Date Received: 2022-07-09
Issue: Problems at the end of the loan or lease
Subissue: Problem related to refinancing
Consumer Complaint: On or about XX/XX/XXXX. I refinanced my auto loan from XXXX XXXX to Navy Federal. XXXX XXXX was supposed to send title to Navy Federal in XXXX. I received a call from Navy Federal in XXXX saying they did not have the title and could not finance unless the title was received. All money went to XXXX XXXX. Navy Federal then said they would contact XXXX XXXX to get the title. Fast forward to XX/XX/XXXX. The loan was paid off at Navy Federal and in turn a home improvement loan was done where the vehicle was used to secure that loan. At the time I agreed to the loan, I was told they would send me the title and I would then send it back to them, so they could be the lie holder. Why didnt the representative state at that time that Navy Federal did not have the title. Today ( Saturday XX/XX/XXXX at about XXXXXXXX XXXX ) I spoke with XXXX and a person named XXXX who said he was a supervisor. XXXX was rude XXXX and basically said Navy federal never had the title. How is this legal? How can you loan money on a vehicle without becoming the lienholder? XXXX then said Navy Federal has no responsibility to get the title back in XXXX nor today. Told the customer to figure it out basically. At the time of the new home improvement loan, I was told I had 90 days to get the paperwork they were sending out to me back to them. Its been months and since I never received the paperwork I called today and spoke to XXXX. Aweful Customerservice.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2022-07-09
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-07-10
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: Navy Federal Credit Union ( NFCU ) has misled us on our mortgage application for over 3 months. This deceptive practice is resulting in financial damages that we will suffer. Below is a synopsis with a full summary of events to follow. Navy Federal Credit Union ( NFCU ) knew we wanted to leverage a 1031 exchange from beginning of our mortgage application process for a second home ( XXXX ). NFCU notified us in XXXX that they would not accept a 1031 when there was never indication this would be an issue. Our application was always for a 2nd home and based on the documentation we have provided, it was evident that the 1031 was a result of selling investment properties as an investment exit strategy. Had this been communicated from the beginning, we would have gone with a different lender months ago. But given the economic environment, this would result in more substantial damages from an increased interest rate vs the capital gains tax from selling a property. Capital gains taxes will now be owed on two sold rental properties since the funds can not be used as 1031. Additional fees are owed and interest rate arbitrarily increased although NFCU was aware of our closing date and our intent to extend rate lock into XXXX. Summary of Events : XX/XX/XXXX We began mortgage application process with Navy Federal Credit Union ( NFCU ) to purchase a property in XXXX XXXX, CA as a secondary home, utilizing a 1031 exchange. We advised NFCU we were relinquishing two rental properties ( hereinafter will be referenced as Rental 1 and Rental 2 ) in exchange for the XXXX XXXX property. Loan officer stated she would make a note of the 1031 in the file. We included business tax returns for years XXXX and XXXX, clearly indicating both rental properties were investment properties. We intended to have 3 borrowers ( hereinafter will be called Borrower 1, Borrower 2 and Borrower 3 ) on the application however the online application does not offer this functionality, so we communicated to the loan officer of our intent. XX/XX/XXXX Mortgage application is sent to NFCU underwriting team. Loan officer included a note to underwriting team to add Borrower 3 to existing application. XX/XX/XXXX Conditional approval received Loan officer communicated to us that a new application needs to be submitted ( and that they would do it on our behalf ) to include all three borrowers and that we could not simply add third borrower to existing application. Because we would need to apply for a new loan application, the interest rate ( 5.125 % ) that we had locked into on the XX/XX/XXXX application would need to be given up and instead would need to accept current rates which had increased significantly. We question this and NFCU replies with I am hoping you will be under approval status after all these items are uploaded, and the underwriter will give us the OK to add a 3rd borrower to the current application with the rate of 5.125 %. IF you do not qualify and need the third borrower, then the backup application will be required to move forward and will reach out to our pricing team regarding that rate at that time. At this point we have two open applications. One application with Borrow 1 and Borrower 2 at 5.125 % rate. Second application with only third borrower at a much higher 6 % rate with XXXX points to pay down the rate. XX/XX/XXXX We received request to complete mortgage estimate, which third borrower not been added to loan terms yet. We again confirm to have third borrower added and extend rate lock to our original application. NFCU states we dont need third borrower to move forward with application, and that Borrower 1 and Borrower 2 can move forward alone. Second application was created in the event NFCU states that we must use the second application with the third borrower on it ( with the higher rate ) even though from the beginning of the application process, we intended to have three borrowers however NFCUs online application process limited to only two borrowers. We escalate for management exception We confirm that as of XX/XX/XXXX, Rental 1 and Rental 2 have been sold ( i.e. relinquished as part of 1031 exchange ). XX/XX/XXXX NFCU