John's Garage

I am sorry we were unable to help you refinance your auto loan but when you applied you agreed to the following:By providing the information in this application and clicking on the "Click to Complete and Start Saving!" button and the “I Agree to these Terms and Conditions” box, the applicant and any...

co-applicant ("I," "me," and "my") each agree that: (1) I received and read the State Disclosures and the OpenRoad Lending Privacy Policy; (2) I received, read, and agree to the Consent for Electronic Disclosures and all other Terms and Conditions for this application shown above; and (3) I understand that I could have multiple inquiries on my credit report through this process and I am granting OpenRoad Lending and its partners permission to access my credit report to determine if I qualify for refinancing my existing auto loan, and (4) I provide express consent to receive autodialed/prerecorded calls/texts or live agent calls regarding financial services or other credit related offers from Credit.com, OpenRoad Lending or one if its third party lenders or affiliates at any number I have provided (consent to be contacted is not a condition to purchase services). I have reviewed the provisions above and the terms in each of the linked documents. By checking the box, I am indicating that I agree to those terms and conditions. #3 above states that you could have multiple inquiries on your credit report.  Also multiple inquiries have no adverse affect on your score as they count essentially as a single inquiry.  Please see this article from Experian (https://www.experian.com/blogs/ask-experian/impact-on-credit-scores-of-inquirie...⇄ but you can find others that state the same information.  Again I am sorry that we were unable to help you at this time.

Lets back up just to show how unethical the practices of this business are, in sept 2015 I applied for a refinance of my car through the recommendation of credit karma and was turned down, ok no big deal, at least I tried. now in  feb 2016 I get a pre approval letter from then stating I have 10 days to fill out the forms to qualify, which I promptly did only to be rejected again. NOTHING in my credit report had changed from the time they sent my pre approval til the time they denied me, NOTHING. Now they say it was a late payment to capital one that denied me, that account had been closed by capital one almost 7 years ago and would have been on there when my pre approval was issued, when I disputed their claim, now they come back with capital one is still reporting it, Capital one hasnt reported it since Dec of 2015, and still would have been on my credit report when the pre approval was offered, plain and simple they lie. I have credit reports pulled, I have their pre approved letter they sent to back up my claims. This company really hurts those of us who are really trying to rebuild our credit, so now I've been dinged on my credit report twice in 5 months by this company and by those they pass my info on to, disgraceful!!
Regards,
[redacted]
Lets back up and show how unethical

I am sorry for the bad experience but an email with the subject line of "Your Loan Decision (Application ID: [redacted])" went out on 1/14/16 when your application was declined.  You might check your spam or junk box.  We do not call all the declines for obvious reasons.  However...

your application was declined due to debt to income ratio (meaning you have too much debt payments in relation to your monthly income.)  I can see that some of your existing debt is joint, meaning you have someone else that you have applied with in the past and used their income.  If you can do that again, we might be able to get your DTI ratio back in line.  Also we might want to check your monthly income that you gave us.  If you will call us at ###-###-#### we can talk about adding a co-borrower with more income.  Again I am sorry you didn't get the original decline email but this is not a scam as we help thousands of customers save money each month.

First of all I am sorry that this process took longer than expected but we did approve you on 5/20 and we sent you eDocs on 5/30 but we did not receive until after 6/10.  Also a reason for the rate increase was due to your loan to value (the value of your vehicle in relation how much is owed)...

being above 130%, so your rate increased and increase your payment slightly.  All through the process we never make any promises as to how quickly a deal gets done.  Also we recommend to customers to keep making payments and if there is an overage, it will go back to you once the loan is paid off.  I have requested for your title to be sent back to you.  I am sorry for the poor experience and wish we could earn your business.  We are saving you almost $2,412 over the life of the loan ($36 per month for 67 months).  As a show of good faith I will give you GAP insurance for $1 (retail price is $795) if you will continue with the deal.  If you dont have GAP insurance it is a good investment based on your high LTV.Let me know if you want to continue or not as I will hold the title for a few days.

