Consumer complaint received 2018-10-26
Company: NAVY FEDERAL CREDIT UNION
State: GA
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Getting the loan

Complaint:
I currently have an auto loan with Navy Federal for a XXXX  XXXX XXXX. Recently, I started having major safety issues with the vehicle, specifically black mold is growing on the internal air take and condensation box. Every time that the car is turned on, the putrid smell and mold spores are blowing directly in my face. I filed a complaint with The Georgia Dept of Law and took the car back to the dealership. They attempted to fix the problems to no avail, so we came to a reasonable compromise. XXXX XXXX XXXX in conjunction with XXXX XXXX XXXX will take the vehicle back as trade and put me into another brand new XXXX. It is currently nearing the end of 2018 and inventory is low on XXXX base model XXXX, so they put me into XXXX XXXX which has a higher price point. 

On XX/XX/XXXX, I contacted Navy Federal with the request for financing of the replacement vehicle and I was given a conditional approval. The original conditioned approval was based on a collateral replacement opposed to a trade in. Why this happened is unknown to me. On XX/XX/XXXX, I went to the dealership to facilitate the exchange and new purchase. The finance manager at XXXX XXXX along with myself contacted Navy Federal with the buyers report and the total amount of financing required. The representative that I spoke to, completely botched our request by canceling the first conditional approval and thereafter resubmitting it for a loan amount of $ XXXX, which is completely inaccurate. I asked her multiple times for the email address, so that we could send her the actual buyers report and she wouldnt give it to us, she keep contacting underwriting with factious loan amounts, which resulted in another conditional loan approval and a interest rate of 10.19 %, opposed to my original interest rate of 5.99 %. Additionally, the new conditions requested a letter from XXXX XXXX stating that they understood that the title of the vehicle was in my name only and that navy federal was not a listed lien holder. I requested a manager, that stated the same thing. That manager went on to state to myself and to the finance manager that they could deliver the vehicle to me and that a check would be available for pickup from the Navy Federal Branch in  XXXX on Monday, as long as they receive that letter. XXXX XXXX delivered me the car, transferred ownership, placed insurance on the vehicle and transferred my tags to the new vehicle on Saturday. 

On XX/XX/XXXX, I contacted Navy regarding the requested sent documents and the status of the check. The representative stated the letter did not meet the requirements because of a error on their part. I told her that the letter was faxed and emailed over 8 times between Saturday and Monday and that the letter wasnt wrong, because it was exactly what they requested. The rep then updated the status and said that it was under review. On XX/XX/XXXX & XXXX, I spoke with a manager named XXXX, who stated that there were new conditions to the approval. He went on to state that two recent pay stubs and two recent bank statements were required. I told him that it wasnt a problem but is this going to be it, because I am in possession of the vehicle and its not paid for and the dealership keeps calling me about the check. He told me to expedite sending over those documents and that he would make sure that it was worked quickly. I complied with the request and forwarded over the documents. My bank statement reflect over $ 20K per month in deposits and my check stubs show income of approx. $ 18K per month. This should clearly be enough income to support the purchase of the vehicle. Last night, XXXX called me back and stated that the loan was denied because my bank statements didnt reflect the check deposited in full. This totally blew me away! I own the law firm and I spread out my income among several banks and stock investment accounts. I am not required by law to deposit my check into one bank account for the purposes of proof of income when the total deposits, transfers and ACHs meet the burden of proof. Its egregious that I am being penalized with double the interest rate, along with ( 4 )  conditional loan approvals, a verbal approval to deliver me the car and then a FLAT OUT DENIAL!!! 

I have never been late on any of my bills nor my navy federal accounts. The same account that funds my Navy Federal bank accounts and auto loan is the same account that some of money goes into as witnessed by the bank statements. I am formally requesting that this matter be escalated to the office of the president and to general counsel for Navy Federal. I am starting to feel like this matter is more personal or racially motivated! I have attached my tax returns, business returns, bank statements, corporations filings, federal ein page, American Bar Assoc card, lemon law complaints and filings. 

After escalating my complaints along with a promise to file a complaint with the consumer finance protection bureau and the Georgia Office of The Attorney General. Navy Federal shut down my account, my daughters account and my XXXX year old mothers account and labeled them all as fraud or unable to verify my identity, after my account has been opened for over four months. Its egregious and malicious. I have a legal services firm in XXXX, valid ID, valid Social and has lived in the XXXX community for over 12 years.

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