U.S. Bank, well, I should have paid cash.

Radio · 08-02-2009, 06:30 PM

I am reluctant to post this because many folks do not read the original post before replying. Read it all and assume nothing.

Here's the deal...I purchased my 5th wheel 13 months ago from a very good dealer. The good dealer got us financed with U.S. Bank. That's nice.

Fast forward. I was laid off April 17, 2009. Fast forward. The Christian School where my wife was a music teacher closed, giving her 1/2 of her final paycheck. They are broke, in the hole and are selling off all the desks and school materials. They're gone forever. And the wife can't draw unemployment because as a non-profit they were not required to pay into the system.

We now live in a paid for house but we owe $22,000 on the 5th wheel. We live on $350 a week, that's my UI check.

So I call U.S. Bank, and I suggest that since I am still current, we move to a deal where I pay the interest each month, the principle balance remains constant and when I get re-employed, I pick up regular payments again. I keep the trailer, the bank makes even more money than they originally planned and every body is happy.

There response: "NO!"

I explain that a local bank did this for me back in 1982, it is legal, banks do it all the time, and you will make more money this way.

There response: "NO!"

There plan is to beat me over the head "with the contract I willingly signed" and if I should default, then they repo the trailer, sell it at auction and sue me for the difference. Nice. Remember I am current with my payments, not past due on anything (yet)

So I called the reputable dealer and spoke to the owner. Told him all about how U.S. Bank will not work with a customer, even when he is current. And then I suggested that there may soon be an almost new Rockwood 8280SS at auction for say, $10K to $14K at best, so the bank will then be in the RV business competing WITH HIS DEALERSHIP at prices he can't get anywhere near. He was pretty livid about it, since his finance group sold me the loan. And he doesn't like competing with re-po lots. So he said he'd give several folks at U.S Bank a call and read them the riot act, since he sells 50 units a week and 25% of them fiance with U.S. Bank.

Compare this with my local credit union who has the loan on the truck. The loan officer took a lot of notes, noted I STILL have my 755 credit rating, and said she would take this up with "the loan committee" with the assurance that while they might not bite on the "interest only for a while" scheme, they almost always figure out a way to reduce a note for a pro-active customer with good credit.

So when you get the itch to get that next new RV, use your local credit union. Stay away from big brainless banks, and U.S. Bank in particular.

Because when you are down, U.S. Bank will not help you, even if it's in their own best interest.

Momma Tac · 08-02-2009, 06:57 PM

I'm really sorry to read about your camper financing. It's almost like mortgage payments...banks seem to prefer to see someone loose their house for not being able to make their monthly payment rather than working with the customer to get a monthly payment they can afford. For your sake, I hope you can get the financing worked out for your camper and you get/find employment soon.

aintgotnun · 08-02-2009, 09:05 PM

dang Wade that SUCKS big time

We had financed our rig through USB on a 12 year note and they were a PITA to deal with so we ended up paying them off in 4 (I think). Hindsite being what it is we should have used our credit union Randolf Brooks FCU as we have financed all but our house through them. I hope your CU and get something worked our for you.

Radio · 08-02-2009, 09:41 PM

What gets my goat is that if they did it MY way, they'd make $1000 to $2000 more than the original contract. I had a bank do this for me back in 1982, which was a worse recession that this (yet) and my large bank let me pay interest only for 6 months. The car note went from $219 to $35 and that really helped!

And they got all their money, more, and I kept the car, no ding on my credit.

Stupid, stupid bank.

Round Mound of Sound · 08-03-2009, 09:20 AM

US Bank sucks! I have had problems with them in the past. So I just took my money and went some where else.
The problem with US Bank is that they think we are here to service them.

JimChow · 08-03-2009, 10:39 AM

Thanks Radio for that info. Our SV233T is financed through U.S. Bank as offered by the dealer 2 years ago. I didn't even consider my credit union......DUH !
If a institution won't work with you or anyone (I know of two people personally who have similar trouble) then they don't deserve any future business. Your info has caused me to look at my credit union to refinance our 233T and get away from U.S. Bank...Thanks.