Complaint: [redacted]
I am rejecting this response because: my experience with the company was not in line with the company response. I discussed the value of my car and the amount owed prior to running my credit. at that point the loan to value ratio was established. My ratio was way to high so running my credit was totally unnecessary. No matter how good my credit was I would not qualify for the loan. The company has poor business practices that hurt the consumer instead of helping them. A reasonable company would have not run my credit when it was obvious I didn't qualify for a loan.
Regards,
[redacted]

Ms. [redacted] - Thank you for your comments regarding your experience with our company. Unfortunately in your case you could not prove the information you listed on your application which our credit decision was based on. You listed your gross monthly income at $2,600 per month but your paystub (and...

your employer) only verify $2,154 per month. That loss of income puts you outside our allowable guidelines regarding your debt to income ration (the amounts of your monthly payments divided by your income) as well as you payment to income ratio (your payment divided by your income). You were right on the threshold of qualifying when we originally approved you and with that loss of income, you no longer do.I am sorry you had a poor experience. Had you been able to provide proof of what you stated, we would have been able to assist you.Regards,The OpenRoad Lending Team

First let me start by apologizing for your poor experience with our company. Unfortunately, we don't make the rules regarding titles, those are set by the state. In GA, we are not allowed to remove anyone from an existing title. We are reaching out to the state directly to see if there are any...

exceptions to this rule and will get back in touch once we hear back from them. It will be sometime next week before we get any feedback.Rest assured we will do anything possible to earn your business. Thank you for your patience.Regards,The OpenRoad Lending Team

Revdex.com:
I have been in touch with Open Road to work on the refinance. If all goes well, I will be able to save a significant amount monthly. My concerns have been alleviated. Thank you and please let them know.

I understand credit utilization and DTI's as we've established in prior dialog. I also understand how the credit bureaus view inquiries. The point now is that there were future inquiries AFTER I was denied by Open Road Lending. What's the point in that? I received my denial notification from your associate on April 16th and I subsequently have six additional inquiries from the April 17th through April 19th. Why? If Open Road as a whole couldn't aid in the refinancing process and an official message was sent, why waste the time of adding that many inquiries? That seems backwards and rather asinine. Seven different companies, 14 total inquiries from March 9th to April 19th. I also don't understand why there are multiple inquiries with the same company on different dates and weeks apart. If the companies weren't able to approve the loan before the oversight of my child support obligation, why add multiple inquiries from the same company that denied the application earlier after the proper DTI was noticed? This makes no since at all. Can you explain that? We can continue this conversation in this forum, but I'd rather get someone to actually speak with me. At any rate, you're actually taking the time to respond on this medium, so we'll use it until its resolved. Thank you.

First of all I apologize that we were unable to approve you for the pre-approved rate but we did approve you for a lower rate (2% lower than your current rate).  When we get your credit profile for pre-approval, we do not get 1) income or 2) the vehicle that you are financing.  So we make...

some assumptions that your income is sufficient and that your collateral is within certain standards.   The reason your rate wasn't lower was because your loan to value (the value of your vehicle as compared to how much you are borrowing) is too high.  It is almost 150% LTV, meaning your vehicle is only valued at $12,900 but you owe over $19,200.  There are risks that are involved when your LTV is that high and it is reflected in your interest rate.  If you are able to make a payment and bring the LTV down, your interest rate will go down as well.  Also when you apply you agree to these.  Pay close attention to #3.  It allows us to have multiple inquiries.  By providing the information in this application and clicking on the "Click to Complete and Start Saving!" button and the “I Agree to these Terms and Conditions” box, the applicant and any co-applicant ("I," "me," and "my") each agree that: (1) I received and read the State Disclosures and the OpenRoad Lending Privacy Policy; (2) I received, read, and agree to the Consent for Electronic Disclosures and all other Terms and Conditions for this application shown above; and (3) I understand that I could have multiple inquiries on my credit report through this process and I am granting OpenRoad Lending and its partners permission to access my credit report to determine if I qualify for refinancing my existing auto loan, and (4) I provide express consent to receive autodialed/prerecorded calls/texts regarding financial services or other credit related offers from OpenRoad Lending or one if its third party lenders or affiliates at any number I have provided (consent to be contacted is not a condition to purchase services).Finally, multiple inquiries have no affect on your credit score.  You can search this for yourself or check out this article by Experian (http://www.experian.com/blogs/ask-experian/impact-on-credit-scores-of-inquiries...⇄ I am sorry we were unable to lower your rate more but we are saving you money from what you are paying today and we help thousands of customers save money each month.

We received your application on 12/15/15 from a partner of ours called CarChex.  You applied with them to purchase a vehicle from the IP Address of [redacted] and they forwarded it to us because they are not a lender.  The IP Address is from Ocala Florida.  An email was sent about...

the application back then to [redacted] which was your listed employer.  If you feels this is in error and someone has stolen your identity then file a police report with your local police and then send the report to [redacted], we will remove the inquiry.