requests closing disclosures of relinquished properties XX/XX/XXXX XXXX re-submitted to underwriting with request to add Borrower 3 to application 1. XX/XX/XXXX Introduction with title company of XXXX XXXX property, NFCU team, buyers RE agent and buyers. Confirmed all three borrowers. Confirmed using a 1031 exchange. XX/XX/XXXX NFCU advises underwriting team is not allowing a 1031 exchange whereby investment properties are sold, and a secondary home is bought. We send NFCU specific IRS language articulating this is possible. As part of Revenue Procedure 2008-16, someone may buy a future primary residence, second home or vacation property ( personal use property ) as an exit strategy from investment real estate as long as certain criteria are met ( which we were intended to comply with ). Additionally, sent website of our 1031 intermediary to NFCU stating 1031 for investment property to personal use property is allowed. o We sell the investment property then purchase personal use replacement property ( i.e. vacation home ) o Rent property for minimum 14 days for two calendar years o Limit personal use to no more than 10 % of total rented days. 30-day rate lock extension submitted with a fee of .125 %, good through XX/XX/XXXX. XX/XX/XXXX NFCU states underwriting still have not allowed 1031 funds to be used in purchase and request a letter from 1031 intermediary stating 1031 can be used for the purpose of purchasing a personal use property as an exit strategy from an investment property. XX/XX/XXXX NFCU submits final declaration to not allow the use of 1031 exchange funds to purchase XXXX XXXX property. They stated that because we can not sell an investment property and purchase a secondary property and that further this gives the illusion that we want to rent out the XXXX XXXX property and if we wanted XXXX XXXX property to be a rental, that we would have had to apply for a different mortgage product. XX/XX/XXXX Acknowledged we will no longer use 1031 exchange and move forward with loan process ( order appraisal, etc. ) XX/XX/XXXX We request new loan estimate with rate lock extended through XXXX XX/XX/XXXX NFCU stated we must wait until we get closer to end of the rate lock and will have to ask Pricing Desk to allow another extension. It must be within seven days of lock expiring. Once we get to that point, NFCU will send a request to our Pricing Desk for 30-day extension. XX/XX/XXXX NFCU states that the rate has expired and advised the rate would be increased to 5.50 % and locked for an additional 30 days with the onetime fee of the .125 % ( for the original 30 day rate lock extension ). Conclusion : Deceptive Practices leading to Financial Damages NFCU knew we wanted to leverage 1031 exchange from beginning of mortgage application process ( XXXX ) NFCU notified us in XXXX that they would not accept a 1031 when there was never indication this would be an issue. Otherwise, we would have gone with a different lender months ago. Capital gains taxes will now be owed on sold Rental XXXX and Rental XXXX since the funds can not be used as 1031 Additional fees owed and interest rate arbitrarily increased although NFCU was aware of our closing date and our intent to extend rate lock into XXXX.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: DE
Zip: 19810
Submitted Via: Web
Date Sent: 2022-07-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-07-09
Issue: Attempts to collect debt not owed
Subissue: Debt was paid
Consumer Complaint: The adjudication for removal of background check in terms of financial conditions is to seek help towards credit repair in the manner of financial issues. Also to protect any consumers from any collection agency that holding any employment credentials of such individuals. The fair credit agency has been communicated purposes to solely protect the consumers from human harassment and other financial quos or issues. Any procurement of any credit interest shall not apply towards any consumers that would toiled nor to harm any accruing interest of any such credits vice versa. Your utmost of help is necessary needed. XXXX XXXX XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NV
Zip: 89129
Submitted Via: Web
Date Sent: 2022-07-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-07-08
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: Navy Federal Credit Union has stolen my money, blocked my account, refused my refunds, and blocked all contact with me while stealing my money in retailation for me filing complaints of XXXX to their company. They refused to acknowledge my complaints but deny me services. The last time I filed this complaint they BRIBED me with {$100.00} cash saying they would investigate but didn't. They reversed a XXXX fraudulent charge on my account while refusing to acknowledge my other disputes. They have deliberately withheld my direct deposits saying I was moved " to a different batch '' which is based on my XXXX. They have name calling me on the phone, laughed at me, called me a liar and shamed me based on my race and is now stealing my money and blocking me from talking to them in any form. They only sent me a form letter with no name or contact person on it! ( see attached ) This is harassment and illegal because it is based on my race witch has exasperated my XXXX, shamed me as a person, caused me extreme XXXX suffering and duress. Please help me get my money back so as a veteran living with XXXX I can get loose from the crippling XXXX grips of Navy Federal Credit Union
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NY
Zip: 11233
Submitted Via: Web
Date Sent: 2022-07-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-07-08
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: i got my statement and had several unauthorized withdrawals. On the XXXX through the XXXX of XX/XX/2022 {$5000.00} was withdrawn 3 times to people i dont know.I called the bank and closed the account and put fraud claims in.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TN
