Complaint / Review
Navy Federal Credit Union
Ripoff Changed interest rate after I signed a blank check for 5.9%

I applied for and received a loan for a vehicle at 5.9%. All went well. Then I applied for another loan and received a blank check good for up to $30,000.00 on a new vehicle purchase at 5.9%. The check clearly states "Your permanent financing has been approved for repayment in 84 monthly installments at 5.900%..."

We bought the car, signed the check and all was well, we thought. A month later we get our promissory note to sign and it says the interest rate is 10.9%. I called and they said due to our credit it was raised and new guidlines went into effect before we signed the check.

Funny we never got a message or mail on that. SO now the payment went up $60.00 a month and we are stuck. I asked them what changed in a month on our credit and they dont seem to want to answer that question. I also asked them if they checked our credit prior to approving us and they wont answer that question either.

We have filed a complaint with the Federal Trade commission but dont expect any change at all.