• Report: #999804

Complaint Review: Navy Federal Credit Union

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  • Submitted: Sat, January 19, 2013
  • Updated: Sat, January 19, 2013

  • Reported By: Familyof3 — Williamsburg Virginia United States of America
Navy Federal Credit Union
Mooretown road Williamsburg, Virginia United States of America

Navy Federal Credit Union Per-approved car loan changed rates day after acquired Williamsburg, Virginia

*Consumer Comment: I Believe the Original Poster

*Consumer Comment: Check the Navy Federal CU website

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We went to our local navy fed. branch to inquire about loan rates that were advertised. On December 31 2012 we were approved for a car loan of a 2011 or newer with low miles at a great rate. After discussing the year make and model of the car we were looking for the loan officer answered all our questions and we decided to have the credit check and get the pre-approval.

We decided on the car that fit the criteria on 1/16/13 only 16 days later, and called Navy Federal Credit Union to make sure everything was good to go. We were told that a 2011 car is not part of the deal any longer because its now 2013 so only a 2012 and 2013 wold qualify for the said interest rate.

How can we sit and speak with a loan officer for 45 minuets, the day before the new year, before agreeing for the credit check and pre-approval for a car that doesn't even qualify. The ONLY reason we chose that bank was the low rates offered. So with all that was said she never thought to tell us that we would only be able to use that check for the next 16 hours after getting it!

All info given was misleading and false, now no one can give us any answers on how they will make this better for us and basically told us if we want a check for a higher amount they can offer that!! Never again, Navy Fed. I will be sure to tell everyone I know about their terrible business habits.

This report was posted on Ripoff Report on 01/19/2013 02:02 PM and is a permanent record located here: http://www.ripoffreport.com/r/Navy-Federal-Credit-Union/Williamsburg-Virginia-23188/Navy-Federal-Credit-Union-Per-approved-car-loan-changed-rates-day-after-acquired-William-999804. 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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#1 Consumer Comment

I Believe the Original Poster

AUTHOR: Mel - ()

"Moving on..."

All that you say is correct.  However, before you leap to the conclusion that the original author simply failed to check the website, let me share my story.

In 2006, I bought a new, top of the line Nissan truck.  I checked around for auto loan rates, and decided that NFCU offered the best.  I had been a member for 20 years - NFCU had my primary checking and credit card account.

I had excellent credit.  I've paid off a boat loan, and at the time had held a mortgage for approximately 13 years, all payments on time and in full.  I had no debt to speak of.  In otherwords, if the small print said, subject to approval, there is no earthly reason why I should have been forced to accept a more expensive rate.

But a more expensive rate is exactly what I was offered when I applied for the loan.  The credit union called me back after my on-line application and told me I would have to accept a 500 basis point (0.5%) higher rate than offered for a five-year car loan.  Incredulous, I asked why.  I had checked the website.  I was told that the website was "out of date."

Hmmmm.  A modern day credit union with millions of members all over the United States, billions in assets and liabilities, a long functioning, fully contemporary website... but they forget to update their loan rates.

If I were a betting man, I'd say that error only works in one direction.  Has anybody out there gotten a lower rate than applied for, because rates dropped, but the credit union "forgot" to update its website?

Sorry, but my mother didn't raise a fool.  That's bait and switch.  I took my business to Nissan, and let them finance it.  I paid off the loan in four years.  Nissan profited, my credit union lost.  It should continue to lose until current leadership is out on the street, looking for a job...

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#2 Consumer Comment

Check the Navy Federal CU website

AUTHOR: MovingForward - (USA)

If you go to the website it tells you exactly what the terms and conditions are for new vehicle financing, late model vehicle financing and used vehicle financing. It tells you specifically the years and milage considered for each catagory and the associated interest rate. This information is updated regularly and was certainly updated in the 16 days between the time you met with the loan officer and the day you purchased your vehicle. In fact, the Navy Federal website is one of the few that is so explicit in disclosing this information up front without even having to make application. There are plenty of lenders out there that are not nearly as transparent as NFCU.
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