August 4, 2016 To Whom It May Concern, Upon receipt of the complaint notification and file review, the referenced complainant joined Hiway Federal Credit Union® (Hiway) on 02-24-2016, through an indirect refinance program Hiway maintains via a partnership with rateGenius®, out of Austin,...
Texas. Membership at Hiway was only possible through a $10.00 donation to the Minnesota Parks and Recreation Foundation and a $5.00 share savings deposit requirement, for a total cost of $15.00, which was collected from the member at loan disbursement. Our participation in the indirect loan program with rateGenius requires their lenders to provide membership information and disclosures to applicants, and Hiway retains copies of these electronically signed documents. Hiway strives to provide unparalleled service to our members; and if we’re not reaching that goal we do want to know. We intend to follow up with the rateGenius program and Hiway Associates to reaffirm the required quality control requirements for the membership process and ongoing customer service. With regard to the complainant not understanding the title being held at Hiway, please refer to the State of Missouri title rules. These rules indicate the title is retained by the lender until the debt has been satisfied. The complainant’s title was mailed from Hiway on 07-28-2016, to the credit union that her loan was transferred to. A GAP waiver addendum that the complainant signed, states that after 60 days no refund of the GAP premium she purchased would be refundable. However, as a matter of courtesy and service, we have refunded the member the entire GAP coverage fee of $499.00. We have also credited the account for the $15.00 in membership funding. A check in the total amount of $514.00 will be sent to the complainant on 08-05-16. We have attached sample blank documents as supporting evidence regarding this complaint. Please feel free to contact me if there are any additional questions regarding this complaint. Sincerely, Diane [redacted] Director of Member Experience and Member Advocate Hiway Federal Credit Union ###-###-####
Rate Genius’s Quality Assurance team pulled some of the 15 calls they indicate they had with the customer and reviewed them again, and the notes for two specific calls are provided below. Their understanding is that the customer was fully aware of the loan and all that it entailed.Break down of calls:GAP: Call in bound 12/8/16 10:38a from number ###-###-#### to [redacted] GAP disclosed and agreed upon by the client at 4:00-5:10 into call. Customer was explained that it was not and is never required. He stated he wanted to have it on the loan. ACH: Call in bound 12/8/16 10:59a from number ###-###-#### to [redacted] Discussed auto pay at :50 into call. Explained that the lender gives a discount for it. Customer stated his current loan is set up that way, and it is the way he wants to keep it. Again, the customer signed an auto-payment (ACH) slip and provided a voided check to begin set-up. Hiway has had several conversations with Rate Genius, so they too are aware the members was not satisfied at the outcome of this loan, and have worked with us to answer all of our and the members questions. In our response to the members’ complaint, we have met and/or offered terms to meet his requests: 1) The non-sufficient fund fee was refunded to the members account 2) The member was provided a number to call to receive a full refund of GAP insurance3) With appropriate documentation and/or signatures, we can remove the auto-payment set up from the loan, however, the rate of the loan would then be higher by the .30 it was discounted. Sincerely, Hiway Federal Credit Union
August 4, 2016 To Whom It May Concern, Upon receipt of the complaint notification and file review, the referenced complainant joined Hiway Federal Credit Union® (Hiway) on 02-24-2016, through an indirect refinance program Hiway maintains via a partnership with rateGenius®, out of Austin,...
Texas. Membership at Hiway was only possible through a $10.00 donation to the Minnesota Parks and Recreation Foundation and a $5.00 share savings deposit requirement, for a total cost of $15.00, which was collected from the member at loan disbursement. Our participation in the indirect loan program with rateGenius requires their lenders to provide membership information and disclosures to applicants, and Hiway retains copies of these electronically signed documents. Hiway strives to provide unparalleled service to our members; and if we’re not reaching that goal we do want to know. We intend to follow up with the rateGenius program and Hiway Associates to reaffirm the required quality control requirements for the membership process and ongoing customer service. With regard to the complainant not understanding the title being held at Hiway, please refer to the State of Missouri title rules. These rules indicate the title is retained by the lender until the debt has been satisfied. The complainant’s title was mailed from Hiway on 07-28-2016, to the credit union that her loan was transferred to. A GAP waiver addendum that the complainant signed, states that after 60 days no refund of the GAP premium she purchased would be refundable. However, as a matter of courtesy and service, we have refunded the member the entire GAP coverage fee of $499.00. We have also credited the account for the $15.00 in membership funding. A check in the total amount of $514.00 will be sent to the complainant on 08-05-16. We have attached sample blank documents as supporting evidence regarding this complaint. Please feel free to contact me if there are any additional questions regarding this complaint. Sincerely, Diane [redacted] Director of Member Experience and Member Advocate Hiway Federal Credit Union ###-###-####
Rate Genius’s Quality Assurance team pulled some of the 15 calls they indicate they had with the customer and reviewed them again, and the notes for two specific calls are provided below. Their understanding is that the customer was fully aware of the loan and all that it entailed.Break down of calls:GAP: Call in bound 12/8/16 10:38a from number ###-###-#### to [redacted] GAP disclosed and agreed upon by the client at 4:00-5:10 into call. Customer was explained that it was not and is never required. He stated he wanted to have it on the loan. ACH: Call in bound 12/8/16 10:59a from number ###-###-#### to [redacted] Discussed auto pay at :50 into call. Explained that the lender gives a discount for it. Customer stated his current loan is set up that way, and it is the way he wants to keep it. Again, the customer signed an auto-payment (ACH) slip and provided a voided check to begin set-up. Hiway has had several conversations with Rate Genius, so they too are aware the members was not satisfied at the outcome of this loan, and have worked with us to answer all of our and the members questions. In our response to the members’ complaint, we have met and/or offered terms to meet his requests: 1) The non-sufficient fund fee was refunded to the members account 2) The member was provided a number to call to receive a full refund of GAP insurance3) With appropriate documentation and/or signatures, we can remove the auto-payment set up from the loan, however, the rate of the loan would then be higher by the .30 it was discounted. Sincerely, Hiway Federal Credit Union