Off Topic - Need some advise

dpatterson · #1

I purchased a new car, during Financing I called my Credit Union for pay off. The Loan Agent on the phone said "Do not finance with them go thru us." I asked what her rates were for 60 months I get "6%" Then I ask what about 72 Months, I get "I can do 6".

Fast forward.... That loan agent is out on Maternity leave and the CU is saying no way to 6% at 72 months, best they can do is 7% for 72 Months... Auto Dealer had me at 5.95% at 60 or 6.65% at 72 months thru other banks... I turned them down to go with my CU.

Can my CU do this? I made a financial decision based on what the Loan Agent told me. Am I stuck?

DP

robert_de_niro · #2

I work in the loan industry, and I would say that unless they put it in writing they're not obligated to anything....

anygunanywhere · #3

IANAL, nor am I a loan officer, but I believe you are stuck if you have nothing in writing.

Anygun

kauboy · #4

Youd shouldn't be "stuck". Go with whatever for now, and once the CU person on leave returns, ask to speak with her. You should be able to refinance through them if she offers you the 72 @ 6% and the only additional cost will be for necessary paperwork that your current loan holder must file. Normally between $50 and $250. Wiegh that against savings over the 72 months at the lower rate, and see if its even worth it. Normally, you will see about $2000 savings, but sometimes its not worth doing.

At least thats how my auto financing is handled. I'm pretty sure its a common thing among lenders. You should be able to refinance at any time during the life of the loan, but always weigh the benefits against the cost to see if its worth it

But, as stated earlier, its your word against theirs and if she doesn't come back with the same offer, your up a creek.

Cosmo 9 · #5

DP, I think your stuck. But it's probably not that much money. I'd tell the credit union that they are going to loose future business from you over this and see if that helps.

jimlongley · #6

One of the reasons why I commonly record telephone calls - legally of course, with notification - too many times burned by someone who says "I didn't say that."

kauboy · #7

Isn't it legal in Texas to record any conversation as long as at least one of the parties is aware of the recording? You don't have to let them know do you? Good thinking though.

Alric · #8

kauboy wrote:Isn't it legal in Texas to record any conversation as long as at least one of the parties is aware of the recording? You don't have to let them know do you? Good thinking though.

That is correct. Only one side/party of the call has to be aware that it is being recorded.

It gets fuzzy when you start calling states that require that both sides have to know. Or when they call you. I have no idea how that is supposed to be handled.

KBCraig · #9

Alric wrote:
kauboy wrote:Isn't it legal in Texas to record any conversation as long as at least one of the parties is aware of the recording? You don't have to let them know do you? Good thinking though.
That is correct. Only one side/party of the call has to be aware that it is being recorded.

It gets fuzzy when you start calling states that require that both sides have to know.

Or in this day when you have no idea where the person on the other end of the phone is actually located. In this day of internet telephony, you can call a local number for pizza delivery, and have the order taken in Pakistan.

Kevin