Business ProfileforLouviers Federal Credit Union

Saturday April 1st, 2023. I stopped into the branch to inquire about an Auto Loan Refinance. I sat down with a Loan Specialist, ***** ******. I was told the lowest rate was 4.75%on a used vehicle. I was given the loan application being told if I had 700 or higher credit I would be approved for the 4.75%. I provided details of my loan I currently have, bank statement, paystubs, pay off letter, etc. My credit was pulled that Saturday. On Monday April 3, I received an email stating a loan statement was required not a bank statement. So I provided the information. In return I then received an email from ***** stating they would only finance the value of my vehicle at 4.75%. The additional amount of my loan would have to be paid before refinancing or it would be an additional 2% for the whole loan to be refinanced total being 6.75%. Which is a little concerning because my vehicle is only 4 years old. On their website it describes this in similarity but to vehicles 6 years or older. The worst part of this deal was, if I was provided this information from the beginning it would have saved me a hard pull on my credit report. My rate right now is 6.89 and ***** was aware of this. So either she thought I would settle for 6.75, or pay almost $3800 towards my current loan to get the 4.75% rate financed at my vehicle’s value after seeing my bank statement that she requested then quote on quote didn’t request with a cheesy apology. Again, knowledge of this would have saved me an application process on a Saturday morning and a hard credit pull that is getting reported to the Credit Bureau as inaccurate for misleading information. FTC will receive a notice as well. Thanks for taking time to read this.