Consumer complaint received 2020-09-29
Company: NAVY FEDERAL CREDIT UNION
State: CA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Managing the loan or lease
Sub-issue: Problem with the interest rate

Complaint:
XXXX weeks ago I went into Navy Federal Credit union in XXXX, CA. I spoke with a loan XXXX named XXXX. I explained I have a XXXX  XXXX XXXX  under XXXX XXXX XXXX XXXX XXXX for 2.5 % and I'd like to refinance with Navy Federal for convience seeing as I bank with them. I told XXXX I applied online and it gave me a rate of 5.39 % however I believed I qualified for an XXXX XXXX discount ( considering I get VA XXXX direct deposit to my account ). XXXX made a phone call to verify that I qualify for the XXXX XXXX discount, got off the phone, and stated that I did. I informed her my rate is 2.5  % currently and if it was much higher it would not be worth my time to transfer the loan to Navy Federal. She asked me what interest rate I was expecting and I said around 3.89  % which is the lowest. She said she understood and that it did not make any sense to double the interest rate I currently have. She gave me a piece of paper to sign with the higher interest and stated she could not do anything currently because I originally applied online and in order to get the check to pay the car off for XXXX XXXX XXXX XXXX XXXX that I had to sign and the lower interest rate would come in the mail, updated, which I needed to sign and return. About a week later I recieved the " updated '' promisory note in the mail for 5.14  %. I went back to Navy Federal and XXXX was standing at the door to greet people. She instantly reconized me and I told her the paperwork did not reflect the interest rate we spoke about. She seemed shocked and stated she could not help me because she was at the door and she would get someone else to assist. Another loan officer, XXXX, came to speak with me. He pulled up my account and stated the original loan interest rate was for 5.39  % and it was dropped to 5.14  %. I attempted to explain that XXXX did not tell me that and I was told it would be in the 3  % range. XXXX stated he placed a request to get a recording of the call XXXX made to the corporate office regarding my XXXX XXXX discount. XXXX stated 5.14 % was with the XXXX XXXX discount. I told him if XXXX had not lied to me about the interest rate I would have stayed at the other bank for 2.5 %. XXXX stated the phone recording request would take max 48 hours and I should be receiving a call back. However, that was not the case. I call Navy Federal back on a Friday over 48 hours later. They stated they were still working on finding the recorded conversation and to expect a call Monday. On Tuesday I called again after not hearing anything back. The lady on the phone stated they were unable to locate the call due to it being two employees and not me on the phone. She stated the note in my account said " resolved ''. I assured her the situation has not been resolved and she directed me to speak with the branch manager at the XXXX location. I went back that afternoon and told the gentleman at the door I wanted to speak with the branch manager. He took my first name and phone number down and told me to sit and wait in my car until I was called. 20 minutes later I received a call from XXXX stating he was ready for me. - note that XXXX is not the branch manager - He walked me into his desk area and pulled up my account without any verification or identification. He stated immediately that there was nothing they could do and that the rate can not be lower. I told him I came here to speak with the branch manager and to make a formal complaint about blatently being lied to by XXXX. He directed me into the branch manager 's officer. She immediately tells me theres no need to tell my story and that she was already briefed. I told her XXXX is sneeky and seemed very shocked about my interest rate being incorrect however has not attempted to fix it or take blame for it being incorrect, and thats all I needed to know about her. I was tossed around for two weeks from different Navy Federal associates and nothing has been " resolved '' as the computer said. She stated she would attempt to fix it and to give her four days. She handed me a {$25.00} giftcard for my troubles and sent me on my way. I still have nothing fixed or any answers.

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