Corporate America Family Credit Union

From: AO - S[redacted], KRIS<[redacted]@cafcu.org>Date: Thu, Dec 31, 2015 at 9:43 AMSubject: Revdex.com - ID #[redacted]To: "[redacted]@myRevdex.com.org" <[redacted]@myRevdex.com.org>Cc: "[redacted]" <[redacted]@cafcu.org>, "[redacted]" <[redacted]@cafcu.org>Good...

morning, This is in response to the attached complaint.  We have checked all of our databases and do not have record of the complainant in our systems.  We only pull TransUnion credit reports for membership in our credit union but also checked our Real Estate databases and do not have record of any attempts to apply for a Mortgage or Home Equity. We have attempted to contact Mr. Stengel several times and to date, have not heard back.  Should he contact us, we will request that he provide us a copy of the [redacted] report and hope to point him to the correct financial institution as it is not Corporate America Family Credit Union. Please re-open this complaint, post our response and let us know if you have any questions. Thank you,Kristene S[redacted] | Vice President Branch OperationsCorporate America Family Credit Union | 2075 Big Timber Road, Elgin, IL 60123847-214-2006 | Fax 847-214-2072 | www.cafcu.org>empowering financial success®P Please consider the environment before printing this email or any associated attachments

I applied for a loan to refinance my car with an added cosigner and my application was APPROVED.
When I began to send over the requested documents to complete the loan process, I was given reason after reason as to why my cosigner would not be sufficient. With each reason that was given, I would send in additional documentation to back it. Then another reason would come up, I would send in additional documentation, then another reason would come up etc. This went on for a month until I was told by the loan office supervisor, Kellie [redacted] that the loan could not be approved because my cosigners pay "fluctuates" and that it needed to be "steadier".
My cosigner is an event planner, of course her pay fluctuates; however I provided proof that she makes no less than the amount that was stated on the application when it was APPROVED, but yet I was still told the loan would not go through. Many careers have pay that fluctuates.. doctors, lawyers, therapist etc. Below are the different reasons that I was given:
1. The employment letter head address does not match the paycheck stub.
- Well of course not, many actual business locations are different from where the paychecks come from.
2. The employment letter is not signed.
- I sent it back and got it signed.
3. There are no federal taxes taken out the paycheck.
- Well no, my cosigner files exempt as you can clearly see on the pay stub. I was then offered an apology from Jennifer [redacted], loan officer, for giving me the incorrect information.
4. We can not include tips or bonuses into the income.
- Fine deduct that amount and my cosigner still makes no less than the amount given on the application at the time of the APPROVAL.
5. The debt to income ratio for your cosigner is to high.
- This was the last reason I was given after it all. Mind you.. this reason came a month later after I was already "APPROVED" with my cosigner.
It is my opinion that my loan was not completed because they wanted someone to cosign with me who had "steadier" income which was the word choice Kellie [redacted] used. I do not think they wanted someone who makes a different amount of money each pay period even though the pay never falls below the amount that the approval was based of. In my cosigners employment letter, the general manager stated how much my cosigner made with the minimum being the amount given on the application. In addition to that, my cosigner had a part time job that I provided proof of and that income was not even factored into the approval amount, so it was essentially extra income. Even with that, I was still turned down.
I turned down another offer to refinance because I was given an approval by [redacted]. I wasted an entire month of sending them documentation. And even though the documentation proved everything on the application.. I was still told no in the end. I have a series of emails that can validate everything in this review.

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me. 
Regards,
Phil Stengel

Our collections department staff advised the member that loans are cross collateralized and the loans must be current before releasing the title. The member has been delinquent throughout 2016, 2x 90 days, 1x 60 days and 1x30 day. The requested documents were mailed to the member on...

November 7, 2016. Our collections department also sent the requested documents via secure email to the member on November 9, 2016. Thank you.

On 5/22/2013, this member entered into a closed end auto loan agreement by which she was disclosed the terms of the loan verbally by phone and then signed the Security Agreement and Disclosure Statement that describes the terms of the loan including the 73 month term.  In addition, she signed...

the Guaranteed Asset Protection (GAP) Contract that describes the term of the loan at 73 months in addition to the full details of coverage including the maximum term coverage of 72 months and that advances added to the loan after the effective date of the loan would not be covered by the protection.  From inception of the loan, the this member has had a total of $1,092.00 in late charges added to her loan as shown below.  These charges plus any accrued interest would not be covered with the GAP protections per the signed contract as late charges are not included in the protected balance.  Late Charges Paid 2016 - $273.00 2015 - $429.00 2014 - $351.00 2013 - $39.00 Total - $1,092.00 Tthe difference in the payout of 72 months versus 73 months was about $181.00.   This member paid $249.00 for the GAP coverage and received $972.93 in benefits from the coverage after her insurance paid $11,105.96 leaving her an outstanding balance owed to Corporate America Family Credit Union of $1,456.72 Tell us why here...

Initial Business Response /* (1000, 5, 2014/09/29) */
Our records indicate that on October 31, 2003, Ms. [redacted] opened a Line of Credit, which is a personal, revolving line of credit loan with a monthly payment of $75.00 which she chose to pay through payroll deducted payments. Ms. [redacted]...

continued to make advances on this line of credit until December, 2012, at which time she discontinued her payroll deducted payments. She made no further payments on the line of credit after such time.
CAFCU charged off Ms. [redacted]'s Line of Credit as bad debt in June, 2013, when the account was in excess of being 120 days delinquent. No additional payments have been received from Ms. [redacted] since the date of charge off.
Our records further indicate that Ms. [redacted] currently owes a total amount of $3,963.43 on the written off Line of Credit, with a breakdown as follows:

Written Off Principal Amount $1,999.24
Accrued Interest $1,664.30
Accrued Late Fees $ 299.89
TOTAL $3,963.43
Although Ms. [redacted] made monthly payments of $75.00 for the loan from November, 2003 to November, 2012, she continued to make advances on the funds available on the line of credit, so her balance did not decrease. CAFCU wrote off a principal amount of $1,999.24, which was nearly 100% of her $2,000.00 available credit line.
CAFCU is accurately reporting Ms. [redacted]'s Line of Credit to all 3 major credit reporting agencies as "unpaid balance charged off".
Initial Consumer Rebuttal /* (3000, 7, 2014/09/30) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Because they charge me $1,963.43 in interest that is double the amount of the loan and if they was taking $75.00 out of my checking account for 9 years I still don't see how I will owe them $1999.24 over the 9 years I paid them $75.00 a month that add up to be $8,100.00 where did this money go if I have already paid them $8,100.00 and still owe $1,999.24 this mean that I would have paid them back 10,099.24 on a $2000.00 loan this is too much to pay back on a $2,000.00 loan ever if I kept making advances on the loan as they say I didn't get $8,100.00 because this is what I paid them no one in their right mind will agree to pay $8,100.00 back on a $2,000.00 loan no matter how bad they need money they are worse than a payday loan place and they suppose to be a Credit Union I don't think this is right they need to be investigated to make sure they are going by the Credit Union guide line because I can't see how anyone will pay that much on a $2,000.00 loan.
Final Consumer Response /* (4200, 11, 2014/10/07) */
(The consumer indicated he/she DID NOT accept the response from the business.)
I did not borrow $6,896.91 the loan amount that I borrowed was $2,000.00 and that's all have them to fax you the contract that I sign for $6,896.91 because I never borrowed $6,896.91 nor did I sign a contract for $6,896.91 the only contract that I sign was for $2,000.00 and I will never make a settlement with them because I don't owe them anything
Final Business Response /* (4000, 13, 2014/10/08) */
We are always hopeful that our members will respond to our efforts to work together to achieve resolution to any matter. CAFCU is willing to review any offers of settlement from Ms. [redacted]. At this time she would need to submit a settlement offer. She must do so by contacting our settlement agency at [redacted]/XXX-XXXX.
Thank you.