Los Angeles Federal Credit Union

Wast of Time

Los Angeles Federal Credit Union was my first account. I applied for a loan to finance my car.

They granted my loan request for $48,000 and called me to inform me that the cheque had been deposited into my account.

I need to go to a branch to sign the documents.

The next day, I drive my car to the location.

I received a call from them saying that they had changed their minds and could not approve my loan due to a problem with my registration.

Anyway, they wasted my time, and I let it go.

Now, I am in the middle of the year and have paid down my existing loan to $38K. I decided to refinance my car.

They denied my request again and said I owed too much credit card debt.

I paid off all my credit cards and was ready to apply.

I asked them if they would review my loan.

Los Angeles Federal Credit Union said they could send me statements showing proof of payment.

A few days later, I logged on to check my application status. However, I now see that the reasons behind the denial have changed.

Also, I reviewed my application. It appears they changed my income to $2500/month.

They claimed that my payment was insufficient to qualify for the loan.

My income at $14,000 per month was the amount I listed when I submitted my application.

However, it had somehow been magically changed to reflect an amount that would be denied.

To ensure no errors in my application, I reviewed it multiple times before submitting it.

However, they claim that my income was altered, which is why my denial was denied.

They tell me they need to look at the application with the corrected income amount and then rerun my credit.

The person on the other end also said to me that “to be truthful, we might still deny your request.

If we do, we will most likely ask for additional documentation even after we resubmit the application.

Do you still wish to reapply?”

Second thought but no. I don’t want to give my credit union business.

I’ve been looking for a bank to use for future home purchases for quite some time.

However, based on my experiences, they are not the right bank for me.

I suppose I will have to keep looking for a bank that will appreciate my business.

I had planned to use this loan to test their operation and see if they would be a bank I could trust to make larger purchases in the long term.

Unfortunately, that relationship ended before it began.

Is Los Angeles Federal Credit Union a legit?

Los Angeles Federal Credit Union is not running a legit business. They are not aggressive towards customer satisfaction and complaint grievance redressal, Hence 2 consumer[s] submitted negative ratings, and only a few left positive feedback.

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. 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 Los Angeles Federal Credit Union’s customers, a monetary loss of US $6521 has been reported. The severity of entire incident reports is high.

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2 Reviews on Los Angeles Federal Credit Union

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

    Today, I received a bill from the LAFDC for $.04 for a car loan. This was fully paid when my vehicle was traded in.

    I called the credit union to advise them that my loan should not be paid in full, as we received the total amount when we sent it in.

    The other person informed me that there was $.04 outstanding and that I needed to pay it immediately. I agreed to pay by phone.

    She stated that it would cost $12 to pay $.04. She advised me that I had two options: drive to the closest credit union located 20 miles from my home, or mail the $.04.

    However, she couldn’t guarantee that the $.04 would be processed in time to avoid additional penalties.

    Today, I received a bill from the LAFDC for $.04 for a car loan. I won’t use the credit union, and I wouldn’t recommend it to anyone.

    They are worse than the big banks because they didn’t help me correct the mistake.

    This was fully paid when my vehicle was traded in. I called the credit union to advise them that my loan should not be paid in full, as we received the total amount when we sent it in.

    The other person informed me that there was $.04 outstanding and that I needed to pay it immediately. I agreed to pay by phone.

    She stated that it would cost $12 to pay $.04. However, she couldn’t guarantee that the $.04 would be processed in time to avoid additional penalties.

    She advised me that I had two options: drive to the closest credit union located 20 miles from my home, or mail the $.04.

    I won’t use the credit union, and I wouldn’t recommend it to anyone.

    They are worse than the big banks because they didn’t help me correct the mistake.

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

    I have been a credit union member for more than 18 years. In January 2013, I was a victim of identity theft. I applied for a $17,000 car loan and $26,000 cash down at the credit union. I was turned down. I received four items that were less than $1000.00, but the credit union denied me. Imagine my shock! The CU will claim the title with more than half of the CU down. But NO!

    The underwriter stated that I was a significant risk. To finance a dealership with high-interest rates, the credit union offered $17,000 cash down to allow me to leave. But Ms. Noreen, a service representative, was knowledgeable and compassionate since I was due to have surgery on May 9th. She was also understanding. This was April 28th.

    She did not understand why I was denied, but she gave me suggestions on clearing my credit and getting approval. She was tireless in her efforts and called me the following morning to confirm my Honda Accord approval. Ms. Avakyan made a problematic situation manageable through her knowledge, skills, and ability to do her work VERY WELL.

    Her professionalism and trust in the Credit Union have restored my faith. Ms. Avakyan’s skills, knowledge, and expertise are needed to see both the human and business sides of every transaction.

Reviews: 2
Reported Loss : 6521 $
Severity : High
Reported by : Anonymous
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