Consumer complaint received 2018-09-20
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: UNITED SERVICES AUTOMOBILE ASSOCIATION (SC)

I initially applied with USAA in regard to a loan to purchase a boat. I received approval and went boat shopping. Upon finding a boat with a dealer in Florida I set about finalizing the financing with USAA. The boat dealer required a wire transfer from USAA for the purchase of the boat. USAA refused to wire the money ( per their policy ) and suggested I find another boat dealer. My conversation at this point was that I was buying this boat and perhaps I should find another lender. The representative at USAA had a solution for this. The solution was that rather than go to another lender, I should simply acquire a personal loan from USAA for the same amount as the boat loan. I was told that I would be sent a personal check that I could deposit and in turn wire the funds to the boat dealer directly from my account. I was told that once I had possession of the boat I needed simply to call USAA and have the personal loan transferred into the initial boat loan for which I applied because the interest rate on the personal loan was much higher. I was quoted 7.94 % apr on the boat loan, the personal loan which I only intended to have for a weekend was at something around 13 %. Upon taking possession of the boat I called USAA and set about the process of transferring the loan to the boat loan that I was previously quoted. This is where the problem began. I was told by a new representative that I could not transfer to the boat loan that I was already approved for but had to apply for a new boat loan ( this time for a boat refinance rather than a purchase ). I was disgruntled at this point but went ahead with the application as I was told I did not have a choice. I went ahead with the application and was approved. The rate however, since this was a now a boat refinance rather than a purchase was at 11.94 % apr which was a full 4 % higher than what I was initially quoted. I this point I was upset and asked for a supervisor. After a 5 minute wait I was speaking a manager. The manager could not help but said I could speak to the escalation department ( they handle complaints ). After a wait of at least 30 minutes I was on the phone with an escalation specialist and formally logged a complaint. I was told that my call recordings would be pulled and there would be a resolution reached in 2 to 3 weeks. I called back in 5 weeks after not hearing from them and asked for an update to which I was told there was none to give. Please keep in mind that I am paying over 13 % interest at this time ( the wait for this resolution has cost me an additional {$230.00} in interest compared to the loan I was initially promised ). It has now been almost 60 days since I have been forced to accept the terms of USAA 's loan and still no call back or resolution reached. I have been a residential mortgage lender for the past 9 years and a USAA customer for the past 8. I have never experienced nor imagined such blatant bait and switch activities. I am well versed in consumer finances and aware of the laws in regards to quoting interest rates etc due to my career. I can only imagine the offenses committed by USAA toward consumer with less financial knowledge. I would like a resolution to this in the form of receiving the initial loan I was offered ( USAA somehow is " having issues '' retrieving the recorded phone calls ) and a credit towards the balance for every penny of additional interest I have paid on this high rate product that I would have never agreed to if not for the promise of an easy transfer to the initial loan terms that I agreed to. My payment is almost double with this loan as what it was with the loan that I was quoted.