I had a sad experience with my local credit union this week 🙁
I’ve been involved with CP Federal Credit Union since 2004, and up until this week, I had nothing but good things to say about them.
My how quickly perceptions can change…Here’s what happened:
I went into my credit union this week to take advantage of what I thought was an AMAZING DEAL…2.1% Auto Loans for up to 6 Years!
I was very excited to lock in some very low interest loans, and pay off a couple of higher interest loans (3.9% approx.) I KNEW that I would have no problem getting approved, as I have damn near perfect credit (in my own, humble, opinion) .
After an hour of so of paperwork, I hit a snag. CP Federal didn’t want to give me any additional loans…they said because I already had two loans with them (one vehicle and one RV). I said, “No problem, I will pay off the higher interest rate loans today!” I thought this would be perfect, but then the story changed…now they said that I could not replace a higher interest rate loan with a lower rate. I said, “No Problem, I own other vehicles that are free and clear, let’s finance them so that I can lock in such an attractively low interest rate!”
I thought that this would be perfect, but then the story changed again and they said that they could not finance any vehicle that they had previously financed…even if it had been paid off years ago.
At this point, I’m getting pretty upset, because I clearly recognize when I’m being given “double speak” and the “run-a-round”.
I believe that the bottom line is that they did not want to give me the best deal possible, even though I clearly qualified for it. They wanted to continue to charge me interest rates that were 75% higher than they were offering to new customers.
The sad part is that many credit unions advertise that they make decisions that are in the best interest of the individual, not just their bottom line. I get that they would prefer to charge me 3.9% on my loans instead of 2.1%, but HOW UNFAIR to not let me finance other vehicles that are not currently with them…and use a portion of those proceeds to pay off my higher interest loans that are already on the books. IT WOULD HAVE BEEN GREAT CUSTOMER SERVICE TO MEET ME SOMEWHERE IN THE MIDDLE! At least that is what I would have done!
Anyone else out there having trouble with their local financial institution? Your thoughts and comments are appreciated!