John's Garage

Unfortunately one of the factors used in the final pricing is your collateral. We don’t have that information until you have applied. In your case, your LTV (loan to value – the amount you owe versus the actual value of the vehicle) was outside our guidelines. We were able to get a credit exception...

made on your behalf but it caused the rate to be higher due to the additional risk. Our maximum guideline is 125% of the value and you are at 135%, meaning you owe 135% of the value of the vehicle, therefore your rate went up. I am sorry we were unable to assist you at this time with a lower rate.

I am sorry we are unable to meet your request but we have approved your loan with savings plus I have offered to throw in GAP insurance essentially for free.  The incremental inquiries have not affected your credit in any fashion.

Im sure we told you to keep making payments but if we didnt we never said to stop making payments.  Also, if we were to refinance your existing auto loan, the GAP insurance you have today becomes void and you can get a refund for it.  Gap is tied to the loan, not the vehicle.  So our offer is generous in that you get a $795 product for $1 plus you would get a refund on your existing product.  If you no longer want our offer I will return your title.  I cannot lower your rate any more due to your high LTV.  Thanks.

I am not sure what the customer wants at this time since in his last rejection it was blank and the prior one, he made a suggestion that we change our process to avoid having some customers think they are approved when they are not because their LTV is too high.  I appreciate the recommendation but at this time we have decided not to modify our process.  Please let me know if we can do anything else but at this time the customer's LTV is too high for us and probably most any other lenders at 180%.

Unfortunately we cannot calculate the loan to value until we get all your options (leather, 4 wheel drive, stereo system, etc) and call your current lienholder to know how much exactly you owe. Until then we assume that we can make your deal work but its not final until we get those items. This isn't any different than a mortgage who has to do an appraisal to make sure the value of a house is within the loan to value guidelines. Again I am sorry that we were unable to help you.

All of that information was made available to you're firm on the Phone when I received what was described asan approved rate of 679 Dollars, Then received an email for a rate of $683 at which point you're firm sent me paperwork for749.38. So What happened between You Quoting me on the phone after receiving the information you said you did not receive?Its called a bait and switch. Its an Unethical sales Tactic. It also put a hit on my Credit report.

Ms. [redacted], I have reviewed your file and have determined we are able to provide you terms that will lower your interest rate and payment more than you indicated. I don't believe your loan care agent did anything wrong, however, we were able to go back to our credit team and get you more...

favorable terms because of some items on your credit report that was overlooked initially. I have provided Nathan with the new approval terms so please contact him to go over them. We have also waived any proof of income that was initially being requested so we should be able to get everything wrapped up and you on your way to savings quickly. Sorry for the poor experience initially. Hope we can earn your business. Regards,The OpenRoad Lending Team

I am sorry for your poor experience but we did approve you from a credit perspective.  However, I listened to the phone call and found that during the sales process we went through your vehicle and all the options that it has.  When we determined the car's value, your loan to value (the...

amount you owe versus what the car is worth), it was over 220%.  Said differently you owe over 2x on your current loan as compared to your vehicle's value.  In most cases our limit is 1.5x so your vehicle was above the LTV that we can finance.  If you will look on the back of your mailer that is fact disclosed and to be honest no lender would be able to finance the vehicle in its current status.Again I am sorry that we couldnt help you at this time based on the value of your vehicle.

There are several pieces of information that is not public record that we use like year, make and model.  Even if we did we still would not know your mileage on your vehicle (not public) or the options because not all manufacturers provide that information in the VIN decoders.  The other information we dont have at the time of the mailer is your income so we have to make some generic assumptions.  Again I am sorry but the LTV and income requirements are on the mailer and we have removed you from any future mailers.Tell us why here...

I am sorry you feel that way but we wish everyone we mail to would convert into a funded loan .  We do help thousands of customers each month and 98% of our revenue is generated from loans not like you surmise.  If we cant help consumers then we offer other lenders who can.  I am sorry for your poor experience.

In order for an application to be submitted, a person has to complete additional information, have the box check and then click on the Submit button.  There is no other way for the job to run to capture the application information from a technical standpoint.  We literally take thousands of applications each day and never have anyone complain that their application was submitted without them clicking on the submit button.  I'm not sure what FCRA 1681 (c) has to do with this issue since that section of the code is entitled "Requirements relating to information contained in credit reports" and talks about what is supposed to be reported in a credit report by the credit bureau.

