USAA Savings Consumer Loan Complaint

USAA Savings Consumer Loan department,

Vehicle loan Shopping for a loan or lease Connecticut

I call my current auto loan company, USAA, and inquired about an auto loan since my current rate, 4.85 % was rather high. I spoke to representative and she indicated that I was pre approved for 1.4 % rate. My application number with USAA -. I applied with the understanding my rate would be 1.4 % without any other rate or condition as conveyed by the representative. She did not outline any conditions or requirements for this application. Her name was -. The representative then told me my rate would be 4.85 % not 1.4 %. She did not know why the rate changed. After she checked she indicated that the rate changed because I am using a used car not a new car for collateral. I asked to speak to a supervisor and after being disconnected and waiting for 50 minutes, I spoke to - on the ERT team. - explained to me a litany of information that was not conveyed by the sales representative including the rate was variable and is different for new and used cars. I requested that my application be terminated and the credit inquiry removed my credit history. - indicated that she did not believe this could happen. How can a company fail to disclosed all of the required application information and not have the processes to correct the issue. If a loan company has the ability to check my credit they should also be required to remove the check if the company fails to perform all of the legally required disclosures.