Consumer complaint received 2023-01-20
Company: UNITED SERVICES AUTOMOBILE ASSOCIATION
State: KY
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: High-pressure sales tactics

Complaint:
I have an auto loan with USAA Federal Savings bank. The 2012 XXXX XXXX struck a deer last Friday. XXXX XXXX told me I had to let them tow my truck to XXXX XXXX in XXXX, KY, because the adjusters want to look at several vehicles at the same time. For cost savings. XXXX XXXX insurance contacted me with the results. They deemed my truck as a total loss. XXXX XXXX states in the email that I only have 2 days to send them my truck title. I asked the claims representative with XXXX XXXX, what the cost was for myself to buy back my truck. I was told that it would cost me XXXX to buy my truck back and it had XXXX in damages. That's impossible if you do the math. XXXX XXXX must have contacted my bank without my permission to get details on the current payoff of my vehicle loan. XXXX XXXX came up with the payoff value within 1 monthly payment. I also paid for " Better Car Replacement ''. XXXXXXXX XXXX basically figured out my loan payoff and ran the numbers to come out an estimated XXXX after they applied the better car replacement. They under valued the 1 year newer vehicle. and basically are ripping me off a several XXXX dollars. How can they say my current truck is valued at estimated XXXX with XXXX in damages then tell me I have to pay XXXX to buy it back. With the current vehicle value at estimated XXXX. The buy back cost should at an estimation of XXXX not XXXX the truck actually has about XXXX in damage. Its not totaled. Someone is taking advantage of me and my pristine truck with fully loaded. The next problem I am running into, is I found a replacement vehicle 2 years newer for sale a few XXXX cheaper than the XXXX  model that was deemed total loss. XXXX XXXX claims representative told me on the phone that he would immediately contact usaa so that I could purchase the replacement vehicle without having XXXX trucks on my loan valuation. Meaning, the totaled truck that XXXX XXXX is supposed to be paying off would not show up on my credit report or cause a problem with the banks scoring of my new auto loan. I explained in detail with the loan officer. The loan officer at USAA did not consider that my total loss vehicle was being paid off, and pre approved a loan with over 17 % interest rate. USAA used the information that I provided to them, not to give me sound solid advice about how or what to do about financing a vehicle when I need a vehicle to drive since XXXX XXXX took my truck to salvage yard, but instead USAA decided to take advantage of my situation and is trying to rip me off with an outrageous interest rate and loan terms. They are predatory lenders. A fair interest rate would be at 6.9 % for 72 months if they where actually honest in anyway what soever. XXXX XXXX should pay off the full balance of the loan for the total loss vehicle, plus the difference in value for 1 year newer vehicle of the identicle make and model.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation