U.S. Bank

My wife and I applied for a used car loan through this US Bank location. We dealt with Svilan Stanev (The Branch Manager) who was nice at first, but beware he’s not a good banker in general. His knowledge is lacking to the point of culpability. Do not take his advice! Go elsewhere! Though I cant disclose details, it was his advise that ultimately caused huge headaches for us. I should have known something was wrong with the bank in general when I got a call one day from Svilen saying I was approved and good to go and then another call the next day from one of the bankers working under him who was completely unaware that I’d spoken with him the day before and been told I was good to go. According to Brenda, the other banker, that information from my conversation the day prior was not recorded anywhere or available to her at all. It seemed as though Svilen might not have been doing a great job of managing that branch.
US Bank approved us for what we needed for the car and offered us great terms. I spoke with Svilen many times before and during our purchase to make sure everything was OK with our loan. He told me a number of times everything was fine and we were greenlit to buy the car. He even issued us a pre-​approval letter verifying the amount we had been awarded to offer to the dealership so they’d release the vehicle to us without running another credit pull. Within 10min of purchasing the car I got a phone call from him asking if I’d been successful. I said yes, and then he dropped the bomb. He claimed that he had just received a call from their underwriter saying they’d adjusted our loan down over $ 10k! Despite having a pre-​approval letter and over 10 phone conversations to confirm, somehow everything fell apart in the 10 min after I’d bought a $ 30k+ vehicle and US Bank was no longer able to lend us what we needed for the car. This was very much a bait and switch tactic and titers on the side of illegal. I was told their was nothing they could do and I would have to return the vehicle to the dealer if what they offered us was not sufficient. Thank god I’d lined up another loan with SDCCU before all of this so they were able to bail us out. I will never use US Bank again and I’m really quite disgusted by their tactics. Svilen gave us some horrifyingly bad advice and mislead us as a banker. He misunderstood his own underwriter’s requirements and it was his advice that ultimately caused the underwriting issue. I’m not a vindictive person, but he should be fired for misleading practices and incompetence in the loan application and awards process. It should not be the case that my wife and I bear the burded of his lack of knowledge and abilities. Dont trust your loan offers from them, they arent secure! Avoid US Bank like the plague!