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Review 12/21/2010
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After deciding to finance a pre owned vehicle with another Credit union, we changed our original application for an auto loan to a auto refinance on a currently owned vehicle. In speaking to Marcus, a phone rep for SD credit union auto loan. We applied for and where approved for a 72 mo loan at 8.99%. But, there was a problem. Marcus found that he entered the vehicle year incorrectly, which is not big deal. So, we then approved for 72mo at 10.5%. I was also ok with this understanding the APR may increase based on the vehicle. When we finally made it to the branch on 12/21/10, EVERYTHING changed. Marcus had told us that we where approved for 19,500 for 72mo with 10.5% int. When we got to the branch the loan officer Cynthia then said that the amount approved before was not the amount we would be getting. After much back and fourth, Cynthia finally covered the amount originally promised. As we where just about to complete the transaction, Cynthia goes over the terms and states that we applied for a 60mo loan. WHAT? It seems that everything that was established previously with Marcus no longer existed. This felt like a classic bait and switch! After contacting the SD credit union phone dept, and speaking with ED, I was told that the loan tern changed when the vehicle year was updated and he claimed Arlene at the branch store contacted us and got our approval to proceed with the change in the loan term. THIS NEVER HAPPENED. I never applied nor asked nor confirmed a 60mo anything.
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