Vehicle loan or lease -- Getting a loan or lease -- Complaint #5012362
Complaint Overview
Complaint ID: 5012362
Company: Navy Federal Credit Union
Product: Vehicle loan or lease
Sub-Product: Loan
Issue: Getting a loan or lease
Sub-Issue: Credit denial
State: Ohio
ZIP Code: 43230
Date Received: 2021-12-15T12:00:00-05:00
Date Sent to Company: 2021-12-15T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I applied for a new car loan with Navy Federal Credit Union ( NFCU ) in the amount of {$40000.00} with a trade in ( XXXX XXXX XXXX ) as well as a {$5000.00} cash down payment. I have an income of {$4200.00} per month and my monthly housing cost is {$1000.00}. During the application I was instantly denied. I initially thought this denial would be due to my XXXX credit report being locked. I mistakenly forgot to unlock it prior to the application. However once I received the statement of credit denial, the reason listed is " EXCESSIVE CREDIT OBLIGATIONS IN RELATION TO INCOME ''. This information confused me due to my DTI being well below 35 % based on information in my application. Additionally, this decision was made without NFCU having access to my credit report. I called NFCU for an explanation on my " excessive credit obligations '' and after being transferred to many different representatives, I was told by XXXX who represented herself as a supervisor, that my DTI is too high. I asked for a review and explanation either by phone or in writing as to how it was determined that my DTI was too high and was told that there is no one above XXXX who will talk to me on this matter. I was also advised that there is no recourse or escalation process that will get a response. I mentioned that the decision felt discriminatory without using my credit report or any further explanation on how my DTI is considered too high and was told that no financial institution is obligated to explain. I requested a complaint be filed for suspected discrimination and was told that I may be contacted but no one would discuss the credit denial with me any further and if I wanted an explanation beyond the letter I have, that I had to re-apply for credit. I will not re-apply without an actual explanation on the denial in the first place. I would like this complaint to initiate an investigation into the lending practices for NFCU.
Frequently Asked Questions
What is Complaint #5012362 about?
Complaint #5012362 was filed against Navy Federal Credit Union regarding Vehicle loan or lease specifically about Getting a loan or lease. It was received by the CFPB on 2021-12-15T12:00:00-05:00.
How did Navy Federal Credit Union respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Vehicle loan or lease) and describe your issue in detail.
Can I see other complaints against Navy Federal Credit Union?
Yes, visit the Navy Federal Credit Union company profile at readthecomplaint.com/company/navy-federal-credit-union to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.