John's Garage

First let me start by apologizing this was not a good experience for you Our goal is to make applying with our company a positive experience for everyoneThere are specific disclosures you agree to once you complete the application Once you complete the application, you agree to allow us to pass your information to other lenders who may be able to offer you financing: I agree that OpenRoad Lending may forward this application and my financial information to one or more third party lenders, dealers, affiliates or others that may be able to offer me, or assist me in finding, financing or other products that meets my needsSome of these affiliates may offer or arrange dealer financing rather than a direct loan from a lender I authorize those third party lenders, dealers, affiliates or others which are forwarded the application to share information in the application and any other credit information they obtain with other third parties who may be able to offer or arrange for a loan or financing through a dealer or other products and services We have now removed you and opted you out of future mailings and your information will not be passed to any additional lenders Again, we do apologize for your poor experience with our company and hope we can earn your business some day in the future.Regards,The OpenRoad Lending Team

I gave specific instruction to NOT run my credit furtherYou agreed and shared my information anyway My payments are on time thank you The Ohio Attorney General has this information and will send it to the FTC as well What you have done is not legal Regards, [redacted]

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] and have determined that this does not resolve my dispute Please enter your reason(s) for rejecting the business response below Regards, [redacted] I reject this response because the letter did not specify that they would have to run my credit in order to determine whether or not I was qualified or notIt stated that I was pre qualified and that I could get my payments lowered as well as my interest rates loweredThe way the letter read didn't seem like I had to go through any process in order to get this deal

Revdex.com: I have reviewed the response made by the business in reference to complaint ID 11235473, and find that this resolution is satisfactory to me Even though I believe that this lender utilizes predatory practices, due to the fact that key details are buried in fine print, there is nothing that they will do to correct that as they feel they are in the right I will utilize other means to express my displeasure, including social media, local news media and word of mouth OpenRoad Lending needs to make their terms and business practices clearer They need to change the wording of their mailings and emails They need to make it quite clear when a loan is ACTUALLY approved

Not sure why you are claiming predatory lending without any facts but the definition is “Unscrupulous actions carried out by a lender to entice, induce and/or assist a borrower in taking a mortgage that carries high fees, a high interest rate, strips the borrower of equity, or places the borrower in a lower credit rated loan to the benefit of the lender.” I see we funded a loan with you back on 9/27/ Your previous auto loan was at an interest rate of 18.02% and a payment of $per month and the one we gave you was at 11.99% (a reduction of over 6%) and the new payment was $ Saving you thousands of dollars over the life of the loan You can always make additional payments to shorten your term and save you further over the loan but you have the flexibility of the lower payment and lower interest rate I am not sure why that you consider saving you thousands of dollars as predatory You signed the note and security agreement in your house in your own time so you also had time to review any conditions of the loan I am sorry you are not totally satisfied but we did save you thousands of dollars Please let us know what you consider unscrupulous to the loan

Thank you for your comments and concernsI have reviewed your application and first want to share that you are approved and to lower your interest rate over 6% and can reduce the number of payments you have remaining by if you want the same payment or can keep the remaining term similar and lower your monthly payment considerablyRegarding your concern about your applicationwhen you apply with us you agree to allow us to pass your application to other lenders in an effort to get you the best terms possibleThis, according to Experian, has little affect on your credit score (you can read their opinion here (http://www.experian.com/blogs/ask-experian/2009/03/01/impact-on-credit-scores-o...⇄ goal is always to get the best possible terms related to your car loan refinancingAgain, I do apologize for any inconvenience this may have caused and hope we can earn your businessYou can contact one of our Loan Care Agents at ###-###-####.Regards,The OpenRoad Lending Team

Lets back up just to show how unethical the practices of this business are, in sept 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 triednow in feb I get a pre approval letter from then stating I have days to fill out the forms to qualify, which I promptly did only to be rejected againNOTHING in my credit report had changed from the time they sent my pre approval til the time they denied me, NOTHINGNow they say it was a late payment to capital one that denied me, that account had been closed by capital one almost 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 liei have credit reports pulled, I have their pre approved letter they sent to back up my claimsThis 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 months by this company and by those they pass my info on to, disgraceful!! Regards, [redacted] Lets back up and show how unethical

Complaint: [redacted] I am rejecting this response because: None if that was ever mentioned,nor was the lack of responses to emails or voicemails asking for explanations.Which equals a comets lack of professionalismAgain not once was any ov the ltv,mentioned .all messages from herf indicated it was a done deal and I just needed to ok it.Or maybe not returning calls,emails,messagesrom potential clients just how you guys do business and that's your definitio n of service and professionalism Regards, [redacted] ***

First let me apologize by not being clear about our partner [redacted] I want to address each issue separately so I can be very clear1) The 5.45% was offered because you applied with Colorado as your state of residence and we could have offered that but you are a residence of Indiana We we are limited on our lenders in that State because of some of State's crazy laws However we were able to get you approved by [redacted] at 8.74% This was 10% less than you were currently paying with [redacted] *** This still saved you thousands over the life of the loan2) [redacted] is an A+ rated company and here is a link to their page ( [redacted] ) 3) [redacted] is the online brand of [redacted] [redacted] is the parent company and not unusual for a company to use one brand for online and one for offline Here is a link to the about us in the second paragraph where it states this fact ( [redacted] ) Even the logo on the website says [redacted] by [redacted] 4) Your loan will be serviced and maintained by [redacted] and I assume the bureau will report as [redacted] since they own the loan5) I have attached your NSA that you signed for $11, I also called [redacted] and verified that they are processing a refund check of $and will be mailed by 12/8/ You will be able to take this refund and apply to principal to bring down your balance The reason for the large refund is probably because you made a payment after we got our payoff and the crossed in the mail In the logo of the NSA that was signed it says [redacted] by [redacted] in the top right hand corner6) With all loans, not just this one, interest accrues from the moment the account is set up even if you "dont have to make a payment for 45, or days" Interest is always owed on borrowed money The exception is the subvented financing by manufacturers but the price of the car makes up for the lost interest so you are always paying for borrowed moneyI do apologize that it wasnt made clear enough in the transition that [redacted] is owned by [redacted] We will address with [redacted] to change some of their transition documentation We did address this same complaint over email with our President and over facebook but the facts are still the same

