Consumer complaint received 2018-09-27
Company: BB&T CORPORATION
State: MS
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Getting the loan

Complaint:
We are writing to report a financial company we believe has some sketchy practices. We have excellent credit with our credit scores regularly running in the 800s. We monitor our credit regularly and as with any purchase we make through financing we always check our credit reports before applying for any loan.On XX/XX/2018, we reviewed copies of our credit reports before we applied on-line that evening for a loan through XXXX XXXX website to purchase a Mower at 0 % interest. A confirmation page came up : You will receive an email within 30 minutes of your approval or denial. After 30 minutes, we received a form email, which stated that we needed to call and help them with some information to finish the application. The next day on XX/XX/XXXX, I phoned ( XXXX ) XXXX, option 1 and spoke with XXXX at XXXX. He did not ask for any information except for the Application number and quickly said Your loan was approved. I asked for what rate. He said 0 % at 48 months. I said we wanted 0 % for 42 months. He said, Youre approved for that, too. I then asked what next. He said to go to the dealer. Bring your Drivers License with you. The dealer will call us up. I telephoned back at XXXX and spoke with XXXX to request written confirmation of our approval and terms. He said that we dont do that. I asked how I would know the rate and terms. He said that all would be handled through the dealer when he called into XXXX. I also asked if that was all that we had to do and he said, Yes. I remarked that was easy and thanked him. After learning through the dealer that the financing price was higher than the cash price, we decided to pay for our purchase with cash. On XX/XX/2018, we notified XXXX XXXX we no longer needed their financing. I phoned and spoke with XXXX at XXXX. He said Fine. I asked if I needed to do anything else and he said, No. Youre fine. Nothing needed from you. Youre okay to go. We also followed up with a letter to them via U.S. P. S. and an email. The next day, we each received a general form letter dated XX/XX/XXXX, the date we were approved and was contrary to our conversations/terms with them : Dear Applicant : Thank you for your application. We are unable to offer you credit on the terms you requested for the following reason ( s ) : Type of Collateral Requested. Unable to verify your identity. Instead we were given a counteroffer of : We can, however, offer you credit on the following terms : With acceptable proof of identity and With information as to collateral requested. If this offer is acceptable to you, please notify us within 10 days at the telephone number listed below. Our credit decision was based in whole or in part on information obtained in a report from : XXXX. Your credit score XXXX. Score ranges from low of XXXX to high of XXXX. We immediately sensed a scam based on the following : We never ever requested any terms for the loan. The application never asked for that. It just asked for the amount of loan requested. We were approved for {$7500.00} by phone by terms they provided. There was never ever any mention of collateral in any application or telephone calls with them. Our credit scores with XXXX   were XXXX for me and XXXX for my husband on XX/XX/XXXX. Our identifying information was provided on the application. The credit reports confirmed our identities. And then we were evidently denied after we didnt use their financing. And if there was any need for proving our identities and providing collateral, why wasnt this mentioned in our three telephone calls with them. Please note that they supposedly record their telephone calls. We are not requesting any reparation. We sense something amiss with XXXX XXXX   's practices and think an investigation is in order. We sense unfair and deceptive business practices occurring and we are sending this information about suspected illegal business practices.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation