Consumer complaint received 2023-09-01
Company: NAVY FEDERAL CREDIT UNION
State: TX
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Problem with signing the paperwork

Complaint:
I am a Navy Federal Credit Union Customer. I have been for many years. 

I have been in the market to purchase a used vehicle for the last month. My last vehicle was totaled. Someone rear ended my vehicle, while I was idling at a red light. The journey to find another vehicle has been overwhelming and very tiresome. 

I applied for two pre approved car loans. One through XXXX XXXX and the other one through Navy Federal Credit Union. I was pre-approved to begin vehicle searches for both XXXX XXXX and Navy Federal Credit Union. 

I selected to continue the auto process through Navy Federal Credit Union. I searched the Navy Federal Credit Union Used Car Auto site and found a truck. I went to the Federal Credit Union Site to complete my entire car loan application. With no problems, I was approved. The online car loan site gave me several options to choose from for a car loan, but I selected the one with the VIN number option because I had a VIN number. I was not aware that this was a " set in stone option ''. There was no note or " be aware '' notification to say that the promissory note could not be transferred if I did not go with the original Car Dealership. As a consumer, I would not have known this stipulation because it was not explained on the Online Car loan site. 

After several attempts to work with the original Dealership ; the truck failed two pre-inspections. I had no choice to not do business with this dealership. We did not finalize the original paperwork and I did not hand over the check. The check is {$17000.00} ( I was approved for this amount around XX/XX/XXXX ). It was still at the branch waiting for me to pick up the cashier check. 

I found another truck from a different dealership. The dealership was also located on the exact Navy Federal Credit Union Used Car Auto site. Both dealerships were certified to be honest dealers. The first one did not work out, but the second dealership was honest. The second truck I selected to purchase passed the first pre-inspection. The truck was a good purchase. I made my way to the Navy Federal Credit Union in XXXX Texas to pick up the check. 

I waited for 30 minutes to see a bank branch representative. I was able to meet with a bank branch representative and she provided me with the Auto Loan Check with the new Dealership 's name on it. As I proceeded to leave the bank, I noticed the amount of the check was not the same as on the new contract from the new Dealership. I proceeded back into the bank to bring this to the bank branch representative attention. 

She stated she could not alter the amount on the new contract and that I should have the new Dealership to add on new items to equal the check amount of {$17000.00}. This did not make sense so I asked for a branch manager. 

I want to simply ask if the promissory note can be changed to reflect the new dealership. I have research and the Promissory note does not say it can not be altered or transferred by Navy Federal Credit Union. I have already been approved for the {$17000.00} car loan. The new amount is lessor and I have a truck waiting for me at the dealership to purchase. 

I have made several attempts to rectify this matter and no success. I was told to apply for a second car loan and of course I was denied. I would be denied because my Debt to income Ratio has decreased because I have been approved for a {$17000.00} car loan, which is now on my credit. My credit score dropped by XXXX points because of the Navy Federal Credit Car loan. I did try to go back to XXXX XXXX. I was denied. I have a promissory note for a car loan already pending with Navy Federal Credit and my credit has changed within the last two weeks. If I try to go through other third party lenders, my interest rate will be higher than the 9 % I once had with XXXX  XXXX and the 10 % I was approved already with Navy Federal Credit Union. They will determine this because of the other inquiries and the outstanding loan amount with Navy Federal Credit Union. 

The auto loan amount is active with Navy Federal Credit Union and I have already made a car loan payment toward that loan amount. IT IS AN ACTIVE LOAN!!! 

I am asking for this matter to be resolved within 24 hours. I have a car waiting for me at a local XXXX XXXX XXXX. A XXXX XXXX XXXX for only {$15000.00} ( does not include the tax, title and fees ). It only has XXXX miles. The truck is in excellent shape. PLEASE HELP ME. 

Thanks God Bless XXXX XXXX XXXX

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with non-monetary relief