Product: Vehicle loan or lease

I currently have a loan with Huntingdon Bank for my boat. I wanted to remove my ex-spouse off the loan and title of the boat. I was informed the only way to do this was to refinance the loan. I asked what information/documentation was needed. I was informed that due to the balance of the loan and the NADA established value, I would need the registration of the boat and my income information. This occurred on my initial phone call to the bank in XXXX of XXXX - the bank quoted current financing rates and was told I could check back on rates and once the rates were agreeable, we could move forward with an application. I checked in with the bank 4 times in XXXX for rates. Because I was told this refinancing was a simpler process, I chose to continue to work with this bank to refinance versus create a new loan at another bank. 

On XX/XX/XXXX, I had contacted Huntingdon Bank again for a rate quote and was provided rates that were favorable and I chose to move forward. I had a discussion with XXXX ( a loan application specialist  ) who explained the rate, the payments and the options. I was told that since this was a refinance ( and the bank already had the loan for the boat ) this was an easier process. I explained I could not conduct a new survey ( typical for a new boat loan purchase ) because the boat was winterized and shrink-wrapped ( due to it being winter in the northeast ) I was told I could move forward with opening an application and this refinance should ( pending income and credit ) be less complex then a new loan purchase. 

I completed the application ; the bank ran my credit ( created a credit inquiry and opened the line of credit against my credit score ) and my application was moved to a loan consultant. 

The loan consultant ( XXXX XXXX contacted me, she was confused at first regarding the loan but when I explained it was a refinance, she looked up the loan and said I just needed to provide a registration. I was able to produce that information ( in the form of a renewal ) and she sent that to the underwriters. This aligns with what XXXX has told me during the application process. 

She then contacted me on XX/XX/XXXX via phone and informed me that the bank required an appraisal. I asked what that meant and XXXX could not define what was being requested. I explained that originally the bank used the NADA calculations to determine value of the vessel. I then had to explain the differences between an appraisal and a full marine survey. XXXX did not understand the documentation differences and she has to seek clarification a number of times from other bank staff. I provided my purchase survey for the vessel that was completed at the time I originally bought the boat and financed it through this bank. XXXX accepted this survey and advised that she would send this to the underwriters. A few hours later, she told me the survey had to be 6 months or newer. ( this is the first time that I was informed any documentation date range ) My complaint is that the staff of this bank appear to be poorly trained and opened a credit inquiry without gathering information and not answering the questions I asked honestly. 

As I mentioned before, from the beginning I was clear that I can not conduct a new survey on a winterized and wrapped vessel however, I was informed multiple times I would not need a new survey. I believe this bank may be applying pressure to staff to open lines of credit regardless of the outcome for an incentive program. I also question that the staff has the appropriate skill set and knowledge to manage the loans and lines of business the staff are responsible for.

I appreciate the ability to submit this complaint for review in hopes we can find a resolution and the bank could work on improvement opportunities with loans and customer experiences.