mailed me a pin. Waited on hold forever and got a person - they called the branch who couldn't find the payment. I'm hoping to get a loan elsewhere and pay bmo off but now i have a "used" car (bought 5 months ago) so i probably won't get as good a rate. I'm so frustrated. I'm going to start mailing the payments and hope for better results