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I recently applied for a used auto loan at Woodforest Bank. In a short time later the local branch manager told me I had been approved for the whole amount I requested.

I was informed to begin shopping around and when I found the vehicle I wanted to bring in the Bill of Sale, Proof of Insurance with Woodforest as lienholder and proof of income. I found what i wanted agreed to the purchase price which included everything, switched insurance to the new vehicle, and brought the paperwork in to be sent to the loan officer. Later on in the day I received a call from the loan officer basically denying the full amount I was originally given saying the vehicle was not worth the price. She told me my credit was good for the total amount originally given me but that the the car wasn't.

She based her decision on NADA information. No if and or buts. Later employees from the bank contacted her inquiring about her decision. They still don't quite understand what happened and that loan officer was also very rude to them..

They filed a formal complaint about her on my behalf but I don't think they'll do much about it. Well later that evening, my son looked up the NADA statistics on that particular vehicl and was surprised to learn that they rated the car better than Kelly Blue Book which is used quite a bit around here in Indiana. She offered to finance below trade in value for that particular car. she lied to me about the car being worth the total loan value -which it is.

I was also told by a bank employee that I would be getting a letter stating the amount of loan I was to have as well as the particulars like insurance,income etc.It's been a week and a half and I still have nothing in writing ..What good is being told I have so much to use then being told I can't use it even if my credit qualifies for the amount? I would like to see that loan officer fired for delivering very poor customer service.

There was no satisfactory explanations offered or even viable alternatives to make the loan experience worth pursuing. Also I would like to see the Bank step up and follow through what I was originally led to believe which is I had full use of the full amount .

Monetary Loss: $10000.

Location: Indianapolis, Indiana

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U say you give loans and use bank accounts as collateral. Why cant I pull up a online application.

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