Consumer complaint received 2019-08-15
Product: Payday loan, title loan, or personal loan — Personal line of credit
Issue: Struggling to pay your loan — 
Company: PENTAGON FEDERAL CREDIT UNION (NY)

XXXX XXXX XXXX XXXX XXXX # XXXX XXXX, NY XXXX To whom it may concern : My PenFed credit union has financially destroyed me by : 1. adding 3 more month to my maturity loan date and demanding me to sign it, because the managers were planning to go on vacation. 
2. by asking me to sign a personal guarantee letter as a condition of refinancing my XXXX   XXXX to get advantage over me by covering losses with XXXX  medallions with my personal savings. 
3. by asking me to sign a confession of judgement letter which let PenFed take my two XXXX from me without going to court. 
4. By refusing to make a new agreement with refinancing my loan which put me in trouble with my XXXX agent and allow her to put my XXXX into XXXX storage without Lease income and no payment on my XXXX  loan. 
5. by refusing to share the losses evenly on my XXXX XXXX because of falling XXXX   prices related to mistakes done by XXXX XXXX Mayor XXXX XXXX , XXXX    Commissioner, and credit unions. 


My XXXX XXXX loan was expected to mature on XX/XX/2019, so I came to my PenFed credit union two month before XX/XX/XXXX asking them to refinance my loan while bringing with me a hardship letter and letting them know that the XXXX industry in XXXX XXXX  in terrible condition and my XXXX XXXX six times significantly reduced my lease income. The situation with XXXX XXXX in XXXX XXXX  was so bad, that I can not go to any other credit unions asking for loan, because no any bank or credit union wants to deal with new loan on XXXX  XXXX. Instead of helping me to refinance my XXXX XXXX  loan, PenFed told me that I must sign the 3-month temporary agreement with them after my maturity date on XX/XX/2019. When I asked the reason for that PenFed credit union did not give me any reasonable explanation. 
At the same time, PenFed credit union aggressively demanded that I must sign their a ) temporary agreement which is 3-month period b ) sign a personal guarantee letter c ) sign a confession judgement letter. All of this is as a condition to refinance my XXXX XXXX  loan. 

When I spoke to the PenFed manager, Mr. XXXX, and asked him to refinance me sooner than three month he laughed at him that the lease with my XXXX XXXX would expire on XX/XX/2019 and in order to pay my loan I need to refinance my XXXX  XXXX    before that day. I explained to PenFed manager that my XXXX XXXX would not wait for refinancing of my loan and it is extremely difficult to find a new XXXX XXXX who would lease my XXXX XXXX. Right now, in XXXX XXXX  all XXXX XXXX refuse to lease new XXXX XXXX and many agents put XXXX XXXX into XXXX  storage, which means no lease income to XXXX owners. When Mr. XXXX left on vacation, I spoke to another manager, Mr. XXXX, whose phone is ( XXXX ) XXXX xXXXX, who told me that he knew the situation with the XXXX industry well. I explained to him that my agreement with my XXXX XXXX   would expire on XX/XX/2019 and I needed to refinance my XXXX XXXX    because my XXXX XXXX could put my XXXX  XXXX into the XXXX storage without refinancing my loan. I also asked him to reduce my loan interest, {$2200.00} because my XXXX XXXX pays me {$1900.00} and {$300.00} I pay out of my pocket. The manager asked me to sign the personal guarantee letter, but I refused to do it, telling him that it is  very unfair to cover loses of XXXX XXXX  by my personal savings. He threatened me by saying that he would take my medallions from me if I refuse to sign a personal guarantee letter. I explained to Mr. XXXX that in XX/XX/XXXX last month one medallion was sold for {$110000.00}, which makes {$220000.00} for my two XXXX  and my loan is {$380000.00} is larger than what I owe to PenFed. I also told him that price of XXXX could get even low than that and it is very unfair to cover my XXXX  loses by my  personal savings, despite the fact that it is not my fault that Mayor XXXX XXXX and XXXX   Commissioner XXXX XXXX made mistakes by refusing to regulate XXXX and XXXX companies. I told him I would not sign a personal guarantee letter and he could take my two XXXX  XXXX. He told me he would call me next day. 
Next day Mr. XXXX called me again from a different phone ( XXXX ) XXXX and started demanding that I also must sign a confession of judgement letter, which I also refused to sign, telling him that NY State stopped using it. But he told me that it would be still OK in XXXX XXXX. Than he asked me if {$1800.00} would be good for me with my loan interest. I explained to him that it is not good because my XXXX agent pays me {$1900.00} and she could reduce my lease income, because the XXXX industry in crisis now. Besides, my XXXX XXXX  already reduced my lease income six times during three years. Each of her redaction is between {$300.00} and {$600.00}. He told me that the bank does not work this way. I also explained to him that that my lease with my XXXX  XXXX   would expire on XX/XX/2019and I needed to refinance my loan before that day. The next day, when I called  him, I was told that he went on vacation without telling me that he would be absent for some time. So, I believe that both managers, Mr. XXXX and Mr. XXXX of PenFed credit wanted me to fail with my XXXX  XXXX loans by creating the situation in which my XXXX  XXXX would get angry at me for not refinancing my XXXX   XXXX loan and put my XXXX into the XXXX  storage. In this situation, I will not be able to pay my loan interest and will lose my XXXX as well as personal savings. I bought my XXXX  XXXX  for {$690000.00} with a loan from credit union and now I owe PenFed credit union {$380000.00}. Each year I paid my loan interest to credit union as well as other XXXX   owners paid to it. Recently I was shocked to learn that former CEO, XXXX XXXX, of Progressive credit Union which merged with PenFed received {$30.00} XXXX in salary, despite the fact that credit union is non-profit business. I came to conclusion that both managers of PenFed credit union tried to catch me in signing temporary agreement, in signing a personal guarantee letter, in signing a confession of judgement letter. Both of them did not care that my agreement with my XXXX  XXXX will expire on XX/XX/2019 and I would lease my lease income and would not be able to make a loan payment to PenFed Credit union. So, my XXXX will be taken from me because of that. But a real reason is that both Mr. XXXX and Mr. XXXX did not care of me despite the fact that the XXXX   industry in crisis and XXXX   XXXX owners will lose their XXXX XXXX and the loses will exceed {$1.00} XXXX. That was said by XXXX XXXX, the NCUA Board member. He also said : We want to provide individually tailored solutions to those borrowers who want to work with us. It seems to contradict to my experience with PenFed credit union. I also believe that if credit unions made mistake with XXXX loan, they need to share losses with medallion owners, and not take advantage over me by forcing me to sign a personal guarantee letter, which means to cover all loses of XXXX XXXX by a XXXX owner. I believe that PenFed credit union should be responsible for any losses evenly with me as well as XXXX XXXX XXXX Mayor XXXX XXXX and XXXX  Commissioner XXXX XXXX  for not regulating XXXX and XXXX. But now, both PenFed managers put me in financial trouble with my XXXX XXXX for refusing refinance my loan before XX/XX/2019 Thanks. 
XXXX XXXX A  XXXX  owner. 
Email : XXXX XXXX : ( XXXX ) XXXX