If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. |
|
|
Thread Tools | Display Modes |
#11
|
|||
|
|||
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. |
#12
|
|||
|
|||
I have been talking with Brian as well and he is great!
Charlie "Ken Reed" wrote in message k.net... I also called MBNA when I financed my airplane (I know, never finance anything, perhaps when I move to Nirvana...). I was underwhelmed with their customer service. I financed through Dorr Aviation which is about 1 mile from my place. (The actual loan is written with "Eaglemark" which is Harley-Davidson's credit arm). I was able to visit their office, and the customer service has been very good, both from Dorr and from Eaglemark. I too just financed my Cirrus with Dorr Aviation. I have nothing but good things to say of the experience. Good rate, good terms, reasonable fees and a great representative that I dealt with; Brian Bourett . --- Ken Reed |
#13
|
|||
|
|||
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 |
#14
|
|||
|
|||
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 I'll offer a counterpoint to this. I bought my plane 3 years ago for cash. 6 months ago I decided to "refinance" so I could update my radio stack. I used MBNA and they were a pleasure to deal with. They gave me a better rate and offered to finance more of the plane than Dorr or the other ones I talked to. One difference in our stories--I did finance more than the cost of the stack and used the extra to pay off a home equity line so as far as they were concerned it was a refinance and not just taking cash out of the plane. Still, they were great to work with. Maybe the Bank of America merger has addled their brains. The bank where I have my checking and savings accounts recently became BoA. Now I get half the services for twice the fees. --Rick |
#15
|
|||
|
|||
att news group wrote:
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? When I bought my Maule, I checked with a variety of companies about the loan. Every company was quick to volunteer their interest rate, but I also asked each company what the payments would be. MBNA had the lowest interest rate but the highest monthly payments. Don't know why, but I'm aware that there is a certain amount of leeway in the methods allowed for calculating interest on such loans. MBNA also had the most convoluted application form. George Patterson Give a person a fish and you feed him for a day; teach a person to use the Internet and he won't bother you for weeks. |
#16
|
|||
|
|||
Hi Rick,
I wasn't looking to do a "cash out", I just wanted to finance what I paid for the plane, or some significant portion thereof. I live in Wilmington, the banks headquarters, and one of my customers happens to have run this department until he retired, about two years ago He wasn't that surprised with my story. When he ran the department, particularly a loan of this size, that would not have to go to loan committee, he would have approved it on the spot. Maybe I just got the wrong represintative. I wish I had talked with the one you worked with. I have a lot of customers and friends who are senior MBNA executives, I could probably make a call, and I'm pretty sure I would get the financing. But I don't want to do that. They are either going to be easy to work with or not, and if they are this inflexible up front who knows how bad they will be during the life of the loan. Several years ago I had a similar experience with their credit card department. I needed a short term loan to cover income taxes. I decided to do a cash advance off of my MBNA card at our local bank. When I got my statement the next month from MBNA I was surprised to see a $900 surcharge, in addition to the 21% interest they charge. Needless to say I was a little annoyed. I called them to discuss the charge and have it reduced or hopefully removed. They wouldn't, even after I kicked the complaint up several levels. So I closed the account on the spot and paid off the card. I swore I never would use MBNA again (so much for me resolution!) Now they were certainly within their rights to charge me that. I had apparently agreed to it. But in the long run they lost a good customer because of their inflexibility, and lack of customer focus. In discussing that particular incident with some of my credit card customers from other credit card banks in Wilmington, they told me that their banks would probably have removed the $900 fee, and kept the customer happy. Who knows? I agree with you as well that I have found AOPA's approved vendors to be generally excellent as well. This MBNA deal is the exception. Maybe MBNA was having a bad day the day I called? I wrote AOPA last week about this and other than an automatic reply I haven't heard word one from them yet. I'm sure they get a lot of emails from their members, so I will be curious to hear what their thoughts are when they respond. Charlie "Rick Beebe" 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 I'll offer a counterpoint to this. I bought my plane 3 years ago for cash. 6 months ago I decided to "refinance" so I could update my radio stack. I used MBNA and they were a pleasure to deal with. They gave me a better rate and offered to finance more of the plane than Dorr or the other ones I talked to. One difference in our stories--I did finance more than the cost of the stack and used the extra to pay off a home equity line so as far as they were concerned it was a refinance and not just taking cash out of the plane. Still, they were great to work with. Maybe the Bank of America merger has addled their brains. The bank where I have my checking and savings accounts recently became BoA. Now I get half the services for twice the fees. --Rick |
#17
|
|||
|
|||
I just purchased a 1993 Mooney M20J. My first contact was to MBNA. As someone that is self employed my tax returns do not give a clear picture my income. I filled out an application online and wait for there response within 24 hours (per there site). After two days I called them only to get a rude response for one of their reps. informing me I was declined. When I tried to question the reasoning behind the denial the rep simply huffed & puffed that I continued to waste his time. Two days later I called back in hopes to get a different rep (no such luck) only to receive the same treatment. When I informed him I could come up with as much cash as they would require & that I just needed a minimal loan he then passed me off to the under writer that was equally annoyed by my phone call & said he would not fund any amount!
