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MBNA Aircraft Financing
I wanted to relate an interesting story. I purchased a small single engine
Piper in January of this year through my business. At the time I had extra cash in the business, so rather than finance it, I decided just to use the cash and then perhaps put the financing in place later. Well the later turned out to be yesterday. I decided to try MBNA based upon AOPA's recommendation, so I called MBNA. and inquired about the financing. Generally I have found AOPA's approved affiliates to be excellent, and very customer service orientated. This was not the case with MBNA. To my surprise the MBNA representative told me they could not finance a plane that wasn't an actual purchase. I didn't really understand why, and asked him to explain. He said it was like doing a cash out refinance of your home. I said it's not even the same thing. So he checked with a supervisor. When he came back he said they could not finance it. He compared it again to a cash out refinance of a home. That analogy really confused me. I said, so if I produced an agreement of sale transferring from my corporate name to another entity you would finance it? That thought, I think, confused him. I then made a snap decision that they are definitely not customer service orientated, and I didn't need to be creative to place my business with MBNA. So I thanked him for his time and we parted ways. Interestingly enough I called several other vendors that specialize in aircraft financing, they were delighted to have my business and finance the plane. It is incredulous that MBNA would not finance this plane! I guess MBNA has more business than they need because they sure don't seem very anxious to bring on new business, or at the very least are not really geared to handle aircraft financing, it is really a side line business and does not conform to their core business model, the credit card business. Inflexibility up-front is not a really good sign of customer support and service. 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 |
#2
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I wanted to relate an interesting story. I purchased a small single
engine Piper in January of this year through my business. At the time I had extra cash in the business, so rather than finance it, I decided just to use the cash and then perhaps put the financing in place later. snipped I've never tried to finance an aircraft with MBNA, but as a consumer finance company they are a bunch of evil *******s. Everybody should stay away from them. |
#3
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Victor wrote:
I wanted to relate an interesting story. I purchased a small single engine Piper in January of this year through my business. At the time I had extra cash in the business, so rather than finance it, I decided just to use the cash and then perhaps put the financing in place later. snipped I've never tried to finance an aircraft with MBNA, but as a consumer finance company they are a bunch of evil *******s. Everybody should stay away from them. Yes. Their AOPA Visa card is a black mark on AOPA's reputation. -- "You can support the troops but not the president" --Representative Tom Delay (R-TX), during the Kosovo war. |
#4
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When I bought my last airplane, I had the money to buy it, but thought I
should keep it in the company, and finanace the airplane. Also called MBNA on AOPA's recomendation, and the refused to finance, as I was the owner of my company. No flexibility, no discussion, no thoughts about what they could do. So I decided to just write a check for it. (and came home and cut up and cancelled my MBNA credit cards) "att news group" wrote in message ... I wanted to relate an interesting story. I purchased a small single engine Piper in January of this year through my business. At the time I had extra cash in the business, so rather than finance it, I decided just to use the cash and then perhaps put the financing in place later. Well the later turned out to be yesterday. I decided to try MBNA based upon AOPA's recommendation, so I called MBNA. and inquired about the financing. Generally I have found AOPA's approved affiliates to be excellent, and very customer service orientated. This was not the case with MBNA. To my surprise the MBNA representative told me they could not finance a plane that wasn't an actual purchase. I didn't really understand why, and asked him to explain. He said it was like doing a cash out refinance of your home. I said it's not even the same thing. So he checked with a supervisor. When he came back he said they could not finance it. He compared it again to a cash out refinance of a home. That analogy really confused me. I said, so if I produced an agreement of sale transferring from my corporate name to another entity you would finance it? That thought, I think, confused him. I then made a snap decision that they are definitely not customer service orientated, and I didn't need to be creative to place my business with MBNA. So I thanked him for his time and we parted ways. Interestingly enough I called several other vendors that specialize in aircraft financing, they were delighted to have my business and finance the plane. It is incredulous that MBNA would not finance this plane! I guess MBNA has more business than they need because they sure don't seem very anxious to bring on new business, or at the very least are not really geared to handle aircraft financing, it is really a side line business and does not conform to their core business model, the credit card business. Inflexibility up-front is not a really good sign of customer support and service. 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 |
#5
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"Ian Taylor" wrote:
When I bought my last airplane, I had the money to buy it, but thought I should keep it in the company, and finanace the airplane. Also called MBNA on AOPA's recomendation, and the refused to finance, as I was the owner of my company. No flexibility, no discussion, no thoughts about what they could do. So I decided to just write a check for it. (and came home and cut up and cancelled my MBNA credit cards) Had you put the purchase on your MNBA credit card, you probably would have had no problem! |
#6
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LOL good point!
