This is an update to a prior review for my fellow USAA prisoners.
First, quick background for anyone that reads this... I recently had a maintenance fail on the engine of my car and still owe about a quarter of the origional loan that I financed through USAA. I called USAA to see if I could re-finance the loan since my credit has improved and is very high and was told that I would have to increase my debt to the minimum $5,000.00 to refinance. I was also told by the rude customer service rep that if i did a loan application to see what my new interist rate would be, that it would NOT affect my credit score. So i agreed to file an application so i could see what the new rate would be. She told me that I was approved and my new interest rate would be 10.4%!! when my current loan was at 8.43%... Even though, my credit has improved greatly since I first financed with USAA. I was upset and felt like I was screwed so i told her, thanks, but no thanks. After complaining here on this forum and getting a StandardOperatingProcedure scripted cookie cutter response from a USAA representative in the comments section. I get a call from Ro_ _ _ _ at the CO/Executive office. He informed me that he was going to review the issues and get back to me. He called me back a few days later. After listening to my call in recordings he apologized and told me that the USAA phone rep should never had filed the application for a new loan in the first place, since I had disclosed that the reason i was trying to refinance was due to my car being undriveable. He also said the representative had incorrectly stated that the loan application would not affect my credit score (It did)... He then proceded to tell me that the lein on my car was worthless and that they (USAA) had already made their money back on my loan in interest and that the most he could do for me is push my payments back one month (I would still have to pay for the grace month + interest accrued)... I took that as "we screwed up, we don't care, we already made our money back, you are stuck paying us interest for nothing, and you can't do anything about it..."
USAA has been extremly impersonal and indefferent as well as damaging my credit score and misrepresenting themselves to me (a loyal customer since I was 15). They have effectivly made a personal problem much worse and I am currently considering seeking legal action as well as closing all accounts and reccommending family/friends to do the same. Anyone reading this please please please do not bank with this institution. They have made me feel terrible and damaged my life and finances and could not care less.
**Insert USAA representatives scripted consolation and apology response**
Why would you need to refinance your car because it isn’t driveable? Seems especially odd if the loan value was less than $5k. Why not just take a personal loan for the money needed for repairs, or use a credit card? Something doesn’t add up here.