Compiled from Public Data by FairShake
The US government’s Consumer Financial Protection Bureau (CFPB) collects complaints against financial companies.
In 2020, the CFPB received 1592 complaints against USAA. USAA ranked Number 27 among all financial companies for the most complaints.
Date of Complaint: July 31, 2020
Company Official Name: UNITED SERVICES AUTOMOBILE ASSOCIATION
State: None
Product: Checking or savings account
Sub-Product: Checking account
Issue: Managing an account
Sub-Issue: Problem using a debit or ATM card
Response Type: Closed with explanation
Public Response:
Company believes it acted appropriately as authorized by contract or law
Date of Complaint: July 31, 2020
Company Official Name: UNITED SERVICES AUTOMOBILE ASSOCIATION
State: NC
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Getting a loan or lease
Sub-Issue: Confusing or misleading advertising or marketing
Full Complaint:
On XX/XX/XXXX, I was looking for a used car loan and saw an add on my USAA Banking website that read, your loan offer from USAA bank is good for 45 days. The ad said the rate would be as low as 2.99 % APR when enrolled in automatic payments and purchased with car buying service for XXXX and older models. There was a 1 as a note. Under the note there were various comments but none limited the ad to any specific model year. I applied for the loan, causing a credit hit and the loan was approved for 6.95 %. When I called and asked why my rate was so high, I was told that the lower rates are only good for vehicles XXXX and newer. I explained that there ad said XXXX and older. The only reason I did not qualify for the lower rate was the year of the vehicle. I have very good credit and have gotten loans from USAA multiple times. No where in their advertisement did it mention that this ad was only for XXXX and newer vehicles or I would not have applied knowing I was planning to purchase a XXXX Vehicle. Again the ad specifically states XXXX and older. The rep I spoke with refused to honor their ad, so I escalated it and spoke with XXXX ( employee ID # XXXX ) who again refused to honor their ad stating that the ad says ” as low as ” 2.99 %, but the reason they gave me for not qualifying for that rate was only due to the model year of the vehicle, which is indirect conflict with their ad saying XXXX and older. I have copies of the ad and the notes from their website.
Complaint Tags: Servicemember
Response Type: Closed with explanation
Public Response:
Company believes it acted appropriately as authorized by contract or law
FairShake accessed this complaint from the public archives of the Consumer Financial Protection Bureau (CFPB). You can file your own complaint with the CFPB here.