COLORADO SPRINGS — The cost of almost everything is going up nowadays, and because of that many people are taking a closer look at their budgets.
In some cases, that personal budget audit may lead you to a realization that you're paying for a subscription you thought you canceled, or that your monthly payments on a loan are higher than they should be.
That's what happened to Trevor Monroe, he was overpaying his monthly payment on a car loan for nearly a year.
"I never got a phone call. I never received certified mail that this is what was going on," Monroe said, "incomes fixed, it sucks. And there's not the flexibility in the budget there used to be."
As it turns out, Monroe learned Navy Federal Credit Union never received the title to his car. Without the title, Navy Federal changed the loan from an auto loan to a signature loan, significantly increasing Monroe's interest rate from 8.69% to 18%.
It's something Monroe says is in his loan agreement.
"My bill kept saying, you owe us X amount more for 2 or 3 months before that point. I finally said, hey, what's going on? Why is this?" Monroe said.
He kept receiving notices he was behind about 30 dollars a month, and Monroe kept paying whatever he was told he owed. When he found out it was because they didn't receive
the title, Monroe reached out to the Department of Motor Vehicles (DMV) to get a copy of the title. The DMV informed Monroe only Navy Federal could get a copy of the title since it's the lienholder on the vehicle.
That's when he and his wife reached out to News5 Investigates.
News5Investigates reached out to Navy Federal, representatives said they would not speak about a member's financial information. They sent the following statement: "Unfortunately, as part of our account security protocols, our member service representatives can’t speak about account details with people who are not listed on a member’s account. However, the member can reach out directly by calling 1-888-842-6328. Our member service representatives are available 24/7 for further assistance."
Monroe was able to get Navy Federal to obtain a copy of the title. After that happened, Monroe wanted to know what was next for all the additional dollars he was paying on the loan. He did get ahold of Navy Federal again and they let him know the money would be applied to the principal of the loan.
Monroe said it's a good lesson to keep track of payments and take a close look at your loan agreements when you sign them.
"I just hope that anybody who sees or hears this has a better starting point than I do, and hopefully they can avoid ending up in this place, making those mistakes I made," Monroe said.
Have a story you'd like News5 Investigates to look into? Send an email to News5Investigates@KOAA.com.
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