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Contributor

My husband is 51 years old and has been laid off due to Pennsylvania's Governor Wolf's response to the COVID-19 virus.  My husband is the main support of income in our family.  I was told yesterday, that the only deferment we could receive would be 3 months; but at the end of the 3 months we had to pay it back in full.  How is this helpful? 

Our auto loan through another company  is offering a deferment and those 3 months are being put at the end of the loan.  We need real help, not a bandaid.  My husband's company is a family owned business.  Right now they are not sure if they will recover from this.  Please help and give real solutions to a real problem.  Thank you.

9 REPLIES

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All three months at once?  How on earth does that make any sense at all?  Is this USAA's "offer"?  

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@docjoyce, thank you for reaching out to us. USAA is closely monitoring the situation and want to ensure we are able to assist our members during this difficult time. We encourage members who may be impacted to reach out to discuss how we might be of assistance. We do have special programs in place to help our members with consumer loan, credit card and mortgage payment assistance options. You may give us a call at 800-531-8722 or initiate a chat session for immediate assistance to review your specific account. You may also visit USAA.com/coronavirus for the most up-to-date information. Thank you. ~ Robyn

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USAA continues to act like they have "special progrgams" in place but they are offering no meaningful assistance.  I so wish I would have borrowed with my local credit union.  The five major banks are all offering mortgage deferrment in California.

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Yes, as of then Nationstar through USAA was only offering this response.  Defer for 3 months and pay all 3 months back at end of 3 months.  At least that is what the representative said.

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This is an absolute disgrace on USAA's part. I called in and got the exact same response of suspending payments for 3 months and then having it all due at the end of the 3 month period. That doesn't help my situation at all. 

 

Bank of America, Wells Fargo, and JP Morgan are all offering their mortgage borrowers a 90 day grace period for the impacts of the coronavirus. Why can't USAA do the same. Their "special programs" don't do squat. 

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We were told the exact same thing. I am a reservist and a civillian working on a military base. My wife unfortunately lost her job last week due to this crisis. I agreed to a forebearance not knowing it wouldn't be added at the eThis. We cannot afford to pay it back in full in three months. We dont have the money to pay our payment now. This is extremely stressful. I live in Georgia. How come 5 of the the biggest banks in the world suspended payments with no loan repayment but we cannot even get 30 days or even the payments added to our loans. We pay USAA over $2500 a month via different means. I am just beyond words on what to do at the moment. 

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well i fell for you , but thats how it go's,thay say its to help you ,but on the back side its just something that is gonna put a little strain on you ,so i agree with you , if you got to pay it back how is it help ?????.

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We were told the exact same thing. I am a reservist and a civillian working on a military base. My wife unfortunately lost her job last week due to this crisis. I agreed to a forebearance not knowing it wouldn't be added at the eThis. We cannot afford to pay it back in full in three months. We dont have the money to pay our payment now. This is extremely stressful. I live in Georgia. How come 5 of the the biggest banks in the world suspended payments with no loan repayment but we cannot even get 30 days or even the payments added to our loans. We pay USAA over $2500 a month via different means. I am just beyond words on what to do at the moment

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USAA you should be ashamed if that is the reply you are giving your customers.  Those are the same customers that have supported you as a company all these years.  Will be interesting when rates go up after all of this is over for a reason your leadership will come up with, I'm sure.  It will even be more interesting to see what the CEO bonus will look like.  Suspend the board member pay for a year and distribute those funds to those that are reaching out to you for support during this unforeseen tragedy.