Pentagon FCU Consumer Loan Complaint

Pentagon FCU Consumer loan department,

Vehicle loan Taking out the loan or lease Massachusetts

On - -, -, I financed a used - - - through the - - - -. The cost of the car after negotiation was $25000.00 ; I put down $10000.00 which brought the car down to $- -. The payments of $340.00 for 48 months began of - -, - with the final payment due on - -, -. After receiving a solicitation from Pentagon Federal Credit Union for a refinance rate of 1.99 % I decided to take the promotion. I contacted PenFed and was told that they would payoff the loan for $6900.00. I received the check from of $6900.00 from PenFed and endorsed it over to a loan officer at - - - -. Communication with a loan officer at PenFed was that the the new loan would be about $200.00 maybe a little more for 24 months. I agreed to this loan amount and faxed an aceptance back. I never received any documents but received a coupon book and through an oversight on my part began making payments. It was not until I completed making 36 monthly payments that I realized I had been scammed. I could not locate any loan agreements and promptly notified


PenFed claims that I financed $15000.00 with the - - - -, I then turned around and financed $16000.00 with PenFed for the same - - -. PenFed claims that a check for $9200.00 was issued to me and placed into a share draft account. PenFed then states that the $9200.00 was used to payoff the mercedes. PenFed then claims that - and - - was issued a check for $11000.00 and produced a promissory note to go with the others that were created. PenFed claims that the $11000.00 was used to payoff a - -. This - belongs to - - and was paid off in -. PenFed trips themselves up by claiming that the $11000.00 and the $9200.00 - went to payoff the - -. The payoff notices from - of - -, - and follow-up on - -, - proves beyond a shadow of a doubt that - and - - have been defrauded and scammed. In my complaint of - we did not have these documents. These documents from - Bank clearly refutes any claim that PenFed could possibly make. Since my complaint - others have been found who have had similar experiences. None of their experiences are as blatant as the experience of - and - -. I will give PenFed the opportunity to satisfy my damages in an expedited time-frame. All supporting documents have been attached. Thank you. - - -