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eLoan.com/Bank of America- Cheap Rates, Rotten Service (still)Oct 03 '99 (Updated Jun 11 '01) Write an essay on this topic.
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The Bottom Line When you get a loan here, you out for a cheap price. Don't expect much service.
It just sold my Jeep. And I can confidently tell you, CarFinance.com still sucks. Now they operate as BankofAmerica, but they are still slow. At everything. I waited on the phone for 20 minutes just to check the status of my title (I paid off the loan), which took them over one month to process and send to me (while the buyer of my jeep waited). Very frustrating. Never again! --October 1999-- If you can handle the up-front hassle in setting up your loan, the interest rate is worth the pain. I recently purchased a new vehicle. After purchasing used and new cars at full price, as well as leasing, this was my first financing experience. I researched local banks, including my own, and a few online sources. I found CarFinance.com to have the lowest rates by far (CarFinance.com is owned by Nation's Bank). However, once I received the paperwork, the nightmares began. Both my dealer and I experienced multiple instances of miscommunication and lack of direction on CarFinance.com's part. CarFinance.com threatened to pull my loan if they did not receive certain paperwork from my dealer. However, they never instructed my dealer to provide this paperwork. Furthermore, neither my dealer nor I could actually reach this loan officer at CarFinance.com - she apparently does not answer her phone and resorts to voice communications instead - very frustrating. In addition, I applied online for a 36 month loan and was approved for a 60 month loan. Upon calling customer service and pointing this out, the rep said "not a problem, just make the change on the agreement". Obviously this service rep didn't realize that there was no agreement for me to sign and send in. Upon my second call, a different service rep said the first service rep was wrong. After bickering for a few minutes, I finally was sent to an underwriter. After reviewing my account notes, she found the entry where I was told I could change the loan term on my application form. She honored that, however was then going to charge me a new, higher interest rate rather than my application rate. Well, you can guess what I did. I got the original rate and original term. I am now driving a new Jeep.  |
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