Truist Bank

Complaint ID: 4277980

Product: Vehicle loan or lease

Sub-Product: Loan

Issue: Getting a loan or lease

Subissue: Confusing or misleading advertising or marketing

Company: TRUIST FINANCIAL CORPORATION

Complaint: I recently applied for an auto loan through LightStream. A few years ago I used LightStream to finance another, separate auto purchase and was very impressed by the experience. They clearly state the interest rates offered ( displayed as a range ), based on loan type/purpose, term and dollar amount, on their website. The online application was quick and easy to complete and the funding of the loan was very fast. Plus, as an unsecured loan, the ability to avoid placing a lien on the title of the vehicle made the whole purchase process much easier. At that time, as a borrower with a very high credit score and significant income and assets relative to the loan amount, I qualified for their lowest advertised rate. Unfortunately, the most recent application was very different. Currently LightStream advertises a 2.84 % rate for " used auto purchases from a dealer '' loans with terms between 36 and 48 months for dollar amounts between {$10000.00} and {$24000.00}. I applied for a 48 month loan for {$20000.00}. I was surprised when I received a loan approval notice, with an offered interest rate of 5.59 % ( nearly 2x the advertised lowest rate ). This is despite the fact that today, my credit score, income and assets are all higher than they were when I applied for my first LightStream loan. I inquired with LightStream about the high rate offered, and was told that the assigned interest rate was based on my credit profile. It is quite clear to me XXXX based on my own knowledge of my credit profile, in addition to the interest rate I received on my first LightStream loan ) that LightStream is acting unethically. They are either falsely and deceptively advertising their rates, including some other criteria in their rate approval process that they are unwilling to disclose, or some combination of the two.

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

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Complaint ID: 4484620

Product: Debt collection

Sub-Product: Credit card debt

Issue: Took or threatened to take negative or legal action

Subissue: Sued you without properly notifying you of lawsuit

Company: TRUIST FINANCIAL CORPORATION

Complaint:

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

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Complaint ID: 4413861

Product: Checking or savings account

Sub-Product: Checking account

Issue: Managing an account

Subissue: Deposits and withdrawals

Company: TRUIST FINANCIAL CORPORATION

Complaint:

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

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