Payday loan, title loan, or personal loan -- Problem with the payoff process at the end of the loan -- Complaint #7012430
Complaint Overview
Complaint ID: 7012430
Company: Navy Federal Credit Union
Product: Payday loan, title loan, or personal loan
Sub-Product: Installment loan
Issue: Problem with the payoff process at the end of the loan
State: Florida
ZIP Code: 34238
Date Received: 2023-05-22T12:00:00-05:00
Date Sent to Company: 2023-05-22T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I have a personal secured loan with Navy Federal Credit Union, originated in 2018. Since that point I have been mostly current with the loan, missed a payment or two due to employment or XXXX and had a couple of temporary month or two deferrals during the life of the loan which I was told would extend the loan by that month or two. I have a buyer for the RV who has been renting it and has been faithful. I need to get him a purchase price. When I looked at the balance it had not been reduced by much. After 4 + years the loan has only been reduced by approximately XXXX in principal. I have asked the Credit Union multiple times through my online account to please call me to discuss. I had them send an amortization schedule which shows a near two year period of time when payments were being made but nothing was being credited to principal, all was going to interest. I have asked a CPA to look at this and he is confused. Noone has called me, they only have said that 'at the beginning of a loan, payments mostly go to interest, to which I of course agreed BUT please look at the amortization schedule, it makes NO SENSE. An online tool at www.bankrate.come shows if I had made all payments and no deferrals were given would have the balance at approximately XXXX not XXXX.
Frequently Asked Questions
What is Complaint #7012430 about?
Complaint #7012430 was filed against Navy Federal Credit Union regarding Payday loan, title loan, or personal loan specifically about Problem with the payoff process at the end of the loan. It was received by the CFPB on 2023-05-22T12:00:00-05:00.
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 (Payday loan, title loan, or personal loan) 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.