Jim

NWJeeper · 08-03-2009, 06:14 PM

Good info Radio. We too are financed through USB. I checked with both my CUs and they couldn't even come close to the intrest rate that USB offered and I have an 825 rating! Laugh is on them though as I intend to pay off our MH in 8 years not the 20 we are contracted for.

Radio · 08-03-2009, 07:19 PM

Quote:

Originally Posted by JimChow

Thanks Radio for that info. ........ Your info has caused me to look at my credit union to refinance our 233T and get away from U.S. Bank...Thanks.

Jim

Yeah, that's sort of the idea of posting in the first place.

**KyDan** · 08-04-2009, 06:37 AM

Saw a US bank commercial on TV last night.
It had paper airplanes with the US bank logo on them just
flying everywhere and landing on smiling people.
What could be wrong with that??

Radio · 08-04-2009, 12:11 PM

Quote:

Originally Posted by KyDan

Saw a US bank commercial on TV last night.
It had paper airplanes with the US bank logo on them just
flying everywhere and landing on smiling people.
What could be wrong with that??

Did they show all those people who got hit in the eye with one of those things?
Who's gonna sweep up all those things out of the street?
Oh, I could get a job with federal stimulus money to clean up the banks mess!

Nevermind....that's been done already.

Yeah, I'm nursing a bit of a 'tude about US Bank. The only person I do business with that I allow to cause me pain is my dentist. Not mindless financial institutions.

Radio · 08-04-2009, 08:44 PM

I was chatting with some friends about my situation with US Bank. I wondered out loud who in government could assist me in persuading US Bank to see things in a more customer friendly, common sense and profitable manner. I don't know who in government could help, but I know who does know who: The United States Senate.

So here is a copy of an email I sent to my own Sen. Chambliss and Isakson of Georgia. And since the actions of institutions like US Bank will result in the loss of jobs in places like Elkhart, Indiana, I thought Sen. Lugar and Bayh should have a copy, too.

I invited them to link back to this post, so ya'll be on your best behavior!

We'll see what happens.

In July 2008 I took out a consumer loan from US Bank to purchase a camper. Then in April 2009 I was laid off of my job in the satellite communications industry and I am still looking for work, drawing Georgia UI.

In July 2009, the private Christian School where my wife taught music closed due to falling enrollment. (Mt. Zion Christian Academy, Morrow, GA) Since they were a non-profit and did not pay into the UI system, my wife draws no Georgia UI.

So we went from $92,000 a year to $350 a week.

I recalled back in the recession of 1982 I had a car loan. When I lost my job back then, what was First National Bank of Atlanta was happy to help. They offered a plan where I would pay only the monthly interest charge until I got my job back. They made more money on the loan and I kept the car and my good credit.

Based on this experience I called US Bank to work out a similar payment plan. Now consider my credit score is still about 750, my home is paid for, and I am still current with this loan.

They flatly refused. As my conversation meandered through several departments, it became clear to me that rather than assist me, they had rather that I default on the loan, repossess the camper, sell it at auction and sue me for the difference.

I pointed out to my camper dealer that the bank would now be competing with him, selling his product in like new condition for half what it's worth. I shall also point out to you the job killing effect this has on the already depressed RV industry.

Now admittedly, some guy loosing his camper is not a big deal. (Unless it's you loosing the camper!) However, money was forced out of the taxpayers pocket to bail out these same banks that begged the government for help, and look what they do to the pro-active consumer who just wants to to right as best he can. You'd think they'd be more helpful.

I recall a Bible story Jesus told about a man whose large debt was forgiven him, and the guy goes out and has his neighbor who owes him a small debt thrown in prison.

I don't know really what you can do about this. I believe consumer loan protection legislation, while a good idea, would come too late in my case.

Perhaps you know someone in Washington or at US Bank you could speak to, to encourage more co-operative behavior towards pro-active customers who just want to do right, as they can afford to do so.

A less polite but more colorful rendition of my experience, with comments from fellow citizens may be found here:

http://www.forestriverforums.com/for...?threadid=4340

And thank you kind sir, for your time and attention in this matter.