Unfortunately one of the factors used in the final pricing is your collateralWe don’t have that information until you have appliedIn your case, your LTV (loan to value – the amount you owe versus the actual value of the vehicle) was outside our guidelinesWe were able to get a credit exception made on your behalf but it caused the rate to be higher due to the additional riskOur 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 upI am sorry we were unable to assist you at this time with a lower rate

I am sorry you feel this is unfair but this is the Chief Financial Officer responding and we have done this practice for years I am sorry [redacted] cant remember all of his time here but our policy hasnt really changed Again we are not a dealer so nothing we would do would be like a dealer Again I am putting it in writing that any overage goes back to the customer 99.99% of the time your lienholder (Coastal Credit) automatically releases the funds back to their customer for any overage without me being involved We have refinanced almost $billion worth of auto loans and have never kept a single penny from an over pay It would be illegal as we are identifying on the note and security agreement how much is being paid to the former lienholder Your loan funded with us on 4/so any overage you should be receiving from Coastal Credit by the end of May (I cannot control how fast they release overages, just that I can guarantee you get every penny of it) I dont know what else to do since you loan has funded with us

I am sorry we were unable to help you refinance your vehicle When you first applied, you applied by yourself but your title is in both names, so we needed to add your wife When we did, we failed to pull her credit and once we eventually did she had a previous repossession in her past so we were unable to proceed Since we were partially at fault, we will remove the credit inquiries from your file Be advised that once we send the letter to the respective credit bureau, it will take at least 6-weeks for them to take action and the process is out of our hands as we do not control the data Again I am sorry that we were unable to help at this time

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

Complaint: [redacted] I am rejecting this response because: my experience with the company was not in line with the company responseI discussed the value of my car and the amount owed prior to running my creditat that point the loan to value ratio was establishedMy ratio was way to high so running my credit was totally unnecessaryNo matter how good my credit was I would not qualify for the loanThe company has poor business practices that hurt the consumer instead of helping themA reasonable company would have not run my credit when it was obvious I didn't qualify for a loan Regards, [redacted] ***

Thank you for voicing your concernsI do see in your file that you have been removed from any further solicitations and you have been removed from allowing your information passed to any other partiesAs an FYI, you agreed to allow us to pass your information when you completed your application Those disclosures you agreed to are belowI apologize for the poor experience you have had with our company and hope we can earn your business in the future.Regards,The OpenRoad Lending TeamI agree that OpenRoad Lending may forward this application and my financial information to one or more third party lenders, dealers, affiliates or others that may be able to offer me, or assist me in finding, financing or other products that meets my needsSome of these affiliates may offer or arrange dealer financing rather than a direct loan from a lender.I authorize OpenRoad Lending and its lending partners, automobile dealers, third parties, affiliates, agents, service providers or assignees to obtain such additional information as may be required, including credit reports, in order to complete the processing of my application

Revdex.com: I have reviewed the response made by the business in reference to complaint ID 11491487, and find that this resolution is satisfactory to meAlthough, there is not an option to opt out when applyingHad I note received the information in the business's response, I would have never known there was a way to opt outI did read the terms and did not see anywhere in the terms that it was being sent anywhere else

First of all I am sorry that this process took longer than expected but we did approve you on 5/and we sent you eDocs on 5/but we did not receive until after 6/ 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 $2,over the life of the loan ($per month for months) As a show of good faith I will give you GAP insurance for $(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

Thanks for sharing your concerns about our processUnfortunately, you have listed you only make $1,per month on your application which is below our minimum income allowedWe don’t believe that to be accurate since you are paying rent of $1,per month but we need you to confirm what your gross monthly income actually is before we can proceedThe reason for your decline was income the ratio of debts compared to that income disqualifies youWhen we send you a mailer, it is solely based on your credit profileWe don’t have access to things like your collateral, income, job, etc., which are all detailed out on the back of your letterWe are happy to try and complete your refinance application but will need accurate information from you regarding your income to proceed

Complaint: [redacted] I am rejecting this response because: Any business associated with the Revdex.com and displays the Revdex.com logo knows that the logo is a link to information on the Revdex.com website about the companyThe Revdex.com logo on this companies website show up as just a .gif and does not link to the Revdex.com at allAlso when researching information for this Company on the Austin & Fort Worth Revdex.com Website there was no listing for this company, and no record that the company belonged to the Revdex.comIf the company does have a listing with the Revdex.com send me the link and I will stop my complaint, but everything I have looked at on [redacted] does not link this company with the Revdex.com and therefore is advertising Regards, [redacted]

Mr [redacted] - thank you for voicing a concern about our companyFirst let me start by saying I apologize about your poor experienceWe help thousands of customers each month refinance their auto loan saving a considerable amount of moneyIn your specific case, your credit report changed from the time we received your information from the credit reporting agency to send you the pre-approval to the time you applied, specifically, your existing auto loan with Santander is now reporting past dueUnfortunately with that being the case, we can no longer help youThe back of your letter clearly states that if anything has changed on your credit report we are no longer obligated to offer you a loanAgain, we are sorry you had a poor experienceWe hope we can earn your business in the future.Regards,The OpenRoad Lending Team