I was wondering if anyone else received bad information from USAA Auto Loan Service. A couple of weeks ago I applied for a used car loan for my daughter. She is 18 and was looking for her first car. She doesn't have any established credit yet and I thought USAA might be a good option.
I was told that it would be better if I was the primary on the loan with my daughter as the secondary and at least my daughter would be building credit. I thought this might be a good option. At the time I was looking at a * Jeep and was told the rate would be 9.25% because the year was older than a * I was told that if I found a vehicle * or newer the rate would drop probably somewhere between 5-6%. The loan would get approved at the 9.25% rate and if if found a newer car the rate would automatically be adjusted. I did find a * Kia and thought I did a good thing. When the rate was finalized it was finalized at 9.25%. When I called USAA about the rate they told me that since I agreed to the 9.25% rate that it was final! This was not what I was told.
Then I was told when they looked into that the loan at 9.25% was for a vehicle between 2 and 7 years old. This was a complete lie. This was NEVER discussed on the phone. I believe that USAA is using dishonest business practices and I will not recommend their services any longer. I have never been treated like this from any bank. I reallly did not expect it from USAA. I will be a lot more careful with USAA in the future and start going in a different direction with my banking needs.
In conclusion, I took USAA at their word and was tricked because I should have researched them better. I have been a member for 8 years and they got me good on this one. Fool me once...
Oh no BrendanO, that is definitely not the experience we want our members to have. What I can do is have a subject matter expert review this further. Bear with me just a moment please while I share these details.