OpenRoad Lending, LLC

I want to start by apologizing about your experience with our companyUnfortunately there are distinct rules we must follow as a lender regarding the LTVThe LTV or loan to value is the amount you owe versus what the vehicle is actually worthIn your case, you far exceed those guidelinesIn fact, the pre-approval letter you received from us discloses that information to you so you are aware of the guidelines before you respondWe received your name from the credit reporting agency as someone who meets our credit guidelinesUnfortunately, we do not know your collateral information up front which is why we disclosure it on the back of your pre-approval letter.Again, we are sorry about your poor experience and we hope we can earn your business in the future.Regards,The OpenRoad Lending Team

Hello after my complaint was filed I was approved for the refi at a rate greater than my original loanThis whole experience has been a complete waste of timeremoving the inquiries off my credit report will make me whole, for I am in the process of rebuilding my credit that's why I make sure I pay all my bills on time as well as paying off my debtTherefore having these inquiries on my report is not beneficialPlease remove inquiries

I am sorry but we cannot just remove the inquiry because you are unhappy. We have to abide by the rules and regulations as set up by the credit reporting agencies. I am sorry your LTV is too high to refinance at this time. If you can make some payments on your existing loan then we might be able to help at that time. Until then the inquiry was within the guidelines as set up by the credit reporting agencies

Thank you for sharing your concern. You are correct, we did approve your loan up front (actually at a lower rate than our mailer offered - 3.5%) but there are restrictions that come with that approval. The loan to value of the vehicle we are refinancing cannot exceed 125% of the wholesale value of...

the vehicle meaning we will finance 125% of what the vehicle is worth. Unfortunately, you owe substantially more than that and your loan to value exceeds 150% which is outside our allowable limits and therefore your approval was turned to a decline. When you submitted your application with us, you gave us permission to pass your application onto other lenders in the event we were unable to provide you with a loan. That is why you received info from other lenders.Again, we do apologize that we were not able to assist you in lowering your car payments and hope we can earn your business sometime in the future. Regards,The OpenRoad Lending Team

Revdex.com:
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]

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]

The reason for the decline is because the auto we were trying to refinance is now reporting to the credit bureaus as being past due. In fact, both of your open auto trades are showing past due. There are disclaimers on the back of the letter that states if anything has changed on your credit report since the time we received your information initially, we no longer have to extend you credit.I do apologize for the inconvenience.Regards,The OpenRoad Lending Team

I understand that was what I was told, but I feel that you shouldn't have told me, nor any other potential client in the near future that their approved until all information needed is acquired.I feel I was mis-leaded. You may want to consider revising your process. May I suggest that you inform the user that their application is still pending and that they would need further information to see if the prospect qualifies, after you've received all the information needed.

I never said you would default but from a risk perspective a higher LTV is higher risk. Nothing more than that. Again I am sorry that we cannot help you at this time and I wish you the best of luck.

So in other words screw me and my wife's credit, I applied for your company not agreed for YOU to send my information all over the place and run my credit multiple times (or in this case my wife's). That the inquiries are not going to be as hard on our credit; that's YOUR PERSPECTIVE. NO ONE GUARANTEES ME THAT. Your partners are running my credit multiple times, calling me because I TRUSTED YOU WITH MY PERSONAL INFORMATION. And all I get from the company is too bad so sad. If you don't want to remove your inquiry that's fine, but your partners you should because if I wanted to apply with them I would've. They are running my information which they have no authorization or permission because you have them that right as soon as I trusted your company with my information.

I am not sure what phone number you called but on the back is  section entitled in Big Bold lettering "PRESCREEN & OPT OUT NOTICE" and the phone number is [redacted] (###-###-####).  Try it again and let us know if that didnt work.  I just called it and it is the credit reporting opt out line as stated.  The credit letter is dated Aug 30 but their inquiry was from Aug 7 when we sent it to them.  It happens almost instantaneously.  By law they have 30 days to send out the letter which they met.  Again its really anything less than 14 days that have no impact on your credit.  Also you did agree to the language whether you remember it or not.The biggest factors in credit reporting is on-time payments and level of credit usage.  Here is an article from Investopedia but you can find many others that state the same thing.  Credit inquiries are quite a small factor. (http://[redacted]).Again I am sorry that we are unable to help you at this time.

