Consumer complaint received 2020-06-29
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Credit denial
Company: FORD MOTOR CREDIT CO. (TX)

On XX/XX/XXXX my wife and I applied for a joint new car loan with Lincoln Automotive Financial Services ( Lincoln Financial ) and we thought we were approved for up to {$58000.00} for 72 months on a new XXXX XXXX XXXX. On XX/XX/2020 the XXXX XXXX was delivered to our by the Dealership, XXXXXX/XX/XXXX XXXX XXXX, TX, and we signed the purchase agreement, wrote a a Check # XXXX for {$3500.00} and paid {$970.00} by credit card for a 4 year XXXX mile Service Agreement. We thought we had a loan for {$45000.00} at 0 % Interests for 60 months with 3 months payments being deferred with Lincoln Financial. About 2 weeks after having the vehicle and only driving it once, we had protective film applied to the front bumper, partial hood and the mirrors for {$630.00} cash, and we did this in good faith thinking we owned the vehicle. 

On XX/XX/2020, my wife and I each received letter from Lincoln Financial via USPS stating, " We have received your recent credit application for financing secured by the property described above a new vehicle to be purchased/leased from XXXX XXXX XXXX ( XXXX  ). We regret at this time we are unable to grant the credit you requested. '' This was over a month after we took delivery of the vehicle. 


My wife and I were in total disbelief and shock, considering our bank, XXXX in XXXX sent us each our credit scores from XXXX, being XXXX each. Also we had paid off our mortgage to our home on XX/XX/2020 after 20 years of payments, and felt we were and are extremely credit worthy. 

I contacted XXXX on XX/XX/XXXX and/or XXXX, XXXX where we purchased the vehicle and informed them, and they supposed called XXXX XXXX. At no time did XXXX  XXXX reach out to us or call us. 

On XX/XX/2020 XXXX XXXX  CST, I called Lincoln Executive Offices, Phone # XXXX and left a message about what just happened and the letters we received. On XX/XX/2020 XXXX XXXX XXXX  CST, I also called Lincoln Customer Service at XXXX and spoke with XXXX at extension XXXX and explained what happened and that I called the executive Offices and she assigned a Case # XXXX. On XX/XX/2020 XXXX XXXX  CST we had a message that XXXX XXXX from XXXX called, XXXX, and we could barely understand her message because of the extremely loud typing noise while she was talking. On XX/XX/2020 XXXX XXXX  CST I returned the call from Ms. XXXX, not knowing who she was, and she stated she was a Supervisor with the Lincoln Executive Offices. I explained what happened and the loud annoying typing noise continued all the while we talked, and I did tell her it was extremely rude to try to talk over her typing. She stated that a Ms. XXXX XXXX would conduct a Good Faith Review and it would take about one ( 1 )  week. 

On or about XX/XX/2020 Ms. XXXX and I talked and she informed me she completed her Good Faith Review, and stated that since this was not a specific problem with the vehicle and a financial issue, that this matter was not Lincoln 's but Lincoln Financial 's issue, and I needed to pursue this matter with them and she was closing out her end. 

Since then, I have written Lincoln Financial at least 4 times through the email Contact Us ( we have copies of all emails ) on the Lincoln website and have only been told they would need about 30 days to review the issue.

We have repeatedly stated to Lincoln Financial that since our credit was denied by them we consider the Purchase Agreement/Contract to be null and void, and requested them to make arrangements to pick up the vehicle, but they have said nothing. We have also stated that we consider this to be a possible violation of the Dodd-Frank Act and a deceptive business and/or financial services act and violation. We have repeatedly told Lincoln Financial that this caused us harm to our good names and character and credit worthiness, since this negative stays on your credit file for up to 2 years. We have also told Lincoln Financial this has caused us both great amount of unnecessary and unwanted stress, causing sleepless nights and harming my health from lack of sleep, anxiety, stress all of which effects my XXXX and my XXXX and XXXX. 

We do not drive the vehicle and it remains stored in our garage with full automotive coverage through XXXX our Insurance Company, and the vehicle has XXXX miles on it. 

My wife is XXXX and I am XXXX years old and I am a XXXX XXXX VA Rated Service Connected XXXX Veteran, which Lincoln Financial knows too.

We have given Lincoln Financial two ( 2 ) Options in an attempt to find a resolution that both of us can live with, and know to date no one from Lincoln Financial has offered an apology. 

Currently our first monthly payment of {$750.00} is due late XXXX or early XX/XX/2020, but Lincoln Financial has not to date sent us any payment or account information.