Los Angeles Federal Credit Union

Wast of Time

I first opened an account with Los Angeles Federal Credit Union about 1 year ago and applied for a loan to refinance my vehicle.

They approved my $48,000 loan request and they called to tell me that the check has been deposited into my account and all I have to do now is go into a branch and sign the documents.

The next day I get in my car and drive to their location and as I was arriving I get a call and they said sorry they changed their mind, the loan is no longer approved because of some issue with my cars registration. wtf??? whatever, I was frustrated that they wasted my time but I let it go.

Fast forward to later in the year I have now paid my existing loan down to around $38K and decided to try again to refinance my vehicle.

This time they did not approve my request and they said it was because I had too much credit card debt.

I had recently paid off all my cards before applying so I told them that maybe there was a mistake but I don’t have any credit card debt.

I asked if they could review my loan and they said to send them statements with proof that those account have been paid, so I did.

A few days later I log on to check the status of my application but now I see that the reasons for the denial have changed.

I also reviewed my application and it appears that they also changed my income amount on my application to around $2500/month and they claimed my income was not sufficient to quality for the loan.

When I submitted my application my income was listed as $14,000/month but somehow it had magically been changed to reflect an amount that is sure to get denied.

I made sure to review my application multiple times prior to submitting to make sure that there are no errors yet somehow my income was changed and now they claim that was the reason for my denial.

Then they tell me that if I want them to review the application again with the corrected income amount then they will have to run my credit again and the person on the phone also says to me “to be honest we might still not approve your request and if we do we will most likely ask you for more documentation even after you re-submit the application, do you still want to re-apply?” wtf???

Uuummmmm on second though no. I no longer want to give your credit union my business.

I have been searching for quite some time for a bank that I can use for my future home purchases and other businesses but based on my experience with them it seems like they are not the bank for me.

I guess ill have to continue searching for a bank that will value my business.

I was planning on using this loan to see if I like how they operate and to find out if they are a bank that I want to use for my bigger purchases long term but unfortunately that relationship ended before it even started.

Is Los Angeles Federal Credit Union legit?
Los Angeles Federal Credit Union is not a legit business owner or provider. They are not aggressive towards their customer satisfaction and complaint grievance, and hence 2 consumer(s) was/were given a Los Angeles Federal Credit Union as a negative rating, and only a few left positive feedbacks.
Where is Los Angeles Federal Credit Union located?
Los Angeles Federal Credit Union is headquarted at 01 N Los Angeles St Ste 201 Los Angeles, CA 90012. We do not have any affiliation with the better business bureau or yelp reviews platform. You can contact Los Angeles Federal Credit Union by dialing (877) 695-2328 or visit their website lafcu.org.
How much monetary loss is incurred by Los Angeles Federal Credit Union’s customers?
According to the reviews posted by Los Angeles Federal Credit Union’s customers, US $6521 was the total loss incurred, and hence the severity of the scam is high.

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2 Reviews on Los Angeles Federal Credit Union

  1. She has restore my faith in dealing with the Credit Union versus the Banks.

    I am/have been a member for over 18 plus years. I went to the credit union for a car loan with $17,000 cash down on a $26,000 car. Was turned down. I had identity thief in January 2013 and there was 4 items totaling less than $1000.00 that was not mine but I was DENIED by the credit union. Imagine my shock! With over half down and the CU will have the title, but NO!

    the underwriter said that I was a BIG risk. The credit union was willing to let me walk out the door with a $17,000 cash down payment to get financing with a high interest dealership. BUT Ms. Noreen Avakyan, service representative, with knowledge and compassion, as I was to have surgery May 9th and this was April 28th, and understanding,

    did not understand either why I was denied but she counsel me with suggestions to clearing my credit and to get approval. She worked diligently on my behalf and called me the next morning with the approval for my Honda Accord. Ms. Avakyan made a difficulty situation obtainable through here knowledge, skills and ability to do her job VERY WELL.

    She has restore my faith in dealing with the Credit Union versus the Banks. We need more representatives of Ms. Avakyan caliber, skills and expertise to see the human side of each and every transaction as well as the business aspect of the transaction.

  2. They are worst than the big banks for not acomidating me for the mistake they made.

    Today I received a bill for $.04 from the LAFDC for a car loan that was completely paid when I traded in my vehicle. I contacted the credit union advising them that my loan should be paid in full because we received a full pay off amount when we sent the money in.

    The person on the other line informed me that unfortunately there was a balance of $.04 and needed to be paid immediately. I said ok fine I want to make a phone payment.

    She said it would be $12 to pay $.04. She informed me that my other options were to drive to the nearest credit union which is 20 miles away from where I live or mail in the $.04 but she could not guarantee that $.04 would process in time to avoid additional penalties.

    I will not use the credit union and do not recommend for any other person. They are worst than the big banks for not acomidating me for the mistake they made.

Reported Loss :6521 $
Severity of Scam :High
Reported by : Anonymous
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