• Report: #1071297

Complaint Review: Summit Credit Union - Greensboro

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  • Submitted: Tue, July 30, 2013
  • Updated: Tue, July 30, 2013

  • Reported By: SWTaliaferro — WinstonSalem North Carolina
Summit Credit Union - Greensboro
8210 West Market Street Greensboro, North Carolina USA
  • Phone: (336) 662-6200
  • Web:
  • Category: Loans

Summit Credit Union - Greensboro Lending Practices Include Student Loans in Deferment/Forbearance Greensboro North Carolina

*Consumer Comment: It is only a matter of time.

*Author of original report: To Robert

*Consumer Comment: Seems pretty straight forward

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Summit Credit Union (Greensboro Administrative Offices) unfairly decline loans for people with student loans. I spoke directly with Amy Holly, the lending manager. When questioned about the various reasons for the denial of my loan, once again I got the run around. I had been approved TWICE; once for an auto refinance and then for an auto loan. Sarah Jones always checks with her manager to make sure all is well before loan submission. At the last minute, and after numerous phone calls and emails, I found out they withdrew their approval. This left me frustrated and inconvenienced.

Amy Holly, the lending manager, became flustered when I told her that I had been approved twice and the outstanding issues on my credit report were there and discussed when I opened my checking account. I joined for the 'perks' and 'ease' of auto buying. 

She said:

1. They don't have set standards on length of time out of bankruptcy.

2. Student loans are included in DTI because "they don't know what can happen" in the future.

I told her I did not include additional income that would offset my student loans but she did not offer me to send in that information so the loan could be reviewed.

When I asked her about length of time out of bankruptcy, she went from "no particular amount of time" to "we look for two years". I was told the bankruptcy presented a problem and was told later that it did not. 

Which one is it?

I never got an understanding of why my loan was denied, and the few reasons I was given seemed made up because they sounded good. It took too long for someone to call or email me back and when I told Ms. Holly that I used to be a lending manager, that I was working on my PhD, and that I taught business and finance as a teacher and adjunct professor, she crumbled and got me off the phone with the "two year" bankruptcy requirement, not remembering that she had just said something different.

It is never okay to tell a customer one thing and then revoke that decision. While Ms. Holly was not rude, she certainly was curt, could not provide concrete answers to my questions, contradicted herself a few times, and tried to say I was asking for "approval for future loans" when I was merely asking for Summit's lending requirements. When I was a manager I knew my company's requirements and those of our competitors.

Needless to say, I have my Benz being sent to me with an auto approval from another lender. You would think a credit union could do something if the other lenders could. None of them included my student loans because the car will be paid off before the student loans are due to be repaid.

All Ms. Holly had to do was ask for my additional income but she never did. Are lending practices with Summit always going to be this bad? I don't know. Include ALL of your student loans and wait two years like Ms. Holly said.

Summit does need to revise their policy for the inclusion of student loans, but employees like Sarah Jones, Jessica (Cloverdale location's manager), and Amy Holly need to provide better customer service. I would have written up my employees if a customer was handled this way.


This report was posted on Ripoff Report on 07/30/2013 08:53 AM and is a permanent record located here: http://www.ripoffreport.com/r/Summit-Credit-Union-Greensboro/Greensboro-North-Carolina-27409/Summit-Credit-Union-Greensboro-Lending-Practices-Include-Student-Loans-in-DefermentFor-1071297. 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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REBUTTALS & REPLIES:
1Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

It is only a matter of time.

AUTHOR: Robert - ()

You make it work with what you have?   I really hope that you never disclose the University or College you "teach" at because just based on what you wrote here it would be a very bad for a University to have someone with your "qualifications" teaching..of course there is that old saying.  Those who can't..teach.

It may not be today that you have issues, it may not be this month, it may not even be this year..but it will happen.  There will be a time you have "credit" issues again.  Only this time you won't have a BK to fall back, or if you are beyond the limitations on that the BK trustee is going to has a lot of hard questions as to why it is your 2nd BK. Oh and since Student Loans are non-dischargable anyways it will be very interesting to see how you can "make it work" with "what you have"..because what you have won't be enough to cover all of your expenses.

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#2 Author of original report

To Robert

AUTHOR: SWTaliaferro - ()

I did everything I was supposed to do.

Other than aggregate student loan repayments (which most banks don't do), I had a problem with with customer service.

It's only straight forward from your perspective because you are not me and you haven't been involved from the beginning like I was. This has been going on for more than two weeks.

I do have an approval and my car is on it's way. Apparently my situation wasn't bad at all because I had more than one approval and I'm soon a drive a Benz (E class).

Good luck analyzing! I'm a great teacher and I can make it work with what I have. Apparently so.....pre approved credit card, new home....

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#3 Consumer Comment

Seems pretty straight forward

AUTHOR: Robert - ()

I never got an understanding of why my loan was denied, and the few reasons I was given seemed made up because they sounded good

- They seemed made up?  You mean you don't have a Bankruptcy?  You don't have a Student Loan in Deferment/Forbarance? 

Here is probably what happened.   You had a person take your loan APPLICATION and made sure that everything on the APPLICATION looked good.  They may have even given you a PREapproval, which is just a yea..based on the very basic information you can probably get a loan.  But it is NOT anywhere near final approval where they actually look at your history. 

The fact is(and something as a person who says they were a lending manager should know) is that they are right, there are no hard and fast rules as to a BK.  But the GENERAL guideline is 2 years of SOLID POSITIVE history.  If after the BK you had even a single late payment they may feel that you did not really learn and are still a high risk.   So just how long ago was your BK?

 I told Ms. Holly that I used to be a lending manager, that I was working on my PhD, and that I taught business and finance as a teacher and adjunct professor,

- Yet, you have a Bankruptcy and basically borrowing your way through an education.  Have you learned the meaning of Irony?

None of them included my student loans because the car will be paid off before the student loans are due to be repaid.

- Really, you can 100% guarantee without exception that you will make it through the entire program?  Because if you don't the student loans become due 6 months after you leave.

All Ms. Holly had to do was ask for my additional income but she never did.

- And all you had to do was tell them you had additional income..which you didn't.

 

As to other banks..a very good question is since you used to be a lending manager why didn't you start with your old bank?   How about what interest rate and terms did you get with this bank, as an ex-finance manager I think it would be great to see what you could get with a BK and who knows what else on your record.  And to be honest..it is also a bit of an "honesty" check because if you are well outside of the range everyone would know you are just full of BS...of course if it is within a specific range..everyone will know you must not be a great teacher if you accepted those terms.

Now, I don't want you to name this lender.  Instead take a look around for reports on that bank and check out how they handle people who are late on their payments...you may find the results very interesting and something to think about.

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