This is more a warning than a consumer complaints since I was lucky enough to read before I signed. I found myself talking to WFF since I was looking for a VERY SMALL car loan on an old car that most lenders won't finance. I am a homeowner with good credit and A high FICO score. After dealing with the El Cajon ofice via phone and submitting an application, I went yesterday afternoon to sign the loan documents. I had been assured on the phone of a 14% rate.
When the documents were submitted for signature, I refused to sign until I had read the documents - something I recommend that everyone do! The youg lady tried to hurry me through by announcing that "The good news is that your payment includes Credit Insurance that will.." - at that point I cut her off and said no insurance - period. She was a little miffed at that and said she would have to have the documents redone. I believe that including the insurance without advance permission is a probable legal violation. After a 10 minute wait she returned with a new set of documents. Once again she tried to hurry me through signing before I had a chance to read - something I will never do. The first line I read was the APR line where 14% had magically turned into 35%.
At that point I simply said no deal, and stood up to leave. The yough lady at that point informed me that my failure to purchase Credit Insurance has caused my rate to be higher (another violation). After walking out the door I resolved to file the appropriate compliants for probable violations of both federal and state laws, the BBB, and to post my report here.
I have a background in banking, investment banking, and a law school education education even though I work in a field today that is far from the money business. That experience taught me what to look for and where to look. I realized that many people don't and they need to know! Don't ever sign it without reading it and making sure you understand everything on it! Predatory lenders count on you not knowing or asking.
In short: Read it, understand it, and if you don't like it - walk!
0 comments