ED Magedson – Founder
Arizona Federal Credit Union5151 North 19th Avenue Phoenix, Arizona USA
Arizona Federal Credit Union Unbeliebable LIARS - AUTO LOANS NOT AS DESCRIBED Phoenix Arizona
The following occurred during the week of June 9,2014. I made a withdrawl from the Arizona Federal Credit Union branch at 5151 North 19th Avenue in Phoenix. The teller I was dealing with informed me that there was a message that I was pre-approved for a car loan of up to $15000 if I acted within the next thirty days.
LIE #1 - it wasn't $15000. I spoke to Loan Service Consultant Jennifer G. at this branch. She took all of my information and went to the loan underwriters in their office. The loan amount shrank to $12000. I asked what happenned to the $15000 amount. Coldly informed with no explanation that that amount wasn't possible.
LIE #2. Was provided a listing of cars that the Credit Union had available to purchase from CENTENNIAL LEASING on 56th Street in Phoenix that would be within the loan amount What I was informed was that there was five different vehicles that met the criteria - including a 2007 Toyota Corolla with 56000 total miles. [continued below]....
LIE #3. The car actually had 78000 total miles on it. Then I received a call from Danny M at CENTENNIAL LEASING stated that the car was there and would be ready in three days - they wanted to touch up paint a spot on the car and have it detailed.
LIE#4. Received a call on June 13, 2014 from Danny M at CENTENNIAL LEASING informing me that I needed to come to their location at 480 North 56th Street in Phoenix to "complete loan paperwork". Strange, I was told that I had loan paperwork all completed by Loan Consultant Jennifer G. at the Arizona Federal Credit Union.
LIE#5. Suspicious of Danny, I immediately called Jennifer G. at Arizona Federal and was told that I would need to put $1900+ DOWN PAYMENT on the car, after I was previously told by her that the loan amount would cover sales tax, inspection and license. This was the first time I was told I would need to pay nearly $2000 out of pocket costs. I informed Jennifer to call Danny, call the loan underwriters, and CANCEL THE FREAKING AUTO LOAN!
LIE#6 - Arizona Federal Credit Union and Centennial Auto Leasing openly participant in what is known as a Yo-Yo auto financing. Telling the lendee that they have approved financing and lining up the sale of a specific vehicle. Then they unethically drop the "down payment" need on the lendee at the last possible moment. I had gotten car insurance for this vehicle and made the "binder payment" to Progressive Insurance.
My recommendation: never do business with Arizona Federal Credit Union and Centennial Auto Leasing - EVER!
This report was posted on Ripoff Report on 06/13/2014 02:53 PM and is a permanent record located here: http://www.ripoffreport.com/r/Arizona-Federal-Credit-Union/Phoenix-Arizona-85015/Arizona-Federal-Credit-Union-Unbeliebable-LIARS-AUTO-LOANS-NOT-AS-DESCRIBED-Phoenix-Ari-1154667. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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