Security Service Credit Union in San Antonio was financing our vehicle for us for five years before we had any problems. Our payment record with them was great – they even gave us the option of skipping payments for a couple of Christmas’s. I think that we had one late payment because I forgot to mail it in our entire history with them! The office was great and the staff was as well.\r
\r
Last summer, my husband made a giant mistake with SSCU. He decided to pay off the remaining $3,000, or so, on our vehicle. \r
\r
However, my husband went to pick up the title of the vehicle before he left (about two days before his solo drive) and was told that he could not have it until we paid off the other loan on our account! What account? Out of all of our statements over the years, NOT ONE reflected anything other than the car and our $5 savings account with them. He was told that a loan company (for about $4,000) sold our account to them a couple of years ago because our credit out was going up and they felt us high risk. I found out that this is completely legal. He was shocked and could not understand what was going on. The staff became very rude to him and couldn’t grasp why he did not accept this. He did not yell at anyone – he just left. He didn’t know what to do. This type of money, even more so at the time, is an incredible amount to us!\r
\r
When he called back, the manager told him that they were coming to take the vehicle for compensation of the debt in my husband’s refusal to pay and his “storming out.” I guess that’s what his panicking was named. We were no longer valued customers because we paid off our loan. The manager would not work out a payment plan with him either. The biggest problem was that I had driven myself and young daughter up to Michigan in that vehicle already! My husband didn’t know what to do and told them that the car was already gone.\r
\r
He continued to call, and they continued to refuse to work with him. None of our circumstances mattered to them (death, leaving military, cross-country move) – only my husband’s reaction of shock did, and he was treated like a piece of garbage after five years of loyalty.\r
\r
A week after my grandmother’s passing, a truck showed up at my parent’s house and impounded the vehicle. The impound guy felt so bad for us that he didn’t even charge us all of the fees. We had to actually go with our permanent bank, USAA, to take out another loan to pay for the impound AND for the loan.\r
\r
I understand the legality behind the loan selling. I don’t understand how it is ethical for SSCU to never have disclosed the “hidden” loan in any way. If we would have known it was there, we would have never had any problems making payments. I just always was under the impression that it was an achievement to be able to pay off a large debt, and to go out of your way to do so!\r
\r
All I do know is that I would never recommend SSCU to anyone for any type of financing. If I was to go somewhere, decide on a purchase, and see that upon closing that they financed with SSCU, I would leave the purchase despite any way that I would pay. Maybe their regular banking is great, but this was an absolute nightmare in unethical treatment. \r
\r
\r
Pros: Nice buildings, great staff when you are a valued banker
Cons: Hides bought loans from loyal members for years
more