Zip: 381XX
Submitted Via: Web
Date Sent: 2022-07-08
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-07-08
Issue: Managing an account
Subissue: Problem accessing account
Consumer Complaint: I tried to access my online savings/checking/HELOC account over the weekend of XXXX. I got an error message saying I needed to call. I called and there was a message saying they were doing website maintenance so I assumed that was the problem. I waited until XXXX. Still locked out. Called told there was a security lock on my account due to someone trying to access my information by phone fraudulently. I would need to visit a branch to rectify. I went to branch and was photo ID 'd and they established a code word I would need whenever I called about my account as an extra layer of security. However they said they were unable to remove the block I would have to speak to the security team via phone. I went home to call the security team. They are only available XXXX on weekdays and hold times are over 1 hour. I have a job and was unable to call from work. I finally took off Friday afternoon XXXX ( unpaid ) to try to call. I was on hold for 2 hours and 4 minutes. They were able to unblock my account. It is completely unacceptable that they were able to block my account for a week and I had to take off of work to be on hold for more than 2 hours. This was no fault of my own and it needs to be easier for customers to get through to access their own money. It was bad enough having to go to a branch in person -- but they were unable to completely resolve the issue. I also had no official notification that my account was blocked by email or in writing, I had to find out on my own.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MD
Zip: 210XX
Submitted Via: Web
Date Sent: 2022-07-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-07-08
Issue: Managing the loan or lease
Subissue: Billing problem
Consumer Complaint: I filed a complaint via mail on XX/XX/XXXX they should had received it XX/XX/XXXX certified and no response I would like to heard back
Company Response: Company believes it acted appropriately as authorized by contract or law
State: GA
Zip: 30008
Submitted Via: Web
Date Sent: 2022-07-08
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-07-08
Issue: Improper use of your report
Subissue: Reporting company used your report improperly
Consumer Complaint: In accordance with the Fair Credit Reporting Act, Navy Federal Credit Union # XXXX, has violated my rights. 15USC 1681 Section 602 States I have the right to privacy. 15 USC 1681 Section 604 A Section 2 : It also states a consumer reporting agency can not furnish a account without my written instructions. 15 USC 166B : A creditor may not treat a payment on a credit card account number an open-end consumer credit plan as late for and purpose.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TX
Zip: 75230
Submitted Via: Web
Date Sent: 2022-07-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-07-08
Issue: Managing the loan or lease
Subissue: Billing problem
Consumer Complaint: All rights and interests in the original promissory note signed by me and kept by Navy Federal have been transferred to Navy Federal in order for them to release the funding escrow to offset the debt pursuant to 12 cfr1026.23.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: TN
Zip: 37076
Submitted Via: Web
Date Sent: 2022-07-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2022-07-07
Issue: Problem with a purchase shown on your statement
Subissue: Credit card company isn't resolving a dispute about a purchase on your statement
Consumer Complaint: On XX/XX/XXXX, I filed a dispute with Navy Federal Credit Union ( NFCU ). With this dispute I provided documentation and evidence I returned the vehicle on XX/XX/XXXX to the XXXX airport. NFCU declined to investigate this incident, refused to consider the documentation and evidence I provided, and simply deferred to the merchant. I appealed this decision and asked them for a copy of their investigation and the documentation used to arrive at this decision. NFCU provided me with no investigative report and no evidence any investigation occurred -- the only documentation referenced in the determination of their decision was the Merchant Rebuttal from XXXX. I have photos of the vehicle returned to the XXXX airport, clearly showing the location as XXXX airport, time stamped at approximately XXXX XX/XX/XXXX, and marked with GPS coordinates from the phone used to take the photo indicating the photo was taken at XXXX airport . I have photos of the receipt for the gas station to fill up the car before returning it to the airport. I have evidence of my flight activity showing I departed Florida days prior to when XXXX claims the vehicle was returned. XXXX, to my knowledge, has provided XXXX evidence their bill reflects an accurate or reasonable reflection of the services rendered to me. I provided all of this evidence to NFCU, however they refused to reconsider their decision or even reopen their investigation. After much back and forth with XXXX, they eventually acknowledged a discrepancy and revised the charge for this rental to {$200.00}. However this amount is still far above what I expect to owe, and NFCU provided XXXX assistance or independent effort to understand or correct this error. I feel doubly cheated, first by XXXX for this billing error/fraud, and second by NFCU for refusing to investigate and take action on this billing error/fraud. And to add insult to injury, neither company will provide reasonable explanations for their decision making process or justifications for their ( in ) actions.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 947XX
Submitted Via: Web
Date Sent: 2022-07-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A