I have been with USAA for over a decade and am disappointed with some of the products they provided. I recently just switched my auto insurance from USAA to another insurance company and saved over $300 on the premium and surprisingly, this insurance company (the post does not allow me to post the name of this particular insurance company) provides more coverage. The older I get, the more I understand finance and I have realized USAA is not a discounted firm when it comes to auto insurane and auto loan. I am currently financing my auto loan through USAA with a HUGE interest rate of 9.8%. I have a credit score of almost 800 so I was expecting a lower interest rate. I contacted USAA and spoke to an agent who informed me that this interest rate is non-negotiable due to the discount I have received to purchase the vehicle. If I do the math correctly, I am not receiving any discount with the 9.8% I am being charged with on the interest rate. With that being said, I am very happy to refinance this auto loan as soon as possible, in which she (the agent) recommended to refinance after 3 months.
To summarize this post, STAY AWAY FROM USAA if you're looking to secure an auto loan or for better auto insurance. Shop around as this military friendly institution is not too military friendly.
@Christina87, We appreciate your membership of 10+ years. I understand that you are disappointed with the Annual Percentage Rate (APR) for an auto loan. USAA does consider each loan on a case-by-case basis. We consider several factors from your credit profile, including debt-to-income ratio, banking account management, credit score and history with USAA. Ultimately, you must qualify for the lower rates based on your entire credit profile. I'm sorry that we were unable to meet your needs, and I hope that you will consider us in the future. I will share your feedback regarding the loan and insurance experiences with the appropriate folks at USAA. ~DC
I too have a 10+ year membership with USAA. I have managed good credit for a few years now above 725+. Although, as members we've been approved.. The extremely high APR of 6-10% is a slap in the face to any veteran looking for a car loan. Your company have guidelines to follow in distributing rates but I can tell you all other banks will offer half that rate. For years, I believed USAA was a good company that benefited veterans.. After reading into USAA that has come to fruition as a fallacy.
@Hudat, thank you for taking the time to provide this feedback. It is not how we want our members to feel or the type of experience we want them to have. I will have these concerns submitted to a subject matter expert for further review ~ Sam