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thank you for wasting my time // life finances - Lograh — LiveJournal

Friday, 05.Aug.2005

9:25 - thank you for wasting my time // life finances

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Thank you, Golden One, for having such a wonderful sence of history that you insist on using banking procedures from the 1800's.

So, yeah, I went to Golden One this morning to see what they could offer in the way of an auto loan. They said that I needed to have an account with them before they could take my application for an auto loan. I feel this is somewhat silly, but I was half-expecting it so I asked how much the minimum ammount was to open an account. $2, says he. "Just two dollars to open the account, and I can take your application for an auto loan and we can call you tomorrow morning with the answer." Wait. What was that? Call me tomorrow morning? I ask him and he clarifies that there's a 24 hour processing period associated.

24 hours? I was able to get a quote from WellsFargo in under 24 minutes (actually, it was closer to 15min), and they didn't care if I had an account or not! The only thing that would have changed if I had an account is when I decided to take their offer I could agree to have the monthly payment automatically pulled from my account and it would cut my interest rate by about .25%, otherwise they didn't give a shit that I had an account (never even asked, in fact, I brought it up hoping for a lower rate and he said it didn't matter).

So yeah, not only did I wind up being an hour later to work than normal (fucking banks don't open till 9 these days), but I would have to wait till tomorrow to get any kind of numbers out of them. As well as having to open an account with them before they would even consider my application!

Sorry, but no. I will agree to open an account with a bank as part of the loan process, but only if I choose to accept their loan offer. I won't give them my money, and deal with all the associated time and paperwork, simply to get the privilage of filling out more paperwork and have them offer me a loan based on that. Who the fuck do they think they are? There are other banks out there who are perfectly willing to approve me for an auto loan without my having to pay them first, I'm not going to treat Golden One any differently. And what's with this 24 hour bullshit? Here's how I expect it should work:
Him: You need an account with us, minimum $2.
Me: Here's $2 cash.
Him: Great, welcome to Golden One. Now, let's get you approved for a loan.
(30 minutes later)
Him: Here are your numbers.
Me: Thank you.

That's the most that should be needed. Granted, I'd still not be happy about having to open the account before they consider my loan application, but at least I'd walk away from the experiance with another loan option instead of having nothing to show for it besides being an hour later for work.

So, three banks checked and only one loan offer so far. WaMu doesn't even do auto loans and Golden One refuses to acknowledge you exist if you're not a 'member'. This is turning into far more hassle than I like to have in my life.

On a related note, I found it somewhat discouraging yesterday, given that I'm currently dealing with some frustration regarding purchasing a car, that I saw two accidents based on people being incompetant twits and not knowing how to properly pilot a car. Doesn't exactly make me want to start driving one, that. :)

Comments:

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From:artistic_chaos
Date:16:59 05.Aug.2005 (UTC)
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That is a wee bit bizarre, in that I went and opened an account there (which I wanted to do anyway) and they gave me an answer on an auto loan in about 5 minutes.
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From:lograh
Date:17:08 05.Aug.2005 (UTC)
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so perhaps it was just the loan officer that I spoke with who was an idiot? I suppose I could give the branch downtown a chance. I'd really like to have more than just one loan offer going into the dealerships, and people have mentioned on multiple occasions that Golden One is supposed to have great numbers.
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From:artistic_chaos
Date:18:35 05.Aug.2005 (UTC)
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Yeah, I went to the one on Broadway. I think the lady I spoke to was Kristen or something similiar.
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From:lograh
Date:17:14 05.Aug.2005 (UTC)
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thanks for the tip, I'll go check them right now.
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From:lograh
Date:17:55 05.Aug.2005 (UTC)
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yeah, and I was somewhat expecting of that, hence why I was willing to do the account opening prior to application (with minor grumbling).

24 hours, though? that's just crazy talk.
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From:tobin
Date:18:21 05.Aug.2005 (UTC)
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I'm in the same boat as Heather. I walked in, within 10min they gave me a quote that was way better than any other place offered. Once I accepted it, I opened a savings acct and dropped in $40.

I'm of the opinion that either they changed their policies (effectively backdating them to those 1800s standards you mentioned) or you spoke with someone who wasn't completely well-versed in how things actually work. Regardless, I'd speak with someone else. And by and large, credit unions are also better to get loans through. In general they have an easier time granting loans and their rates are often better than banking institutions. I would check with Schools, Safe and Patelco. I bet they could give you fairly good deals as well.
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From:lograh
Date:20:08 05.Aug.2005 (UTC)
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fair enough. two votes from "try another branch", I'll swing by the downtown one after work today. :)
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From:lotusstone
Date:18:44 05.Aug.2005 (UTC)
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What mahdi said, it is a credit union, so they are governed by a membership as are their rules. But like other membership institutions, they can offer their members better loans/pricing. Much like Costco, which you may want to check out as well for an auto loan if you have them. I believe you can do that part online.
When I moved my loan for my truck from a loan agency to my credit union I ended up changing my payment from $240 a month to $170, and that was with taking the difference in the worth of the truck compared to the actual loan amount. Meaning, after I refinanced I got some cash back, and ended up paying less each month and over the entirety of the loan.

Credit Unions can be your friends.
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From:lograh
Date:20:10 05.Aug.2005 (UTC)
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actually, I do have a costco membership, I didn't know they did auto loans, though. I'll go check their website.
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From:spasmsproject
Date:22:09 05.Aug.2005 (UTC)
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I forget where you're located, but when we bought both our cars (in New York state), the auto dealerships also had their own financing departments, which submitted numbers to several banks and credit unions simulataneously and picked the best numbers out of what they got back. Took about half an hour in both cases.
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From:lograh
Date:22:19 05.Aug.2005 (UTC)
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Yeah, that's also something I'll have them do (they do it here in CA also), but I'm not sure I want to rely solely on the dealership for getting a good quote, so I wanted to check out two or three places on my own first.
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From:spasmsproject
Date:23:00 05.Aug.2005 (UTC)
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Gotcha.
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From:lograh
Date:4:25 06.Aug.2005 (UTC)
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it's appreciated, thanks.. So far, the numbers are not comming out quite like I would have appreciated, but they are still within some sort of a budget and not anything that will 'break the bank'.
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