MBNA Aircraft Financing

ANY large company goes downhill in customer service.

Off Topic, but COMCAST is a good example. Now that they have a monopoly in
our area, you can't get ANYTHING from them.

MBNA has always been a large finance company due to the fact that their name
is used by groups like Nascar, AOPA, etc. That doesn't mean they are good.

Look for a good underwritten company thats NEW. NEW companies have GREAT
customer service.


"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

No. I called the number right off of the AOPA member page.

Charlie

"OtisWinslow" wrote in message
. ..

"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.

Just to put a final message to the group about my MBNA customer experience.
I picked up a message Monday from a representative from MBNA's aviation
lending group. She had been contacted by AOPA regarding my criticism
(kudos' to AOPA for the prompt follow through on my behalf) I called her
back. After hearing what I wanted to do, she basically reiterated what her
colleague had told me last week that they wouldn't finance a plane that had
been purchased more than sixty days prior.

My recommendation for anyone out there is don't waste your time with MBNA,
call Dorr and ask to speak to Brian. They are great and are anxious to meet
the aviation customer's needs.

Happy flying,

Charlie




"Dave" wrote in message
...
ANY large company goes downhill in customer service.

Off Topic, but COMCAST is a good example. Now that they have a monopoly
in our area, you can't get ANYTHING from them.

MBNA has always been a large finance company due to the fact that their
name is used by groups like Nascar, AOPA, etc. That doesn't mean they are
good.

Look for a good underwritten company thats NEW. NEW companies have GREAT
customer service.


"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

Dave wrote:

ANY large company goes downhill in customer service.

This is not limited to large companies. My economic theory states that
"Incompetence drives the economy". When the economy is in the toilet
companies keep only the best employees who know how to do what it takes to
get and keep business. At the top of the cycle, companies tend to put the
worst employees on the front line interfacing with customers and driving
away business. Judging from the service I've been getting lately we are at
the top of the cycle.

With respect to MNBA aircraft financing, in my recent dealings with them in
purchasing a vintage airplane I thought they did a pretty good job.
Everything was done when they said it would be done and the transaction was
done quickly.

Watch out for the terms on accelerated payments.

Cheers,

Jim

"10Squared" wrote in message
...
Dave wrote:

ANY large company goes downhill in customer service.

This is not limited to large companies. My economic theory states that
"Incompetence drives the economy". When the economy is in the toilet
companies keep only the best employees who know how to do what it takes to
get and keep business. At the top of the cycle, companies tend to put the
worst employees on the front line interfacing with customers and driving
away business. Judging from the service I've been getting lately we are at
the top of the cycle.

With respect to MNBA aircraft financing, in my recent dealings with them
in
purchasing a vintage airplane I thought they did a pretty good job.
Everything was done when they said it would be done and the transaction
was
done quickly.

Watch out for the terms on accelerated payments.

Cheers,

Jim

I finanaced both my first plane (C-172N) with them and then my C180H, to get
financing, you litterally have to have excellent credit, they denied me a
few times between both, and i was honestly surprised they approved me the
2nd time around

I've had several loans with them and I thought they did fine. They even
carried
two loans at the same time while I was getting my old plane sold on one
occasion.




"Lets Fly" wrote in message
...
"10Squared" wrote in message
...
Dave wrote:

ANY large company goes downhill in customer service.

This is not limited to large companies. My economic theory states that
"Incompetence drives the economy". When the economy is in the toilet
companies keep only the best employees who know how to do what it takes
to
get and keep business. At the top of the cycle, companies tend to put the
worst employees on the front line interfacing with customers and driving
away business. Judging from the service I've been getting lately we are
at
the top of the cycle.

With respect to MNBA aircraft financing, in my recent dealings with them
in
purchasing a vintage airplane I thought they did a pretty good job.
Everything was done when they said it would be done and the transaction
was
done quickly.

Watch out for the terms on accelerated payments.

Cheers,

Jim

I finanaced both my first plane (C-172N) with them and then my C180H, to
get financing, you litterally have to have excellent credit, they denied
me a few times between both, and i was honestly surprised they approved me
the 2nd time around

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

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

Matt wrote:

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.

It doesn't get any better after you get the loan. The customer support
on the loan servicing was screwed up many times and despite repeated
calls and promisses by MBNA reps in the AOPA booths at Oshkosh each
year that they'd personally look into the problems, things persisted
to the day I paid the loan off early because some snot-nosed kid refused
to endorse the insurance check for work that had already been done and
****ed off me and every mecahnic involved by his attitude.

Nothing AOPA offers as a "endorsed" service is a good deal for anybody
other than AOPA themselves.

MBNA did a good job (though a bit high on the interest rate) on my M20C
purchase just a month ago...

--
Chris Schmelzer, MD