U.S. Bancorp Consumer Loan Complaint

U.S. Bancorp Consumer loan department,

Vehicle loan Taking out the loan or lease California

My wife and I applied for a used car loan through US Bank. We dealt with - - ( The Branch Manager at their -, CA location ) who was nice at first, but proved to be a bad banker in general. US Bank approved us for what we needed for the car ( $ - ) and offered us great terms. Despite applying together, - advised my wife and I to remove me from the loan because she carries most of the income and I carry most of the debt. He claimed he could get us more favorable rates with just her. I was confused because our other lenders wanted my name on there and werent concerned about it raising our rates, but we agreed and went ahead anyways : they were offereing us great terms at a great rate. I spoke with - many times before and during our purchase to make sure everything was OK with our loan. He told me a number of times everything was fine and we were greenlit to buy the car. He even issued us a pre-approval letter verifying the $ - my wife had been awarded. Within minutes of purchasing the


we had a pre-approval letter for. Despite having a pre-approval letter and over - phone conversations to confirm, somehow everything fell apart in the 10 min after I 'd bought a $ - vehicle and US Bank was no longer able to lend us what we needed for the car. This was very much a bait and switch tactic. I was told there was nothing they could do and I would have to return the vehicle to the dealer if what they offered us was not sufficient. Based upon a conversation with a banker at a different bank we discovered that - gave us some horrifyingly bad advice and mislead us as a banker. He misunderstood his own underwriter 's requirements and it was his advice that ultimately caused the underwriting issue. It should be acknowledged as well that the other banked also stated there should be no way for an underwriter to come back and change a loan amount after a pre-approval letter has been awarded. - had suggested we take my name off the loan to remove some debt from the records, but neglected to realize that my wife had never been approved for such a big loan by herself before and as a result ( according to - ) the US Bank underwriters became concerned with the fact that she 'd never had a comparable loan. Had he included me on the loan, that would not have been a problem. It should not be the case that after 10+ conversations and a pre-approval letter that our loan could be unilaterally changed on us and it should not be the case that one bankers incompetence should be a burden we have to bear.