Revdex.com:This is a bogus company. I can't count how many stories I have read illustrating fraud. Complaint after complaint. Enough with the lies. You never intended to help me. It was all just a scam to get my personal info 
I have reviewed the response made by the business in reference to complaint ID 11596004, and have determined that this does not resolve my dispute.
Please enter your reason(s) for rejecting the business response below.
Regards,
[redacted]

Unfortunately this is not a valid condition for the bureaus to remove the inquiry since you did legitimately apply for a loan and they don't allow any time you don't like the outcome for inquiries to be removed. I am sorry but this is their rules that we live by.

Mr. [redacted],Thank you for sharing your concerns. We do have all of your credit information when we send you a pre-approved offer, however, your vehicle still must qualify as stated on the back of that letter you received. You were approved to finance up to 140% of the value of the vehicle....

Unfortunately based on what you owe, your LTV or loan to value is 171%. Again, I do apologize for the poor experience. I hope we can earn your business sometime in the future.Regards,The OpenRoad Lending Team

This is incorrect.  Customer applied and was approved to refinance his 2014 Jeep Grand Cherokee for a rate that was only slightly lower than his current rate.  What the customer is not stating is on his current loan with WFDS, there is another borrower which does not want to be on the loan...

anymore.  In some states we are unable to delete customers off title and Georgia happens to be one of them.  Also by only having 1 person on the loan as compared to 2, the risk of default increases, thus making the rate go up.I am sorry we are unable to help you at this time but you are approved and if you add the other person to the loan, we will be able to continue.

I'm sorry you misunderstood our approval.  You are currently paying 17% interest rate with Car Finance Capital and you have about 68 more payments.  We have approved you at 11.49% but only 60 months.  Since there are less payment your payment is going to go up but you would spend about $3,000 less in payments over the life of the loan with the new loan.  For example: current loan: $527 payment at 68 payments is $35,836  new loan: $543.07 payment at 60 months is $32,580.  So you would save over $3,200 with the new loan.  Payment would go up $16 per month but you would pay it off 8 months sooner at 6% less interest rate.
Again I am sorry if this doesn't help you but it would save you $3,200 or even if you traded in the vehicle before the end, you would earn more equity faster by paying a lower interest rate.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID 11550319, and have determined that this does not resolve my dispute.
Please enter your reason(s) for rejecting the business response below.
Regards,
[redacted] I've asked that the inquiry be removed from my credit as I did not authorize many companies/banks or give permission to run my credit. The representative I spoke with said that it had gone to four different banks. In the response, Open Roads Lending failed to acknowledge a resolution or acknowledge my solution of removing the inquiring as I did call in within minutes of noticing that it submitted and I called this morning as well. By withdrawing the application, does that remove the inquiries? If not, I would like them removed as soon as possible, again as I did not authorize this.

I am sorry we were unable to help you but we do not admit we ran your credit unnecessarily.  We first try to see if you qualify based on your credit.  Once we do, we validate that your vehicle fits within our loan to value guidelines.  In your case, we validated that your credit...

profile was sufficient.  Next we validated the amount you owed which was almost $11,000 but the value of your vehicle was only $5,200.  The Loan to value was over 200% and our max is only at 160%.  So unfortunately were unable to help you out.  If you were able to pay down your loan then we could help but the current LTV is too high for our programs.

I am sorry that we were unable to help you with refinancing your current vehicle but we, like all lenders have certain loan-to-value guidelines that we must be under.  You are correct you were approved provided you can meet certain conditions.  Some of the conditions were to prove your...

income but before we did that we had to call and find out how much you currently owe on your vehicle.  Then we have to find out what your car was worth.  Once we got all that information we found out you owed over $40,000 on your vehicle that is only worth about $21,000, so your LTV is over 186% which is well above the 150% maximum LTV.  As you can see we cannot move forward with the loan.  I am sorry but we can only make money if we can lend money so this is just as frustrating for us as it is for you.

Mr. [redacted],First let me apologize for the poor experience you had with our company. We pride ourselves on providing world class customer service and it's obvious we fell short of that this time. After reviewing your file, what appears to have happened is we had you approved at a lower rate initially...

which calculated out to the payment you were initially quoted; however, when the LTV (loan to value) was calculated on your vehicle, you no longer qualified for that program. To obtain that rate, the maximum LTV allowed is 120% of the value of your vehicle meaning we can finance up to 120% the wholesale value of your vehicle. Based on the payoff we obtained from your current lender, your LTV is 148% which forced you into a higher risk tier and a higher rate. That's still $150 per month savings from what you are paying now and almost a 5% savings in APR. We are happy to assist you if you change your mind.Again, we are sorry for the poor experience and I hope we can earn your business in the future.The OpenRoad Lending Team