ED Magedson – Founder
Summit Credit Union - Greensboro8210 West Market Street Greensboro, North Carolina USA
Summit Credit Union - Greensboro Lending Practices Include Student Loans in Deferment/Forbearance Greensboro North Carolina
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.
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/reports/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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