I then contacted 1st Pryor of Oklahoma (Bob) explained my situation & was approved within two hours. As a long time AOPA member I am very disappointed that AOPA would recommend MBNA. This is obviously a case of AOPA selling out to MNBA for there MONEY!!! |
#18
|
|||
|
|||
#1) I would finance nothing with MNBA - for many other reasons.
#2) Why do you feel there is a difference between borrowing money against a house you own, and borrowing money against a plane you own? When you are buying, you are protecting your interests, which, at the time of purchase, usually mirror the interests of the bank/finance company. You want the best purchase at the best price. When you are refinancing something you already own, you're not likely to walk away if you find out the plane isn't worth the asking price. I doubt the telemarketer on the phone understands this, nor does the supervisor. They are simply told that they cannot write a loan without transfer of ownership. "att news group" wrote in message ... 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. |
#19
|
|||
|
|||
BTW, check you BOA accounts. They recently started charging me $10 per
month, even though I use direct deposit. As it turns out, they did not convert my fee free Fleet account to the same fee free BOA account. They said that they would not waive the fee because it was not a bank error, and they had notified me of the change. I brought ALL the correspondence (a file four inches thick) I have gotten from BOA this year to my local branch, took it to a teller, and asked her to point out where it showed that I would have to pay for this account. She changed the account and waived the fee. "Rick Beebe" 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 I'll offer a counterpoint to this. I bought my plane 3 years ago for cash. 6 months ago I decided to "refinance" so I could update my radio stack. I used MBNA and they were a pleasure to deal with. They gave me a better rate and offered to finance more of the plane than Dorr or the other ones I talked to. One difference in our stories--I did finance more than the cost of the stack and used the extra to pay off a home equity line so as far as they were concerned it was a refinance and not just taking cash out of the plane. Still, they were great to work with. Maybe the Bank of America merger has addled their brains. The bank where I have my checking and savings accounts recently became BoA. Now I get half the services for twice the fees. --Rick |
#20
|
|||
|
|||
"att news group" wrote in message ... I would also be curious if anyone else has had customer inflexibility with MBNA? Charles I've used MBNA for my last 3 planes. I've had no problems. And on one of them they wrote the loan for the new one prior to the old one being sold. On another they refinanced it when interest rates dropped considerably. Are you contacting the group that handles AOPA financing? Or just a random MBNA loan rep? I've always had courteous, quick service and will call them first the next time I buy a plane. |
Thread Tools | |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
Nearly had my life terminated today | Michelle P | Piloting | 11 | September 3rd 05 02:37 AM |
Homebuilt Aircraft Frequently Asked Questions (FAQ) | Ron Wanttaja | Home Built | 0 | June 2nd 04 07:17 AM |
Homebuilt Aircraft Frequently Asked Questions (FAQ) | Ron Wanttaja | Home Built | 0 | May 1st 04 07:29 PM |
Homebuilt Aircraft Frequently Asked Questions (FAQ) | Ron Wanttaja | Home Built | 0 | April 5th 04 03:04 PM |
Homebuilt Aircraft Frequently-Asked Questions (FAQ) | Ron Wanttaja | Home Built | 0 | July 4th 03 04:50 PM |