ComplaintsforMCT Credit Union

• Initial Complaint

  07/10/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I purchased a car and financed it through Bank America. I signed those loan documents at the dealership that evening.On Jun 21 I started the process to refinance with MCT. We were given all the loan rates, options, and agreed on what warranties and insurances we wanted to purchase and signed all documents on Fri. Jun 23. Nobody could reach an agent at our regular car insurance company until Jun 26th to make MCT the lien holder but that was completed later on that same day.Even later in the day on June 26st ******************* the member at MCT who had quoted me the interest rate, payments and other loan terms called to tell me I needed more money down or I would have to sign a contract for a higher interest rate.This continued over the next day as I reviewed the contract again and advised her that I did not want to sign a new loan agreement because my current loan agreement had all of the warranties as discussed as well payment, interest rate,and other terms. On Jun 28 *********************** called me to tell me again that I had to sign a new contract for either higher interest, no warranties, or more money as down payment. She said they would just wait this out and are basically refusing to fund my loan. Both members are say that MCT will not fund my loan because it is for the wrong amount. The loan amount, warranty costs, payments, etc. are clearly stated within the signed loan documents and is the amount I was quoted. The loan documents also clearly state that the warranty money is to be paid on my behalf. The loan documents reflect all these purchases in writing. I have text messages with **** that says the base rate for my loan was $52K and with added warranties it would be $55K. The loan is at $55K but now they want to make it $58k-something. They have the insurance binder as well. In the interim if something happens, they will get a check for a car that they dont have the title to. They are refusing to fund my loan after they PRESENTED AND agreed to these terms!

  

  Business response

  07/17/2023

  On Friday, June 23, 2023, we received a call from a member requesting to refinance their auto loan currently financed with **** of America.  In addition to refinancing the loan, the member requested to add *** and Warranty protections which come with their own premiums.
  

  The loan documents were printed on Friday, June 23, 2023,and sent to our members via DocuSign.  The documents were returned the same day but, due to proof of insurance not provided, the loan was not funded.
  

  The loan documents were reviewed on Monday, June 26, 2023,after receiving proof of insurance. It was then determined that *** and Warranty protections were listed on the documents, but the premium amounts were not included in the total loan financing amount.  
  

  Once the error was discovered, **** contacted the member and informed her that the loan documents were inaccurate and would have to be corrected before funding the loan. The member refused to sign new loan documents. She was then provided the following options:
  

  1. Sign new loan documents with the correct total finance amount, including premiums
  2. Pay cash for the *** and Warranty protection and not resign loan documents
  3. Dont refinance and keep their existing loan with **** of ******************** consulting with the Credit Unions legal counsel, it was advised that since the loan documents do not have MCTs signed approval and the loan was not funded, the loan documents should be corrected. If the members do not agree to correct the loan documents, the Credit Union should not move forward with refinancing the auto loan.
  

  After several attempts to contact the member, she was reached by ************** Lending Manager, *******, on Wednesday, July 5th. The member was informed that the loan documents would have to be corrected to include the *** and Warranty premiums, therefore correcting the finance amount to include these coverage elections, or MCT could not refinance the auto loan.
  

  The member refused to sign new loan documents, therefore MCT is not able to refinance the auto loan.

  Customer response

  07/18/2023

   
  Complaint: 20288658
  
  I am rejecting this response because:

  The loan WAS approved, just not funded. Refer to these messages and loan documents. The gap and warranties were also included in the amount quoted before and on the loan documents. 

  I refused to resign new documents because they quoted a new loan price. They refused to fulfill my contracted loan because they are a BAD business. Please better business bureau, make sure that other consumers know better than to do business with MCT!!!
  
  Sincerely,
  
  *********************

• Initial Complaint

  10/17/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  October 17, 2022, My mother is a customer. I have a durable power of attorney and am joint on her checking account. We had to reactivate an old company of hers to sell some land so that she can qualify for Medicaid., for nursing home dementia coverage. The title co had to issue check for land sale in old co name. I have all proof that this is her company and she is the only owner. They refused to help in Any way to get the check cashed. They will not deposit into her personal account, nor set up a business account for the deposit of this check. They basically suggested I go to Wellsfargo. FYI, the old business previously had an account at this same credit union when it was active 20 years ago.

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