They sent me a rejection letter and now are approving me but only for the benefit of the Revdex.com. The email I just received for approval gave a higher payment than what I am paying now. Everyone knows that when you have multiple lenders hitting your credit report at the same time, it does decrease you score, I went down 10 points, putting from fair to poor.

First of all I am sorry we were unable to help you at this time.  We gain nothing by starting the process and not closing a loan, so its disappointing for us as well.  Let me address each one of your concerns separately.  1) You originally applied to us from the [redacted] site....

 You clicked through a banner and landed on our page.  2)  From a credit perspective you are approved.  3)  In CA, we cannot add or delete someone from the title.  The rules are too restrictive in your state.  It has nothing to do with where we are located but rather the state the vehicle is registered.  About half of the states in the US are easy to do and the half are very difficult as what the state requires to happen. 4)Your LTV is 191% based on what NADA guides states.  What we are required to use in CA.  We cannot play with the books and see what best fits.  The reason that the "free" guides online are free is that they are not necessarily accurate or timely data.  I have attached the bookout to show you.  5) I am sorry but we did think you were approved until we called your lender to know how much you still owed and that caused the slow down in returning the calls.  We in no way should have ignored you but if you want to call me personally, you can call my direct line at [redacted].  My name is [redacted] and I am the CFO if you want to discuss any of the above items.  Again we gain nothing by starting the process and then we are not able to close a loan so there is nothing for us to scam you with.  Again you were approved from a credit perspective and if you can pay down your loan to get your LTV under 165%, then we can help you.  We will not be able to remove anyone in the state of CA however.

I am sorry that we were unable to help you.  I just wanted to address your concern of multiple inquiries on your score.  As you can see from this article by Experian that multiple inquiries have no effect on your score. (http://www.experian.com/blogs/ask-experian/2013/10/30/multiple-inquiries-when-s...⇄  You research it for yourself as there are dozens of others that confirm this understanding on inquiries and score.  The biggest driver on score is timeliness of payment and debt utilization.   Again I am sorry that we were unable to help you because the DTI (because of the increase from Child support) was too high.

I am sorry that we were unable to offer the rate in the pre-qualification mailer but 2 big items we dont have is how much income do you have on a monthly basis and what kind of vehicle you have.  From a credit perspective you are approved.  The reason your rate went up is your debt to...

income is quite high which makes the risk higher.  We have still approved you at over 2 percent less than what you are current paying today and can save you money each month.  But as matching the rate on the mailer you will notice there are disclaimers on the back which state we dont know the vehicle or your income so it is a pre-qualification from a credit perspective.  We can save you money.

We were able to get the lender to accept your income without the proof of the other income. Your loan funded this morning and the payoff check is going out to Santander via USPS with tracking number [redacted].  I am sorry for the difficulty but we have cut your rate by over 15% and lowered your payments by over $100 per month.

Please review your own comments responding to my demand to NOT share my information.  You said it would not be shared, but I can prove it was any way. 
Regards,
[redacted]

Nothing disputed since last filing other than Mr. [redacted] doesnt accept our side of the story.  We received his application from [redacted] and he gave them permissible purpose to pass on the information and have us pull credit.  His dispute should be with [redacted] on sharing his information.

I am sorry that we were unable to help you refinance your loan at this time.  You were approved but like all loans (mortgage, auto, etc) there can be requirements to complete the loan.  In your case it was to prove the income as stated on the application.  Unfortunately when we got...

your pay stubs and validated the monthly amount of income it decreased by almost $1,000 per month which created the debt to income percentage to increase beyond the acceptable limits.  So we were unable to continue the loan process.  In the case of the documentation, the Power of Attorney is narrowly focused to only allow us to complete title work on your behalf.  Since we will not be refinancing your loan, the paperwork is meaningless for us and we will keep for audit purposes but will be locked up in a document vault.Again I am sorry we were unable to help at this time.

Complaint: [redacted]
I am rejecting this response because: Regardless of what the small print is saying, I feel there should have been a verbal confirmation to the credit check. There never was one. My refinance was going to be with [redacted], not Open Road Lending. They had no right to check my credit without my consent. If that's true then all companies could go around checking people's credit at will, without consent. And more so, it does affect my credit score. 
Regards,
[redacted]