Speed Bump

I know everyone out there will agree with me that speed bumps in a parking lot are a major irritant...especially for those who have low riding cars. Well, I had a little speed bump in the purchase of my new motorcycle yesterday but just like you can sometimes drive around speed bumps...or go between them on a motorcycle...I managed not to let this speed bump slow me down too much.

When I needed to borrow some funds to buy the new Harley, I immediately thought of the Travis Federal Credit Union. I had financed my last motorcycle with them and I had been a member for 28 years. Initially, the process went very smoothly, being approved for the loan via the Internet. However, then the human element got involved and it all went to you know where.

First, the credit union told me the dealer had to send them everything...bill of sale, description of the motorcycle, copy of the title, etc...before they would send him a check. Then they did not like the way the dealer...granted he's an independent dealer...wrote up his bill of sale. Next, they said that they could only offer me an unsecured loan...at 17% interest!...because their name would not be on the title I received from the State of Florida. They would not trust me to send them a title from the State of Texas...with their name showing as lienholder...even though I have been a long-time member.

The final straw came yesterday...Tuesday morning to be exact...when, in the interest of time, I called them to say I would accept their 17% unsecured loan. The loan office supervisor had told me on Monday evening that once I changed over the title to Texas the unsecured loan would automatically be switched over to a more reasonable secured loan. Well, the loan officer who I talked to on Wednesday told a completely different story.

She said that the switch was not automatic and in addition, I had to re-apply for the unsecured loan. After looking at my accounts at the credit union, she decided that I could request an increase in a signature loan...12% interest...and use the funds there to purchase the motorcycle, then change over to a secured loan when I had the bike titled in Texas. Oh, by the way, I had to apply for the increase!

Well, after that fiasco of a phone call, I hung up and called USAA. I don't know why I never had a loan with them before but I'll tell you this, I'll always go back to them first. The process to procure a loan took about 5 minutes. Even before their loan officer said anything, I laid all the facts out on the table. He didn't even blink an eye...or I assume he didn't since he immediately said "no problem". He said he would trust me to send them the title once I got back to Texas and had it transferred over. He didn't even need a bill of sale. He said he trusted me to do what I said I would do...now, that's the way to display excellent customer service!

He sent the check to me overnight and I should receive it today before 3pm...amazing difference between the two institutions. I'm really going to enjoy calling Travis and telling them to stuff their loan...but only after I have the USAA check in my hand of course.

Well, I'm happy and the dealer is happy so there shouldn't be too many more speed bumps from this point on.