This is a new comment on a previous post and we felt worthy of a stand alone story
Due to corporate “downsizing” (job elimination), my company is no longer paying for the car they “required” me to purchase. I approached my lender and asked to refinance the loan for a longer term.
This institution holds more than 2x the amount of the auto loan in a CASH account and I have a very high credit score. The bank will not refi the loan because of my joblessness of one month. I just realized this morning that all my major credit cards (frequent flier, dept store, bank cards, etc) are with that bank.
They are offering me over $120k in credit & cash lines, I have $40k cash in their bank and they won’t refi a $15k auto loan, for which I have never been late? So ridiculous!!! I called my local credit union, and they are happy to refi (as long as I maintain an account of the value of the refi) with an interest rate of 2.51% – 50% lower than the banks best rate. Plus, the Credit Union told me on the phone that they would do this loan. I did not have to spend 2 hours sitting in a bank waiting for them to say no.
I am not going to use those credit cards anymore and I am moving my money today. We are responsible in part for our demise for buying things we didn’t have the cash for and allowing the bank to give us credit. The attitude of entitlement in this country needs to change and EVERYONE needs to start taking responsibility for their actions and think about what they are REALLY saying and doing.
Link to story Dorothy commented upon
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