Consumer complaint received 2025-06-27 00:00:00
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — High-pressure sales tactics
Company: VALLEY NATIONAL BANCORP
State: PA

Complaint narrative:
On XX/XX/XXXX I went to XXXX XXXX XXXX dealership in XXXXXXXX XXXX to look at a XXXX XXXX XXXX. XXXX was our sales representative. I put down a {$500.00} credit card deposit to come back Tuesday XX/XX/XXXX when the finance guy would be in to purchase the car. I told XXXX I would be putting atleast {$5000.00} down cash, if not more, when I come back to purchase the car and wanted the loan under {$10000.00}. I signed a deal for {$16000.00} with {$500.00} deposit that day and he was going to have his finance guy run numbers on Monday XX/XX/XXXX. He confirmed I would be charged XXXX registration and sales tax since I live in XXXX XXXX XXXX XXXX. 
XX/XX/XXXX I was sent a text saying I was approved for financing, and we scheduled for me to come in the next day for paperwork and to pick up the car. 
XX/XX/XXXX I arrived and was rushed into finances office. The finance guy rushed all the paperwork and wouldnt let me read most of it. He told me I was approved through Valley Bank, and jumped into warranties, which I opted for. I ended up putting down {$10000.00} cash, on top of the {$500.00} credit card payment days prior. He told me I was approve with Valley Bank. He never told me my interest rate until I finally told him to slow down the paperwork because I wanted to read it. He ended up not including the {$500.00} credit card payment as a down payment, he said he wasnt going to update the paperwork because itll raise a red flag to the bank and theyll just refund my card. 
I ended up signing and leaving with the car, under the assumption that only one credit inquiry was ran, later to find out they ran my credit six times- XXXX with Valley Bank XXXX XXXX, XXXX and XXXX XXXX XXXX along with XXXX with XXXX and XXXX  XXXX XXXX XXXX I then noticed that I was in fact charged the XXXX sales tax and brought it to their attention, to which they said they would issue a refund ( I still have not received this ). 
Today I received a letter from XXXX stating that they couldnt approve my loan application due to value of vehicle is insufficient relative to requested amount and that they could offer me a loan for {$15000.00} at 72 months, and noted a credit score of XXXX. To which I was confused because XXXX XXXX XXXX knew that I already put down {$500.00}, and was putting down atleast another {$5000.00}. My out the door price was {$16000.00}. So the most amount of loan I wouldve needed was {$10000.00}. According to this letter they severally overshot the value and purchase price of this car for the loan application, ran my credit more than it needed it and ultimately chose Valley Bank at a 11.3 % interest rate and telling me that was all that was done. 
I texted XXXX XX/XX/XXXX asking for copies of my loan applications they submitted for me and I was told he would reach out to finance. I havent heard back so I called and spoke to a XXXX today, XX/XX/XXXX to which he claimed to have pulled up the applications submitted on my behalf but wouldnt tell me the requested amounts or interests rates but insisted they chose the best for me, and said he can not send me copies of the loan applications or see their interests rates but then also said they wouldve been 13-15 %. 
There is something unsettling about this whole experience, and I dont believe any of this was done in good faith. It appears they submitted my applications with false amounts needed, and shotgun my credit to multiple lenders or ignored my down payment to generate a higher interest rate. 
On top of it the car ended up having a headlight out days after purchase, even with all the warranties and just buying the car they wouldnt even help fix the headlight.

Company response to consumer: Closed with explanation