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As a direct lender, First America Credit prides itself on customer satisfaction. It was with shock and dismay that I stumbled upon your complaint. On behalf of the First America Credit team, we are sorry to hear you had such a bad experience. I believe there may be a misunderstanding about estimated loan amounts and approved loan amounts.

Estimated loan amounts presented at our website are based on an applicant’s loan application.  Estimated Line of Credit amounts are subject to final approval and validation of an applicant’s information.  Unfortunately, often an applicant’s stated income or other information is found to be inaccurate or mistyped.  If the application is accurate, the estimated loan amounts are exactly what the customer receives (if he qualifies).  It sounds like there was some confusion relating to the customer’s application.  Even when a customer’s application contains errors, we still strive to provide some amount of loan to our customers, and we regret that this effort to accommodate our customer caused dissatisfaction with First America Credit.

In regards to the payments that were set up, there are no pre-payment penalties with First America Credit.  And, by paying off the loan quicker with higher principle payments you are saving money on the interest.  First America Credit offers allotment/direct payments to customers for the ease and convenience of repayment without the hassle of remembering when your payment is due.  We greatly apologize if there were any misunderstandings about setting up the allotment.  Rest assured, our loan officers will make every effort moving forward to be clear about the set up of their allotment/direct payment for a Line of Credit.

Regards,

First America Credit