US Bank Auto Loan: Your collateral documentation is pending verification?

[Anonymous]

Hello to everyone,

I've had a US Bank auto loan pre-approval sitting at 'application taken' since last Friday on the 16th. Today it changed from:

US Bank Auto Pre-Approval

Application ID: XXXXXXXXXXXXXX

Loan Amount: $12350

to

US Bank Auto Loan

Application ID: XXXXXXXXXXXXXX

Loan Amount: $12350

Year, Make: 2014, MAKE

We're processing the following: Your collateral documentation is pending verification.

Has anyone received this update from US Bank? I'm a new customer and called the branch that opened my bank accounts however, the CSR said they would have to look into what collateral documentation pending verification means exactly. This is where I insert :smileyconfused: because it's not on the list.

I also have newly opened accounts at BECU here in Washington State after family members talked me into leaving BofA. Since I'm still in the 30 day shopping window for a loan I was thinking about applying with BECU and trying for a higher loan amount.

In leaving BofA I am going to fund my checking and savings accounts with whoever gives me the best terms on my auto loan.

All thoughts, comments and suggestions are very much appreciated.

Thank you for having me here on the forums!

Angela

[Anonymous]

Update 5pm PST:

I stopped by the US Bank branch that opened my accounts to ask about 'collateral documentation pending' for my auto loan. I was told that it is a combination of vehicle information including make, model, year, vin #, etc. and my documents needed to close the loan.

In addition, I was informed there was bad news and the app was declined and a letter was going to show up in the mail stating why. 

When I returned home and pulled the application back up it was still 'In Process' so I called the direct number and found out it was not declined and still being processed for closing at whichever branch when it is ready.

After careful consideration I regret to inform US Bank that I have declined their loan and will be closing my accounts.

BECU already has the ball rolling online. They contacted me by phone and have promised to meet or exceed the terms that US Bank will offer when they get around to their final approval.

Angela G. 

[sadiespapa]

BECU is excellent. Great customer service, and great rates. I just financed a car through them on April 30th. 

[Anonymous]

So true. Feels more like being assisted by another customer.