Complaint / review text:
My wife applied for a car loan. She was told "congratulations, you have been approved for the loan" at a certain rate. They told us that we can call them when we decide what car we were going to purchase and we did in 3 different occasions. Nothing was mentioned about anything other than when we decided to purchase to let them know and they will cut the check. After 4 different cars and 4 different people we decided on a car.
We called to give all the information they needed and I was told that we were not approved for the new amount even though it was 4,000 less that the approval we have gotten earlier. The person that first gave us the quote forgot to tell us that the first loan was not approved, that it was on pending status because of vehicle age and miles and that the second vehicle that was the same make model year and everything else was the same but cheaper. The kicker is since we knew we were told that we were approved the first time for a bigger amount we put 500.00 non-refundable downpayment that we can't get back on the second vehicle because of Misinformation from pentagon. The only thing they say is that they are sorry for the other people mistakes.
This has been the most underhanded, misleading, fraudulent experience that I have ever had. Telling someone that they are approved for a loan (they forgot to tell us that it was "conditionally approved") and not tell them the conditions of the loan in my book is consider fraud. Stay away from this so called military financial friendly institution. My wife and I are veterans and we deserve to be treated better by a place we thought we can trust. Be aware that when they tell you that you are approved. You might not be.