"john smith" wrote in message ... "Ian Taylor" wrote: When I bought my last airplane, I had the money to buy it, but thought I should keep it in the company, and finanace the airplane. Also called MBNA on AOPA's recomendation, and the refused to finance, as I was the owner of my company. No flexibility, no discussion, no thoughts about what they could do. So I decided to just write a check for it. (and came home and cut up and cancelled my MBNA credit cards) Had you put the purchase on your MNBA credit card, you probably would have had no problem! |
#7
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y'all are making me feel a lot better. as i've been moving toward
buying a 172, one of the contacts was to my aopa card for financing...mbna. horrible.the poor brain-damaged child they had on the fone for intake kept dropping her crayon and getting confused but promised to have someone get back to me. nobody got back. finally got thru and was told the loan was denied. now, isn't that fun. i did not apply for the loan, just asked that someone consult with me on it but now i have a denial on my record. first one of those in over 30 years. thanks mbna.theydon't know why it was denied. didn't you get our letter? no letter sent. called twice more and finally a letter was delivered thanks to some detective work by my postman since they had a somewhat similar name with a somewhat similar address. the letter is suitable for framing in it's absurdity. typos, misspellings mis-facts. just sloppy as it can be. i'll probably do wells fargo since that's where i park most of my cash but if anyone has a GOOD airplane finance outfit please post. i was trying to get a rate from mbna to run against the bank. it's nice to know it wasn't personal. mbna hates everybody! dan |
#8
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[snip] first one of those in over 30 years. thanks mbna.theydon't know why it was denied. didn't you get our letter? no letter sent. called twice more and finally a letter was delivered thanks to some detective work by my postman since they had a somewhat similar name with a somewhat similar address. the letter is suitable for framing in it's absurdity. typos, misspellings mis-facts. just sloppy as it can be. Send a copy of the letter with notes of the inaccuracies to AOPA and let them know of your displeasure with their sponsorship. |
#9
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thats funy, MBNA done good fer me my kuzin werks there they lent me some mony ta by a
knew trayler. |
#10
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hopefully the "credit inquiry" and denial do not end up on your Credit
Report. Check that quickly.. and now.. when you apply to get a new loan.. do you have to say you were denied credit by another "lending institution"? sounds like lawsuit material against mbna BT "houstondan" wrote in message oups.com... y'all are making me feel a lot better. as i've been moving toward buying a 172, one of the contacts was to my aopa card for financing...mbna. horrible.the poor brain-damaged child they had on the fone for intake kept dropping her crayon and getting confused but promised to have someone get back to me. nobody got back. finally got thru and was told the loan was denied. now, isn't that fun. i did not apply for the loan, just asked that someone consult with me on it but now i have a denial on my record. first one of those in over 30 years. thanks mbna.theydon't know why it was denied. didn't you get our letter? no letter sent. called twice more and finally a letter was delivered thanks to some detective work by my postman since they had a somewhat similar name with a somewhat similar address. the letter is suitable for framing in it's absurdity. typos, misspellings mis-facts. just sloppy as it can be. i'll probably do wells fargo since that's where i park most of my cash but if anyone has a GOOD airplane finance outfit please post. i was trying to get a rate from mbna to run against the bank. it's nice to know it wasn't personal. mbna hates everybody! dan |
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