Key Bank

It seems to me that when applying for a loan the bank and its customer are entering in a kind of unspoken contract. The bank has agreed to loan the requested money to the customer under the qualifying circumstances and the customer agrees to take the loan if they qualify. This unspoken contract is to ensure that each party is not wasting each others time and not putting the other in a bad situation. Key Bank violated that understanding. We qualified but for some reason they did not want to do the loan. We provided all the documentation to prove we qualified but the bank kept dragging things out and then further. We applied for a boat loan. We gathered all the documents together to prove we qualified, not a small amount of work at that. After almost three weeks Key Bank asked for something that was kind of outrageous. They wanted to know how much Alaska Mining and Diving paid for the boat we were purchasing. The only thing the bank should be concerned with is how much the boat could be sold for if we defaulted. It seems clear now what Key Bank was trying to do was create circumstances in which the loan could be denied because not many dealers would be willing to provide such documentation and for understandable reasons. Unfortunately for Key Bank Alaska Mining and Diving did provide the documentation. Almost immediately after AMDS provided the documentation we got a disturbing call from our loan officer, luckily. Angelina is the kind of person you want as a loan officer. She told us that after almost three weeks of work and working exclusively with Key Bank, keeping with our side of the contract, the Bank was going to take at least two more weeks to decide if we got the loan. Based on her tone of voice, apologetic and embarrassed, and answers to my question it was apparent that the Bank did not want to do the loan for some reason but could not deny us based on our qualifications. In essence they were telling us to to away but could not muster up the courage, integrity, or legitimate reasons for doing so. Instead they were putting us in a situation in which we could be denied the loan just a couple of weeks before we were to take delivery. We were forced to go elsewhere and are now scrambling just a month before we are to take delivery to get financing elsewhere. Almost nine months before we had been insured by Jake that we were qualified and would get a loan, unless, of course, we were lying about our income and so forth. Luckily we applied much earlier than Jake recommended. Jake was not our loan officer but a manager as I understand it. We were lied to. Key Bank is not an institution of integrity. Legitimate businesses simply do not treat customers like this. Managers do not lie to customers and under circumstances like this would at least go to bat to make things right. Have not heard a word from Jake. Have only had profuse apologies from Angelina. Skip this bank and save yourself the headache.