Consumer complaint received 2017-06-17
Company: PENTAGON FEDERAL CREDIT UNION
State: TX
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:
I applied for  XXXX  loans with  Penfed CU since y ou have to select a vehicle for low risk loans. After getting my done with  XXXX   XXXX  I took the bank draft from Penfed for $  XXXX  and purchased the car on  XXXX   XXXX ,  2017 . After purchasing the vehicle,  XXXX  tried to deposit draft. The draft was returned unpaid. For some reason that loan was cancelled. But the loan that was supposed to be cancelled was not. After letting Penfed know the situation and the delaer contacting me. Penfed refused to issue a new check or change the loan. The approval was for $  XXXX  for 72 months at 4.50 %. They requested I do another loan in the system and request the same amount. The loan came back with an new approval of only $  XXXX . After talking to and asking  Penfed  to please just make loan same as original they refused. The vehicle was picked up last night from my home. Since I work weekends. I now do n't have a vehicle and will have to quit my job since it is  XXXX  miles away. Because I traded in my vehicle so after a month I have nothing.  Penfed  gave me a loan and charged me  XXXX  times {$15.00} for overnight service. Why did n't they honor the check? Why would n't they just fix something I did n't do they done. They knew I had vehicle because dealer contacted  them 10 times to fix error and Penfed ref used. I had $  XXXX  equity in my trade and how I 'm I supposed to get that month back and how soon? How do I look for another job after quitting a $  XXXX  A YEAR JOB. How do I pay my bills and help my elderly parents get around? I think Penfed should honor our agreement just like I honored my country with my military service. This is just not right. Now  Penfed  wants me to take a loan for only $  XXXX  but not my rate is 5.5 % for 72 months. That 's just not right.      Penfed  stated that I had  XXXX  loans or loan applications but can only proved  XXXX  actual loans. Penfed refused to issue a new draft after several attempts by  XXXX   XXXX  and myself the consumer contacted them. At not time did PENFED contact me on phone with any concerns about deal. Nor did they refund any of the overnight draft fees that were taken out my checking account for the loans to be processed. Under my conversation with the loan department when first doing loan. I was told since I was high risk my loan had to be for a certain priced vehicle. That I could not just get a loan approval and check and shop as I wanted. so that is why I went ahead and requested an approval on a couple of vehicles until I could secure a deal that was best for me.     If I had of know that my loan for the vehicle that was purchased at  XXXX   XXXX  was going to get declined I would have never traded my vehicle. I went from driving a    2017   XXXX   XXXX   XXXX   XXXX  $  XXXX  to a    2017   XXXX   XXXX  for $  XXXX , due to PENFED. When I spoke to them after dealer called all they had to do was reissue a check for  XXXX  and they refused to. But they went ahead made me do another application for the same vehicle but would only approve the loan for $  XXXX  for 72 months at  XXXX , unlike the original loan for $  XXXX  for 72 month a t 4.5 apr .     My  XXXX  loans disbursed and cancelled at {$15.00} each is {$120.00} I should be refunded.     I have turned my case over to an attorney, the  XXXX    XXXX   XXXX    XXXX  and th e Veterans Administration.       PENFED  also posted  XXXX  of the accounts on my credit reports. So when I tried to purchase a car form the dealer my debt to income ration was messed up. They have since marked them as paid in full. That should be against the law to post something to your credit report and not remove it. Or post to your report before verifying it is a valid account. That alone caused me major hardship.       Company 's Response on  XXXX / XXXX /  XXXX   Dear  XXXX   XXXX , This letter is in response to your complaint filed with the Consumer Financial Protection Bureau ( CFPB ). It was forwarded to Pentagon Federal Credit Un ion ( PenFed ) on   XXXX   XXXX ,  2017 . We will provide a copy of this response to the CFPB. There seems to have been quite a bit of indecision on your recent vehicle purchase. In reviewing the  XXXX   XXXX   XXXX  applications you submitted and the  XXXX  disbursed and cancelled loans between  XXXX   XXXX ,  2017  and  XXXX   XXXX ,  2017 , we noted you changed loan amounts, dealerships, and vehicles. In our discussions with  XXXX   XXXX , they indicated there were several factors contributing to their repossession of the  2017   XXXX . I see you settled on the purchase of a  XXXX   XXXX , and we provided you with a {$32000.00} loan wi th a 72-month te rm at 5.50 %. The terms of a loan are determined at the time of disbursal and are based on your application and credit information at that time. We hope you are pleased with your new vehicle, and the terms of your new loan. Sincerely,  XXXX   XXXX   XXXX   XXXX   XXXX ,  XXXX

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 monetary relief