Navy Federal Credit Union

Review: On or about 6/29/14 I signed up for a new vehicle loan online with NFCU with the agreed upon terms of up to $44,000 @ 4.49% . On 6/30/14, I purchased my new vehicle in the amount of $26,733.15. On 7/7/14 I received promissory note, security and disclosure agreement and noticed that the terms and conditions were changed without my knowledge from 96 months @ 4.49% to 83 months @ 3.99%. On 7/14/14 I immediately contacted NFCU and spoke with a representative who stated the reason for the change in terms was due to the vehicle value being less than the required minimum $30k. I explained to the rep that nowhere on the website when selecting loan type 96 months nor in the pre-approval documents I picked up from my local NFCU branch does it state the qualifying term for a 96 month loan is a minimum $30k vehicle price. as a result she submitted my dispute and informed me I would receive a call back within 3 days with update which I never received. Today 7/21/14 I called and requested an update and was informed by another rep that my request to honor my original loan terms was declined due to the terms and conditions being listed online. I again explained to rep and eventually a supervisor that when I logged into my NFCU account and selected the Loan & Mortgages option to apply for a loan and proceeding by selecting the type of loan "NewVehicle" entering the amount and selecting term length 96 months any disclosure reference to a vehicle minimum of $30k is never provided which I have photo images of the website loan process to substantiate. My request again fell on deff ears and I was informed thats there nothing else they can do as the request was declined and the "terms" are listed on other parts of there website, just not through the most important the actual loan application process which Is misleading if your already logged into you account and applying for a loan. For this reason I am requesting that my original agreed upon term of 96 months @ 4.49% be honored and that in the future the $30k vehicle minimum disclosure requirement be listed during the actual loan process online and included in terms pre-approved loan documents which neither is the case currently.

As a long time client with NFCU with other active loans and accounts I would hope that you can rectify this issue and make it right.

Sincerely,

Access Code: [redacted]

Loan# [redacted]Desired Settlement: Delivery of original loan term 96 months @ 4.49%

During actual submission of loan application update website to include disclosure $30k vehicle minimum when 96 month term is selected.

Disclose term requirements / vehicle minimum required in pre-approval documents for any loan term of 96 months which is currently not the case.

Business

Response:

This is in reference to complaint ID number [redacted], which was received by Navy Federal on 23 July 2014, submitted by our member [redacted].

Review: I purchased a 2000 [redacted] in April 2008 that I had financed through Navy Federal Credit Union. According to the contract, the vehicle was financed for $8,000 with a 14.9% Interest rate for a term of 72 months. Payments were in the amount of 169.69 and was due beginning June 8, 2008. As of May 2014, it is advised on my account that my vehicle loan balance is approximately $2,800. I do not understand how this amount can be valid for an $8,000 loan almost 6 years later. The vehicle became disabled in December 2013 and can no longer be driven. I am unable to remove the vehicle from my insurance due to the fact that it is financed and still has a lien. Months ago I inquired about the amount to Navy Federal customer service and the individual advised me that she is unable to advise me of the amount in question because it is with their collections department. I attempted to contact their collections department but was unable to get much assistance. Their response was that it is due to deferments and late fees but could not give a full explanation or detail of my payments as I had requested. The only deferments that was applied to the loan was a 3 month deferment around 2009. The deferment was requested due to loss of employment. As far as late payments, if any were charged, the amount was only $20 and it was paid in its entirety the following month. Including the 3 month deferment, the term of my loan should end September 8, 2014. There has been no other adjustments or alterations to the loan. I always round to $170 when making my vehicle loan payment and on numerous occasion even made payments in the amount of $200. The remaining loan balance just do not seem at the least bit accurate and is quite excessive. I wish to resolve the vehicle loan for I can pay it off, retrieve the title and have it removed from my insurance. I am unable to accomplish this at this time due to the amount dispute.Desired Settlement: I will like to be provided a detailed statement of the fees and billing activity associated with the excessive charges. Moreover, I will also like to be provided a statement of all recorded payments made to Navy Federal Credit Union throughout the entire life span of the loan to compare with my bank statements. The matter should be investigated by Navy Federal and if discrepancies and/or billing errors are found it should be corrected immediately as well as reported to all 3 Credit Bureaus.

Business

Response:

This is in reference to complaint ID number [redacted], which was received by Navy Federal on 22 May 2014, submitted by our member, [redacted].

[redacted], Class O Delinquency, spoke with our member on 26 and 27 May to discuss the concerns presented in her complaint regarding the remaining balance of her used vehicle loan. According to our records, a five-month extension was granted within the first 12 months of the loan, on 23 April 2009. The extension period covered five payments of $169.98 from 8 January 2009 through 8 May 2009, for a total of $849.90 in missed payments and $480.18 in accumulated interest over the five month period.

Our records further indicate that 26 late payments were received on the loan account; a late fee of $20.00 was assessed to the account for each late payment, resulting in a total of $520.00 in late fees assessed to the account.

As mentioned by **. [redacted], our member may call our contact Center toll-free at 1-888-842-NFCU ([redacted]) to request copies of statements; our Member Service Representatives are available to assist her 24 hours a day, 7 days a week.

If [redacted] has any questions, she may contact **. [redacted] toll-free at [redacted], extension [redacted], between the hours of 9:00 a.m. and 5:30 p.m., Eastern time, weekdays.

Consumer

Response:

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed Administratively Resolved]

Review: [redacted]

I am rejecting this response because:

I did receive a phone call from a Navy Federal representative, however, all the representative did was insist about the balance without addressing any of my concerns. Prior to the end of the phone call I verbally instructed her that I was dissatisfied with the response and still requested my statements reflecting payments for the life of the loan. As of 06/08/14 I still have not received any documentation as requested regarding the disputed approximate balance of $2,800.

Review: Navy Federal Credit Union has been non-responsive and non-accessible to repeated phone calls regarding the request for business credit cards. The details are in the following paragraph.

On 02 December 2013 during the bank's business hours, I called and left a voice message for **. [redacted], a business services representative, as per Navy Federal Credit Union protocols. In my recording, I left my name, phone number, access number, and reason for my phone call. By 05 December 2013, I called a second time and left another message due to the company's non-responsiveness. As a result of the second call, Navy Federal Credit called me from a non-accessible phone number (i.e. a number that one cannot call back) at 1224 CST, but did not leave a message or an accessible phone number. At 1233 CST, I attempted to call them back at the accessible/publicly known phone number and left another message. Since that date and the third phone call, I have not received a courteous phone call nor have I received any correspondence in the mail or via e-mail.

For an institution that provides awesome customer service to an individual and 400,000+ members, it is severely lacking with regards to the services it provides to businesses. A Navy Federal Credit Union member should not have to call their institution, 3 times with no results.

This poor level of service has a profound affect on my perceptions and loyalties to this institution, which I have banked with since 1989.Desired Settlement: 1. I want Navy Federal Credit Union to call my at ###-###-#### and provide me with a phone number to a dedicated business services representative so I can order 2 business credit cards.

2. I want the business services representative to respond to my phone calls within 1 business day of any return calls from myself.

My name is Lieutenant Commander [redacted] and my access number is [redacted] business account). I am an authorized member on the account.

Business

Response:

This is in reference to complaint ID number [redacted], which was received by Navy Federal on 18 December 2013, submitted by our member, [redacted].