Bankers == Idiots

So, I have a car loan... life sucks. I was hoping to make life a little less in the suck category by getting a better loan from a bank in Aurora, so Mom did some calling around and we thought that Heritage would be the best rate. I believe they quoted her (over the phone) with something like 7.2%, I don't remember for sure, and I've thrown away the piece of paper since then, but I know it was in the lower to mid 7's. So that beats the pants off my 8.95% rate from the dealership.

Later that day I find myself talking to the loan officer and he runs through a few numbers, but we don't have my hard and fast percentage down yet, so I'm not really paying attention. After filling out the credit check information, I tried to hand him one of my forms of identification, knowing that banks don't know who you are until you give them the all holy photo ID, otherwise known as a drivers license or the other ambiguous So-So Security card. However, he doesn't want them. 'Aurora is such a tight community that banks don't have to play by all the rules.' Ok, that's very paraphrased, but that's essentially what he said. Whatever, I already told you the numbers so I guess you don't need a copy of them, you can look them up in the computer to verify that I am who I just told you I am right? Next, he then says he's going to run the credit check, and it apparently takes a few hours. That was news to me, but ok he'll call me when it's done and I can get this thing moving.

About 40 minutes later, I get a phone call. Sweet, it's the banker. I'm not sure why he said hours, but whatever I can just run back into town and get some of this paperwork moving. Nope, bank says I have too much school debt and need my folks to co-sign so we can get the good rate. Well, that sucks, Mom just went to Lincoln, and Dad's at work. I was leaving on my Alaska trip the next day, so we'll have to do this paperwork through the mail.

My folks forwarded the documentation to where I'd be in a few days, and it arrived right on schedule. Don't let the post office fool you with their bland distemper, they get the job done. The mail had already gone out today (Saturday) so I was in no rush to tear into boring paperwork and I let it wait until tonight.

But what should I find when I open the letter? A note from the loan officer saying "Hopefully the car will hold up as well." and it's signed? The 19th... the _EXACT_ day my window cracked from the heat. Nice one Murphy. But wait... there's more!

The ~7.2% that should have been stamped on the papers magically turned into a 8.452%. Yes, that is lower than 8.95%... total savings? less than $75 over 36 months. Sweet, now I can totally eat my two double cheese's from McDonald's once a month. And here I was thinking I'd starve.

Now here's where the banker's word is his bond. There was a sticky note attached to another form. I'll quote it in full:
"Paul, I need a copy of your drivers license & a 2nd form of ID. (Social Security Card, Credit Card - School ID) Thank you."
I couldn't give that stuff to them when I was actually _IN_ the bank a week ago, but now they want my Credit Card... yeah, let me send you that in the mail.

So am I over reacting a little bit? Do I think that 7.2% is too low to ask for? A quick run around the Internet brings me to bankrate.com, specifically their auto loan calculator. The little box in the corner of the page shows National Auto Rates Averages. The rate for a 36 month loan you ask? 7.35% and rising. Damn, I'm good.

I even ran through the "Lender Rates For 36-month auto refinance loan rates in Lincoln, NE", they didn't have Aurora, just to see if we were supposed to be higher than the national average. The three options there were between 7.15% and 7.20%, two of them being 7.20%. Now, do I think I'm getting ripped off?

I've never intentionally missed a credit card payment (and I know I haven't in the last five years), I have a credit rating in the highest bracket (someplace between 780 and 820 depending on the mood of the credit place I think) and I've got enough liquid assets to pay off all my debts (this includes school debts) tomorrow if I chose too. Of course I don't because that's emergency money that the financial planners recommend you have in reserve for the "rainy days", which this is decidedly not.

Bankers, Lawyers, and Politician there just isn't enough rope, bullets, or water to get rid of them all.