Legal Question in Consumer Law in Virginia

Misrepresentation of product in a bank
I went to Chevy Chase bank to discus to open equity credit line on my rental property.
The financial specialist gave me rates. Before to give authorization to run my credit report I told to the financial specialist that As a private investor I' m very careful regarding running my credit report because it'll put down my credit score, which is making last chance to get next loan or good rate which will be effect on my income of living and also I told him base on my experience on what on market now the bank offer was very attractive to me and pleased to double check if that offer he gave to me was correct , if yes put in writing and start application process. Next day he responded to me back, we mat again , he sad that he verified that all offer was right and put on paper (I got copy).
After next couple day some representative from Chevy Chase called me, let me knew that I successfully been approved and gave me completely different rate that I been promised.
He told me sorry that their reps misquoted me and they didn't have offer like first one and they will not give me that.
What should I do in this situation? I've got big lost on my credit report which will effect me on my income and living.

Asked on 10/18/02, 2:51 pm

Michael Hendrickson Law Office Michael E. Hendrickson

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Re: Misrepresentation of product in a bank

Unless you could somehow demonstrate really tangible and substantial losses, I don't see a

case on which you could base a cause of action

against the financial institution.

Furthermore, from your fact scenario, it's not even clear that there was ever an enforceable contract between you and the Chevy Chase Bank for

the equity credit line rate which you believe that you were offered.

Answered on 10/18/02, 7:45 pm

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