US Bank

US Bank Review

Reviews: 1


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Published: 26 June 2018

Posted by: Anonymously

I am a medically retired US Army veteran. I served almost 8 years in our nation’s armed forces . In 2008 I was injured while deployed overseas in Iraq. I was given audible Medical discharge from the United States Army and again my VA process for compensation and health rehabilitation. in early 2007 I was stationed at Fort Bliss Texas on active duty for the United States on. I was in my early 20’s married and had just started my family. I did not have a lot of extensive credit and neither did my wife so we were having a hard time purchasing a vehicle. It was suggested to me buy a senior NCO to go through the miles program which I was informed was a program for young soldiers to receive a loan to buy an automobile when they didn’t have much established credit or had bad credit. I went to a local Ford dealership and did what he suggested thus financing a vehicle through the miles program who was an underwriter for my loan extended by US bank. I would like to say first that I did then and still do today think that the ideas this combination was supposed to represent was a good idea and could and at times I’m sure has been very beneficial too young soldiers who were not well versed in financial discipline and struggled to get financing. Eager to replace the unreliable vehicle we have been driving I did not question much about the policies that were laid out to Me by the miles program associate. I assumed many soldiers had done the same and my NCO had recommended them this must be the way it was done. I was informed that the only way to receive financing would be to set up an allotment that came out of each paycheck, and that I must keep that allotment in place. I did this and weq drove home a new vehicle that day and made our payments without issue for the next 2 years and several months. (Exact times and dates can be provided). we never missed a payment and in fairness never really had an issue during this period with either miles financing or US bank. At this point I would like to say that I later learned that there were undisclosed fees and that another middle company was receiving a undisclosed payment fo their handeling of the allotment. If I had been informed it would mot have bothered me and even unaware their prescense was of no affect in purchasing this vehicle it was our only option we were happy for the opportunity and very happy with the vehicle. We were informed during the of processing that we should contact all institutions and companies we were doing business with and inform them of our situation and request information or recommendations on what we should do just stay in good standing with our obligations. our first contact with US bank was a phone call to a regular representative and we were told that US bank was well aware and sympathetic to the struggles and concerns of our nations service members. we were told that because we were not in default and had not missed a payment as then that the system would not really allow then to make hardship or struggle changes. They said we would have to wait until we were directly in the situation and then figure out what we would need to do. my medical board was expedited so we had no real chance to save up and prepare for what was about to happen. Midway through the month of October 2010 we were released from active duty and we made our move back to Kansas. On the first of the next month we received the dislocation from the Army it was less than $1000 or rent was 800. We again contacted US bank to ask for guidance on what to do whether we should make a partial payment or if there were other options. We were shocked when they told us that we needed to pay off the full remaining amount. They went on to explain that we we’re in default of our contract because we had severed the allotment put in place to make our monthly payments. This allotment they said it was a requirement. We contacted several agencies to include the American Red Cross. Going through these processes improving who we were and what our situation was took two to three weeks, furthermore during this period my wife had gotten a job to help with the struggles but it was low paying and almost 80 miles one way from our home. Red Cross agreed to help us with d missing payment and the payment that was going to be due on the first of the next month. But they would only help us if it would get us out of the situation that had become our hardship..they contacted US Bank Representatives and were told that making the payments would not stop the actions underway to repossess the vehicle. Due to thisRed Cross would not help make the payment. Beyond that US bank told us that we could not refinance the vehicle even though my credit score was much better than when I bought the car, they say that you cannot refinance under the miles loan program because you signed in for a fixed interest rate for the life of the loan. A week or two into the next month after missing only two payments during the entire course of the loan around 130 or two in the morning my wife walked out of Buffalo Wild Wings to find that her vehicle was gone. Immediately we filed a theft report with the local police department as during the panic not much else had come to mind. it did not take long officers to contact us and inform us that our vehicle had been repossessed do to the lack of payments. We now had no vehicle my wife lost her job and we really did not have any money to purchase another vehicle. Most of the state agencies or nonprofit organizations would only help if you could show that their assistance would help you not be in a financial hardship. They would not help if it would only prolong the situation. In short we were forced to purchase after our next check a very cheap high mileage car with no heat. Over the next two years we went through 2 more all with no heat or AC to help with the seasonal extremes and we had three children 1 being an infant. In 2013 my family and I moved to Colorado 2 finish our VA process. We have done so and since started receiving full compensation. we have finally found a dealership that helps to put us into a good reliable vehicle even though my credit was ruined by the repossession and it is still on there taking points every month and showing as an expense. this minute anyone who considered me as an applicant for a loan could not help do to my debt to income ratio. The amount we still owe on the loan continues to climb from US bank and they continue to harass me consistently for payments. US bank and Miles financing were taken to court for illegal practices against United States soldiers both for undisclosed charges as well as demanding that soldiers make their payment through an allotment. I am currently searching weather there are any options for me to pursue since so much time has passed. I really just want to get all the negative information all of my record so financial institutions can see the truth of my financial practices today and not be misled buy this scandalous situation that is only shown as numbers when looking at my credit report. If anyone has suggestions or has been through this situation themselves please comment. I also will leave comments if there is any change in my situation for others to read that might be considering the same things but don’t know what to do. Thanks for your time.

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