Wade Massengill

cfsoistman · 08-04-2009, 10:05 PM

Hopefully this ends up with the right person for you. As you stated the government bailed out all those banks and what did they do. Give themselves large bonuses for doing a terrible job. Unfortunately in this day in age the person wanting to do the right thing isn't given the opportunity.
My wife lost her job earlier this summer due to cutting costs. The doctor she worked for over 11-1/2 years hired someone to help out when others were on vacation. My wife trained her and then was let go. It saved him about $6 an hour.
Now that she's on unemployment in our county they have a lottery so to speak. If you're picked you have to report for one day for a class to help you with resumes etc. While there the instructor told them about a program where the county will have a motorhome to bring the program to released convicts still under house arrest to help them locate work once they're released. This is what we all need so badly!!
Wade I wish you and your wife the best. For once I'd like to hear that this government would do what they were sent to Washington to do. The work of the people, not the just the chosen few that either don't need it or have had it handed to them for too long without ever doing anything to help themselves.

Radio · 08-05-2009, 04:38 PM

Found an interesting site that as the economy worsens, you may find helpful:

www.ftc.gov

They have this neat page that you can fill out and they give you 3,500 characters to tell them how so-and-so has screwed you over. Or would at least like to screw you over. So I filled out one for US Bank and their hard-ass attitude and desire to own my trailer.

I also called my nice dealer back, and instead of trying to reach the owner, (who was out) I got hold of the finance guy who sold me this US Bank loan in the first place. He remembered my name! (Wow!)

So I started out bragging on my trailer and the dealership, then in very polite terms, explained what was up with US Bank. He said two encouraging things:

1. They had dumped a bank before for jerking their customers around post sale. Told me the name of the bank.
2. He would call their US Bank Representative (read: sales guy) and find out exactly why they are unwilling to work with me.

I suggested US Bank be removed from their preferred lenders list until my situation was resolved. My dealer writes $1,000,000 in loans to US bank each month. They are thinking about doing that, depending on the conversation they have with their rep. I'd like to speak to this rep myself.

This battle is just getting started!!

cfsoistman · 08-05-2009, 09:04 PM

I wish you nothing but the best. I hope the finance guy from your dealer can make them see things differently. I bet when a million dollars doesn't show up on a spreadsheet from your dealership referring financing their way each month, somebody's butt is going to have a bunch of explaining to do.

Radio · 08-06-2009, 01:14 PM

Update:

My Credit Union just called. They are reducing my truck payment from $382.00 to $75 for the next 3 months, (Sept, Oct, Nov) and if I am not employed by then, they I can re-apply for the same deal for another 3 months.

More ammo to clobber US Bank with.

steveqvs · 08-06-2009, 05:59 PM

Great news! Good luck to you.

Mr.B · 08-06-2009, 08:09 PM

Isn't it funny how when we learn of something it heightens our awareness. I really dont ever recall hearing of U.S. Bank, yet tonight I viewed a TV Commercial about them. If you believe their commercial they are the absolute best and the customer is number one! We know better don't we?

Great news on your credit union decision, good luck with your future employment.

cfsoistman · 08-06-2009, 08:27 PM

That's great news about your credit union helping you out. It should be the same help from any lender at this time. We didn't screw up the economy but we'll be the ones to pay to straighten it out while the ones that created this mess still received their hefty bonuses. I sure hope that US Bank looks at their own commercial and realizes what is the right thing to do.

Radio · 08-07-2009, 04:28 PM

Quote:

Originally Posted by Mr.B

Isn't it funny how when we learn of something it heightens our awareness. I really dont ever recall hearing of U.S. Bank...

I hadn't heard of them either until my dealer sold me this loan through them. I thought we were going with Bank of the West, which I also had never heard of, so it didn't seem to matter much to me at the time. Admittedly. the rate was very competative.

Radio · 08-08-2009, 10:28 PM

Quote:

Originally Posted by cfsoistman

That's great news about your credit union helping you out. It should be the same help from any lender at this time.

Yes and did you notice that credit unions are not receiving TARP or any other federal assistance? Wonder why?

1. They are well run and on the local level. Therefore need no bailout.
2. They are not overly driven by profit alone.
3. They person you talk to on the phone had a lot of power to help you.
4. The big poorly run banks have all the lobbyists. Therefore they get all the money. And would like to kill off all the CU's if they could.

Just a few thoughts. We only have two institution we deal with. The credit union and what's left of the bank that helped us back in the 80's. We should have gone with one of them.

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