MBNA Aircraft Financing

Strange. On the 4 loans I've had with them I knew within a few
hours about being approved.


"Matt" wrote in message
. ..
I just recently closed on an aircraft loan with MBNA for a Cessna 152. I
used the online application. Although the website advertises a response
within 24 hours, I had not received any call within 3 days. So I called
them and was transferred to the voicemail of the woman (Stacy F.) who was
handling my application. I left her a voicemail and waited for a few days.
Having not received a return call, I assumed that I was denied. However I
needed to pull the trigger quick on the plane, and I reluctantly called
again. Finally I received an audience with Stacy and found out I was
approved.

The only major purchase I have financed has been a car, so I had some
questions about the process for financing a plane. I had several
questions and Stacy was uncooperative in answering them. She has an
attitude a mile wide. I was wasting her time by asking questions like "Do
you require documentation of a prepurchase inspection before closing?" Is
that an unreasonable question? Time for a career change, Stacy. Maybe
accounting.

The rate I was quoted was high, even after I agreed to put down 20%.
Maybe most of the people that are financing aircraft with MBNA are looking
for loans of $250,000 and financing a Cessna 152 was not important to
them.

The only reason I went with MBNA was because the application process was a
little simpler, and I wanted to close on the plane quick. They did not
ask me for financial statements, tax returns, or W-2s.

However the customer service was total crap. I am now looking to
refinance with another company, even if at the same rate. I feel guilty
for having supported the cause. I would not recommend MBNA. The only
reason I continue to use the MBNA credit card is for the 5% discount.

Matt


I would not
recommend MBNA, and would urge others to look else where for their
aircraft
financing. I would also be curious if anyone else has had customer
inflexibility with MBNA?

Charles