Mr. [redacted] - it looks like you have been in contact with one of our representatives already. When we get credit information from the credit reporting agencies, we don't have some crucial pieces of information we need to make the final credit decision. Income and collateral information being the...

two largest deciding factors. In your case, your debt load exceeds your income. It looks like you offered to add your wife to the application and that would have solved this problem. However, FL will not allow us to add someone to an existing title/registration which is what would have to be done if we add her to the loan. Your existing vehicle we are trying to refinance is in your name only. Our hands are tied by the state in this case.  I am sorry for any inconvenience this may have caused you. I hope we can earn your business sometime in the future.

I am sorry we couldnt give you the 10.99% rate as is but that was only if your loan to value (LTV) was 100% or less. As stated above your LTV (without any buffer) was over 104%. If you are still interested, we can offer you the 10.99% rate if you make a one-time $550 principal payment to your...

lienholder. Now to address the buffer of $200. We have done this for almost 20 years and it is our experience, along with our competitors, to increase the 10 day buffer because customers tend to drag their feet in returning and signing documents. If you complete the process quickly any overage will go back to you, not to us so there is not any incentive to have a high buffer other than to protect us of being short. You will get your money back.  We have never kept any overage before.  You work for a dealership and not a finance company so you have differing abilities to deal with payoffs so it is apples and oranges. Again I am sorry we couldnt meet your expectations but we are lowering your current interest rate by 6% and saving you thousands of dollars over the life of the loan. We can get to the lessor rate if you will pay down your principal by only $550.  This was already addressed directly with the customer and with a Revdex.com review.

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.

Thank you for your concerns. It appears that you just applied yesterday and the application is still being processed at this time. It does look like the initial approval has us lowering your interested rate from the 22.8% you are currently paying with Westlake down to 11.49% reducing the amount of...

interest you pay by nearly half and dramatically lowering your monthly payment. Based on your request however, I will withdraw your application and remove you from any further solicitation. If you change your mind and wish to continue with the process, please contact us at ###-###-####.Regards,The OpenRoad Lending Team

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]

Ms. [redacted],Thank you for voicing your concerns with the additional credit inquiries. When you completed your application with us, you gave us permission to pass your application along to other parties if we were unable to assist you in refinancing your vehicle. Since your complaint, I have removed...

your name from that happening anymore in the future. I have included those disclosures below. Again, I do apologize for the poor experience and hope we can earn your business sometime in the future. 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 needs. Some of these affiliates may offer or arrange dealer financing rather than a direct loan from a lender.I expressly grant OpenRoad Lending and its third parties, affiliates, agents, service providers or assignees the authority to call and/or email me with questions related to this application and share information about other products and services available.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.

I understand if you send my information to other parties and they contact me IF I WANT TO APPLY FOR THEIR COMPANY; however if you send them my info and they run my credit multiple times it's TOTALLY UNACCEPTABLE. Your company is just hurting MY CREDIT SCORES with HARD INQUIRIES, and in this case my wife's because like I mentioned before I got confused and put her social security number NOT MINE! So in other words since the application is under MY NAME BUT THE SOCIAL SECURITY IS UNDER MY WIFES SHE NEVER AGREED TO LET YOUR COMPANY RUN HER CREDIT MULTIPLE TIMES. It's unacceptable and very unprofessional the way your company treated me, I had never encountered such company with such awkward way of keeping private OUR PERSONAL INFORMATION. I want your company to REMOVE ALL THE INQUIRIES THAT YOU AND YOUR PARTNERS DID TO MY WIFES CREDIT; I believe it's only fair since unfortunately was her credit not mine and she never agreed to it.
Regards,

I was solicited for a loan at an advertised rate by Open Road Lending. I didn't seek out  Open Road Lending for any type of "help" as I have a loan with a major bank (SunTrust) at a competitive rate 6%.Open Road Lendings marketing practices are deceptive and a scam. Open Road Lendings response are laughable as they act as they are in the business to help consumers. This company should be investigated by the Texas Attorney Generals office. Again, for the record, I didn't seek out Open Road Lending for any type of "help", I was solicited for a loan at an advertised rate by Open Road Lending. The only help consumers need is protection from predators such as Open Road Lending. I was not shopping for a new rate, I was solicited by Open Road Lending. Open Road Lending should honor my original request to remove all inquiries from my credit bureau.

When you applied you agreed to this language on the application which is right above the submit button (#3 specifically).  We work with multiple banks to offer the best possible choices.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).As far as multiple inquiries, they have no impact on your credit score as evidenced by this article from Experian but you can find many articles that confirm this same information. (http://www.experian.com/blogs/ask-experian/impact-on-credit-scores-of-inquiries...⇄ I am sorry that we were unable to help you at this time.