Soo MAD at DCU

[Anonymous]

Can DCU increase my auto interest with informing me. 

Check my auto loan from DCU and my interest rate from 7.2% is now showing 8.24%

1. No late payments 
2. always pay way above my monthly payments 

i had imy credit dripped  last month due to some false informations on my credit. 

disputed them and it's been deleted from my account

my question is can DCU just change my interest rate without telling my or any reason

will call in the morning and fine out what the heck went wrong. 

[Anonymous]

I dont believe so. When you signed the contract for the car stating the price and interest rate its pretty much SET IN STONE... The only possibility I can think of is if you stopped the auto-withdrawal or direct deposit to your DCU account. You can get percentage decreases for those which are not part of the loan process, just an added perk. WHy not call them and ask?

[fury1995]

I'm pretty certain the Truth in Lending Act and Regulation Z applies to Credit Unions the same way it does to Banks.

If your Federal Truth in Lending Disclosure Box on the contract states the APR, that's your APR. You can only default or pay late fees. I don't believe your APR can be changed.  

[Anonymous]

Balance

$XXXXXX

Available cr...

$0.00

Amount due

$316.68

Next due

12/05/2015

Payoff amount

$XXXXXX

Type	Installment Loan

Number

141

Status

Payment coupon

Interest rate

8.240%

YTD interest

$460.68

2014 interest

$0.00

Used to be

Interest rate

7.2%

Below is a chat I had with them this morning

Colleen has entered the session.
Alex: hi
Colleen: Good morning Alex.
Alex: hi
Colleen: How are you today?
Alex: Hi I would like to know why my auto interest rate was changed from 7.02 to 8.24% without anyone informing me about this
Colleen: I will be happy to take a look at your auto loan. Before I can release out any information I will need to identify you.
Alex: no late payment
Colleen: Please send me a secured email from within Online Banking by clicking on the contact us tab or the support tab and simply place the word validation in the email.
Alex: i always pay way before my DUE date
Colleen: I will be happy to take a look once I receive the secured email so I can identify you.
Alex: done please
Colleen: Thank you.
Colleen: I reviewed your loan and when this loan was opened you received the discount of .50% off on the rate for the Relationship Checking level. Direct deposit of your net pay needed to be setup in the checking account and since we not setup you are now receiving the standard rate without the direct deposit discount.
Alex: how
Colleen: Direct deposit needed to be setup with your employer for your net pay in the checking account.
Alex: so what happened about paying on time to reduce you rate
Colleen: You did receive the discount of .25% for three payments on time.
Colleen: This is different from the direct deposit benefits.
Colleen: On 9/8/15 you received the discount of .25% off.
Colleen: Is there anything else I can help you with today?
Alex: no
Colleen: Alex, you can setup direct deposit now and apply for a rate change with the discount.
Alex: just not happy
Colleen: Please contact us when you setup direct deposit.
Colleen: Thank you for using DCU Live Help. Have a great day!
Colleen: Good bye.
Colleen has exited the session.
You are the only user left in the session.

[Anonymous]

Sounds like it was your fault not theirs.

[Anonymous]

Just set up the direct deposit? Am i missing something here?

[mariposa7678]

---

@Anonymous wrote:

Balance

$XXXXXX

Available cr...

$0.00

Amount due

$316.68

Next due

12/05/2015

Payoff amount

$XXXXXX

Type	Installment Loan

Number

141

Status

Payment coupon

Interest rate

8.240%

YTD interest

$460.68

2014 interest

$0.00

Used to be

Interest rate

7.2%

Below is a chat I had with them this morning

Colleen has entered the session.
Alex: hi
Colleen: Good morning Alex.
Alex: hi
Colleen: How are you today?
Alex: Hi I would like to know why my auto interest rate was changed from 7.02 to 8.24% without anyone informing me about this
Colleen: I will be happy to take a look at your auto loan. Before I can release out any information I will need to identify you.
Alex: no late payment
Colleen: Please send me a secured email from within Online Banking by clicking on the contact us tab or the support tab and simply place the word validation in the email.
Alex: i always pay way before my DUE date
Colleen: I will be happy to take a look once I receive the secured email so I can identify you.
Alex: done please
Colleen: Thank you.
Colleen: I reviewed your loan and when this loan was opened you received the discount of .50% off on the rate for the Relationship Checking level. Direct deposit of your net pay needed to be setup in the checking account and since we not setup you are now receiving the standard rate without the direct deposit discount.
Alex: how
Colleen: Direct deposit needed to be setup with your employer for your net pay in the checking account.
Alex: so what happened about paying on time to reduce you rate
Colleen: You did receive the discount of .25% for three payments on time.
Colleen: This is different from the direct deposit benefits.
Colleen: On 9/8/15 you received the discount of .25% off.
Colleen: Is there anything else I can help you with today?
Alex: no
Colleen: Alex, you can setup direct deposit now and apply for a rate change with the discount.
Alex: just not happy
Colleen: Please contact us when you setup direct deposit.
Colleen: Thank you for using DCU Live Help. Have a great day!
Colleen: Good bye.
Colleen has exited the session.
You are the only user left in the session.

---

It was your fault not their...sorry, that happeend to you. 

[fury1995]

Yes ^^ this ^^

The rate discounts was most likely included in the contract or an addendum to the contract. Look for it. They likely covered there basis with you on this somewhere.

[Atonswife]

It sucks but this is something DCU definitely specifies. They give you 90 days to have it set up because they know it takes time to kick in once you set it up through your employer. After the 90 days, if the dd is not set up then your rate is reverted back to the original rate without the discount.