Consumer complaint received 2019-11-14
Company: U.S. BANCORP
State: WI
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Changes in terms mid-deal or after closing

Complaint:
This is the body of the email I sent to XXXX XXXX at U.S. Bank, on XX/XX/XXXX : Almost two years ago I refinanced my car with U.S. Bank. I had an indirect loan, and I refinanced with a direct loan. I am not happy with the way I was treated, which is why I am writing to you. 

I think it was in mid-XXXX, XXXX that I went to the XXXX Main branch to inquire about a loan sale U.S. Bank was offering at that time. The advertised rate was 2.99 %. When I spoke with the banker, I made it very clear that I did not want to refinance until I had paid a full two years on the indirect loan - I wanted a new 48 month loan to replace 48 months remaining on the indirect loan. She said that was okay, but pressured me to apply for the loan that same day because they didn't know how long the sale would go on. OK, that made sense, and I was assured that I could still close on the new loan after I made my XXXX, XXXX payment. My new loan was approved. 

However, near the end of XXXX the branch manager was calling me, pressuring me to come in before the end of the month to close on the new loan. I explained to her that I wanted to wait until the XX/XX/XXXX payment was made so I was replacing 48 months on the indirect loan with 48 months on the new direct loan. She said that the approval wouldn't be good forever, and that she had to get the loan closed before the approval expired. I now suspect that she wanted to get my new loan closed before month end so it would make her numbers look better for XXXX. I did go in and sign the loan documents on XX/XX/XXXX and the new loan was closed. The interest rate was 3.25 % on the contract. 

Then next week I received a letter from underwriting ( dated XX/XX/XXXX ) saying that they could not offer me a loan at the advertised rate, but were offering me a loan at 3 %. The letter said that I had 10 days to accept the counter offer. Keep in mind that I had already signed loan documents for 3.25 %, not knowing that this counter offer for 3 % was on its way to me. I am attaching a copy of that letter. I signed the new loan documents well within that 10 day time frame, but the branch did not honor the rate quoted in the letter. 

I contacted the branch in XXXX, XXXX and they assured me they would try to make things right for me. I am attaching copies of two emails I received from the branch to that effect. They were very slow in getting back to me, and several times I had to follow up with them. Then the branch stopped communicating with me. It became obvious that I wasn't going to get my loan corrected by working with them. 

On Sunday, XX/XX/XXXX I called XXXX and spoke with an agent named XXXX. She assured me that she was writing everything down, and after we were finished she would go into after call, write her notes, and forward my information to her supervisor and tell the supervisor to call me the next day. The supervisor never called me. 

About 10 days later I again called XXXX and spoke with an agent named XXXX. I'm not sure of the spelling of her name. She told me the bank couldn't reduce my rate because current rates were higher than 3 %. Finally she called financial sales and reported to me that they told her it has been a year so they weren't going to do anything. I reminded her that I have been trying to resolve this since XXXX and she said that didn't matter, there was nothing that U.S. Bank could do for me. 

Due to family issues I let the matter go another year, so I have less of a leg to stand on than I did a year ago and I don't expect anything from U.S. Bank. I know the .25 % difference in interest is only about {$60.00} over the life of the loan, but to me it is the principle. My car loan is now paid in full.

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