USAA Savings Consumer Loan Complaint

USAA Savings Consumer loan department,

Vehicle loan Taking out the loan or lease South Carolina

Last week I applied for a used car loan at my financial institution, USAA. I asked for a loan up to $15000.00 but also told the loan processer at USAA that I hoped I would need a loan for less than $ 15K after we finished negotiations on the car. I was quoted a rate of 2.75 % for this loan. After concluding negotiations with the owner of the vehicle for the sale at $13000.00, I gave the owner my personal check for $1000.00, so the remainder needed for a loan was $12000.00. I called USAA to execute the loan, but was told that for any amount less than $ 15K, the interest rate would be higher than 2.75 %. Because of the higher rate, I complained and spoke to several different people in USAA 's loan department, resulting in rates quoted from 4.75 % down to 3.2439 %. They still refused to give me the rate originally quoted of 2.75 %, even though I have a screen printed from their website showing the 2.75 % rate for my loan. They claimed that if I would take the $ 15K ( or higher amount ) loan, I could still get the 2.75 % rate, but for any lesser amount, the rate would be higher. This makes no sense at all, since their risk for a smaller loan amount is less than with the larger loan amount. This is nothing more than a classic bait-and-switch '' tactic. If this was a disreputable loan shark, I might understand their tactic, but for USAA, I did n't expect such dishonorable and dishonest behavior. They should be prosecuted for their bait-and-switch '' tactic to the fullest extent of the law.