4.1
5.2
Overall Score
Author: Kaitlyn Short
LAST UPDATED: March 11th, 2022
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#3
Capital One Auto Financing
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The Good
- Low APR
- Loans up to 84 months
- Incentives and discounts
Advantages
USAA has a history of providing military members and their families with many services, while also striving for excellent customer service. In the 2015 Temkin Customer Service Ratings, USAA's banking services came out on top, ranking number one overall for customer service. Customer service is very important in this industry as customer's need answers to questions regarding their auto loan options. The company also offers many other great advantages to their service, such as:- No application fees
- Low APRs
- No early-pay penalty
Incentives
USAA frequently offers incentives and special offers on their website. For example, if USAA members buy through the USAA Car Buying Service before a designated date, they can receive discounted loan rates. The USAA website states that previous members have already saved an average of up to $3,485 on their MSRP simply because they are signed up with the USAA Car Buying Service. USAA also offers discounts for clients who sign up for their automatic loan payment system, and they offer exclusive manufacturing incentives. USAA does not penalize members for paying off their loans early, nor do they charge application fees. Some companies in the industry charge fees when customers pay their loans off early, some companies also charge application fees. We like that USAA doesn't charge for either of these.The Bad
- Must have a military affiliation
- No free credit score check
- Lacking information
Exclusive to Military Members and their Families
Borrowers who do not already have a USAA account or any military affiliation are unable to qualify for USAA services. This limits who can apply for loans with USAA. If you do have military affiliation, you can qualify for an auto loan through USAA, as well as benefit from all of their other great services.No Free Credit Score Option
When applying for auto loans, it's good to know your credit score so you're aware what type of APR you might be offered. Some companies in the industry offer a free credit score, or help customers find their credit score through a free third party website. We would like to see USAA add a free credit score option so members can know where they stand before applying for a loan.Lacking Information
The USAA website offers minimal information about auto financing, the loan process, explanation of APR, and other similar details that borrowers find helpful. Borrowers who choose to work with USAA will want clarification on the process, terms of the loan, and other details with USAA. Potential customers should research these items before they finalize their loan so that they can ensure they understand what they're committing to.The Bottom Line
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Up Graide Appleton, WI
I have been a member with USAA for 14 years. I have all my banking and insurance through them. I applied for a car loan and got a good rate. I signed the paperwork electronically and USAA gave me a dealer funding request form. On this form it clearly says that if the documents are received by 4pm central time that the funds will be sent that same business day. It is now the 3rd day and USAA still has not sent the funds to the dealer. If I would have known I would have to wait this long I would have went with a different bank. Calling USAA is absolutely horrendous. I have spent several hours on hold over the past 3 days attempting to figure out when the funds will be sent. How long you have been a member makes absolutely no difference in the customer service USAA provides and it is shameful just how terrible USAA’s customer service is. I plan on moving all my banking and insurance needs elsewhere. Would not recommend.
4 years ago
Chrisdi Hampton Temple, TX
In 15 yrs I was with usaa they have Never shown loyalty to long term customers. Past 5 yrs I had 3 not at fault accidents and each time I’ve had to fight both insurance companies every step of the way. They do not care about their customers besides as income. Horrible claims agents that have limited knowledge and no customer service. I will never go back again
4 years ago Edited January 10, 2022
Danette Owens Fresno, CA
We financed the purchase of our two year old leased vehicle through USAA five months ago. What a HUGE mistake! First of all they don’t bother with the tax and license fees which was a $$$ we had to 100% pay out of pocket to the DMV. Then USAA tells us every month the same bank they take our insurance payments from that our EFT is rejected. We call the bank, call and fax USAA the paperwork, again and again and they just can’t get their act together. NEVER EVER again.
5 years ago
Jamie Malvern, AR
Usaa will never work with you when you are in a financial bind. Even if they say they will they will say that they never agreed or told you those terms. I argued with them for over two months on resolving a late payment and ended up getting my car repossed even though i tried to pay them the full amount multiple times. They also auto pull whatever amount they want and you won’t get that money back. Customer service is awful as well. I will never use usaa for anything
7 years ago
J.O. Grapevine, TX
FICO score is 770+, do much of my banking through USAA, very stable job history, six figure income, and... I got approved for an auto loan with a 73% LTV (loan to value) requirement. 73%! Insane, so in other words they will require nearly a 30% down payment?? Wow. No thanks!
7 years ago
Kayla Richmond, VA
I spent months working through an auto claim, overpaying for a total loss settlement because USAA representatives are disorganized, poorly trained, and lack communication. I will never work with them again.
7 years ago
Mitchell Tolbert
Too high rates, even for established members
8 years ago
Lauren Millar
Too high rates, even for established members
8 years ago
