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When we refinance an auto loan from another institution, we require a copy of either the title or the registration. This is:
1) to prove ownership of the vehicle and
2) to verify the VIN.
It is a non-negotiable requirement. You would not believe (well, around this site you would) how many people don't know the correct name that's on the title of their vehicle or who forget that they had their mother/father/spouse/boyfriend/next-door-neighbor's-cousin added on the title along with their own. It may be different in some states, but in mine, if there are two names on the title, BOTH people must approve any change to that title, such as changing the lien holder when you refinance from one institution to another.
So, at 15 minutes before close, SC comes in to complete an auto loan refinance. First thing I ask is if he has the copy of his title or registration.
He doesn't.
So, this means I cannot complete the loan. We're stopped. No exceptions. Can't do it. Need to have him come back with the copy of the title or registration. Happy to make an appointment for him on another day.
Can't we stay open while he runs home to get it? I'm sorry sir. We close in less than 15 minutes and according to your address on file, you would not be able to make it back before the doors lock. Would you like me to make an appointment for you to come back on another day?
Can't we make an exception, he SWEARS it's just his name on the title. I'm sorry sir, but we are unable to make an exception on this requirement.
Okay, well, can you answer "insert stupid question"? Certainly sir. [Give answer]
Are you sure you can't make an exception on the title? I'm sorry sir, but we are unable to make an exception on this requirement.
Okay, well, can you explain "simple question about how interest is applied to loan"? [Answer question]
That doesn't make sense, I thought it worked like this? No sir, [even more simplified answer that the college kids who are getting their very first loan ever and who's parents never taught them so much as what a checking account was manage to understand]
Oh, okay. You know, my name is the only one on the title. I've been a customer since the beginning of time. You should make an exception. I'm sorry sir, but we are unable to make an exception on this requirement.
*sigh* Fine. Could you let me know "another stupid question"? [Answer question.]
You know, it's not very good customer service to not let me finish my loan when I'm here. I'm bringing more money to your bank by refinancing. I'm sorry sir, but we are unable to make an exception on this requirement. Fortunately, once we do complete your loan, it looks like we'll be dropping your interest rate by over 4%,which will save you about $3000 in interest. Are you certain you don't want me to set up an appointment for another day so you don't have to wait when you return?
No, I don't need an appointment. Oh, could you tell me "insert another stupid question that was pretty much answered by your answer to my first stupid question"?
rinse/repeat
And he made a smart-ass smarmy comment about having to be walked out of the building when I finally got rid of him since the doors were locked. I know for a fact that he kept on with the stupid questions purposefully to keep me after close, and I wish I could remember the exact wording that makes me think that. What he didn't realize is that we always have approximately 20-25 minutes worth of closing duties, which were taken care of by my co-workers, during the time he was wasting. So, I only had to close up my own office, which ended up getting me out... well, on time. So while he was annoying, he didn't break my cool, and the only one's time he really wasted was his own. I get paid to be there. What's his excuse?
1) to prove ownership of the vehicle and
2) to verify the VIN.
It is a non-negotiable requirement. You would not believe (well, around this site you would) how many people don't know the correct name that's on the title of their vehicle or who forget that they had their mother/father/spouse/boyfriend/next-door-neighbor's-cousin added on the title along with their own. It may be different in some states, but in mine, if there are two names on the title, BOTH people must approve any change to that title, such as changing the lien holder when you refinance from one institution to another.
So, at 15 minutes before close, SC comes in to complete an auto loan refinance. First thing I ask is if he has the copy of his title or registration.
He doesn't.
So, this means I cannot complete the loan. We're stopped. No exceptions. Can't do it. Need to have him come back with the copy of the title or registration. Happy to make an appointment for him on another day.
Can't we stay open while he runs home to get it? I'm sorry sir. We close in less than 15 minutes and according to your address on file, you would not be able to make it back before the doors lock. Would you like me to make an appointment for you to come back on another day?
Can't we make an exception, he SWEARS it's just his name on the title. I'm sorry sir, but we are unable to make an exception on this requirement.
Okay, well, can you answer "insert stupid question"? Certainly sir. [Give answer]
Are you sure you can't make an exception on the title? I'm sorry sir, but we are unable to make an exception on this requirement.
Okay, well, can you explain "simple question about how interest is applied to loan"? [Answer question]
That doesn't make sense, I thought it worked like this? No sir, [even more simplified answer that the college kids who are getting their very first loan ever and who's parents never taught them so much as what a checking account was manage to understand]
Oh, okay. You know, my name is the only one on the title. I've been a customer since the beginning of time. You should make an exception. I'm sorry sir, but we are unable to make an exception on this requirement.
*sigh* Fine. Could you let me know "another stupid question"? [Answer question.]
You know, it's not very good customer service to not let me finish my loan when I'm here. I'm bringing more money to your bank by refinancing. I'm sorry sir, but we are unable to make an exception on this requirement. Fortunately, once we do complete your loan, it looks like we'll be dropping your interest rate by over 4%,which will save you about $3000 in interest. Are you certain you don't want me to set up an appointment for another day so you don't have to wait when you return?
No, I don't need an appointment. Oh, could you tell me "insert another stupid question that was pretty much answered by your answer to my first stupid question"?
rinse/repeat
And he made a smart-ass smarmy comment about having to be walked out of the building when I finally got rid of him since the doors were locked. I know for a fact that he kept on with the stupid questions purposefully to keep me after close, and I wish I could remember the exact wording that makes me think that. What he didn't realize is that we always have approximately 20-25 minutes worth of closing duties, which were taken care of by my co-workers, during the time he was wasting. So, I only had to close up my own office, which ended up getting me out... well, on time. So while he was annoying, he didn't break my cool, and the only one's time he really wasted was his own. I get paid to be there. What's his excuse?
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