Product: Consumer Loan

This letter is to raise concern about service I recently received from a Key Bank XXXX branch. I was cold called even though I am on the do not call list on approximately XX/XX/2016 by a Key Bank XXXX employee and was offered a personal loan for credit card consolidation in the amount of $ XXXX My wife and I discussed it for several days and decided to submit the application and speed up our process on becoming debt fee from 10+ years down to 5 years according to the verbal offer made on the phone. On XX/XX/2016 we submitted the application. We were denied the loan even though we met the banks pre-approval criteria. We were then offered a contingent loan if we refinanced our auto loan through them with a lower monthly payment. The existing loan was to be paid off approximately XX/XX/XXXX or XX/XX/XXXX of this year and was at a .9 % interest rate. The wife and I again discussed the options and decided that even though the term would reset the timeline to five years and increase the interest rate to 4.69 % from .9 % interest rate, including loan origination and paperwork fees it would be less than wat we are paying in interest for the credit cards in the long run with the closing of the personal loan that was promised. During the auto loan closing process we were again reassured that everything would be fine and the personal loan would be approved upon the completion of the auto loan. Once we completed the auto loan process our credit was ran for the third time and we then were told the underwriter denied / revoked the original contingent offer even though we met the Banks pre-approval guidelines. At this time our credit had been ran three times affecting our credit score greatly, the Branch manager then offered to close a loan in the amount of {$15000.00} when we returned from a memorial service the following week. We then said ok it 's better than nothing. I called on XX/XX/XXXX to set up the closing the Branch manager then stated we had to wait another 30 days to run credit again when implying on the phone that we would just be modifying the terms with no further credit pulls. At this time I stated they are not going to run my credit for the fourth time and they needed to honor the original contingent offer. The branch manager then stated he would see what he can do. After calling the branch for several days asking for updates finally the Branch manager responded with there is nothing we can do. At this time I feel that several violations have occurred and are as follows but not limited to, do not call list violation, Bait and Switch, False advertising, revocation of a written and verbal agreement altering a financial situation for the worse, and potentially more. In conclusion my wife and I did not go looking for this situation the Bank came to us to help us better our financial situation, however quite the opposite has happened. The bank has greatly altered my financial situation negatively by negatively affecting our credit score and making potently harder for future loans or lines of credit, further raising our percentage rate on the auto loan while also now adding loan origination and paper work fees with prepayment penalties if we pay the loan of early as planned. If we would have allowed the Bank to continue to pull our credit over and over they would have. Furthermore when we raised question as to some of the denial reasons they were then changed to fit the needs of the bank such as insufficient credit file, we have over 20years of credit file, and insufficient liquidity. Liquidity was not even discussed and they have no idea what I have in other banks and retirement institutions.. How can we continue to trust this institution after what has happened with no remedy offered.