Anybody have experience with this bank? It's based in Cranford, NJ. Hubby applied for auto loan and got an unexpectedly low APR. What's the catch? (6.99 versus 12.49 from Capital One). The bank is also requiring membership and a savings account. It apparently was once a credit union but is now a bank. Is there something fishy going on?
Sounds like it is still acting like a credit union. What is its ownership structure? Is it still considered owned by the members, like a credit union? Who regulates them? Who insures their customers? If you are concerned with any business, check it out. BBB, a few internet searches on their name for complaints, etc. Do you use a CPA or attorney? Ask them. Do you know anyone that banks there?
What are your scores? 12.49% is just one market price. To see if this is market, or an outlier, check rates with another local bank.
DH score is around 505; he's doing it with his mother who must be low 700/high 600. All others besides these two have flat out refused to have him on the loan. Synergy is FDIC insured, is a regulated bank, and also has other divisions. The division that's giving him the loan calls itself Synergy Bank.
It would appear that the loan, and the terms, are driven by his mom's score and guarantee. Since that is what is locking him out of other loans, why is your husband's score so low?
Serious delinquencies...it was clear he wouldn't get it on his own. I was just surprised at just how low the rate was.
