American General Financial Services Complaint - A Bum Deal
BELLEVUE, WASHINGTON -- I decided to buy a new motorcycle and the dealer arranged the financing through American General Financial Services. I had a blemish on my credit and could not get premium financing and decided this was a way to rebuild my credit at a cost of about $50 per month over good bank financing.
I applied for and was granted a loan for $7500. The motorcycle cost $10,000 and I was prepared to put down the difference..no problem. While sitting in the parking lot for American General, I called my own bank who financed both my cars and worked out a much better plan. If I put $8,000 into a CD they would loan me $8,000 for only 3% over prime. Over a 48 month period I would earn more money on the CD than the finance charges on the loan.
I left American General hanging and drove straight to my bank and did the deal. When they called to ask if I was still coming, I told the representative 'NO' and explained the deal I got at the bank. He admitted he could not match the deal and I thought OK, game over.
Then I got a denial letter from American General saying I was 'DENIED' the loan due to information on my credit report...which was not true. I called the Branch Manager in Bellevue, Washington and she would not return my calls so I filed a complaint with the State Attorney General followed by a letter to the Branch Manager advising them of my action. Finally a few days later some other guy called claiming to be the REAL manager and said he was sorry for the confusion. He said no report was filed with the credit bureau and the denial was just internal. Yeah sure!
The end result was my State Attorney General forwarded my complaint to Scott Murphy, the American General Assistant General Council, who replied saying they were in their right to file a denial report since I applied for a $10,000 loan (not true) and they could not grant that loan amount due to my credit report (also not true).
Basically they twisted the facts to suit themselves, blathered on about their compliance with the Equal Credit Opportunity Act to justify their 'denial' of credit when in fact it was I who denied them and I think they just got pissed off about it.
I suggest if you are ever in this situation go to the creditor and get a copy of your complete file, get a letter from them at that time stating they will NOT file a denial of credit with the credit bureau and that your application was closed due to your choice not to proceed.