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OpenRoad Lending, LLC

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OpenRoad Lending, LLC Reviews (204)

Complaint: [redacted]
I am rejecting this response because: I have several credit inquires on my credit report from various banks because of your misleading company, lowering my credit score significantly. I was mislead to believe that there would only be one credit inquiry from your company. Please take the neccesary steps to remove those inquires from my credit report, Most recently receiving a letter from Well Fargo, whom I would never do business with. Next efforts would be to contact the Attorney General's Office and Consumer Protection agency if this is not resolved.  
Regards,
[redacted]

Im sorry we were unable to lower your rate.  I am not sure where the 6.99% came from but your final rate can only be guaranteed once you apply with your income, we can pull your current credit profile and determine the value of your vehicle, including options and mileage.  In your case we...

did approve you just not at a rate that created enough saving.  Part of the reason your rate is where it is is because your loan to value (what your car is worth in comparison to what you owe) is over 127%.  If you could pay down to under 110% then your rate would go down as well.  As far as the credit drop of 2 points, that amount is really immaterial in total as the biggest driver to improve your score is making your payments on time.  The credit score is constantly moving as creditors are updating your for payments and/or new credit, so its always a moving target.  When you applied, one of the checkboxes you agree to is: • I agree to consent to Electronic Disclosures and to use electronic records and signatures. I consent to receive disclosures electronically.So we did have permission to have you sign electronically.  Again I am sorry we were unable to help at this time.

Again we cannot remove our inquiry as it was valid as required by the credit bureaus as it was an attempt for credit.  You can see by this article (and you can search for many others on the subject) by Experian that multiple inquiries in a short period (say 14 days) has no negative effect on your credit.  http://www.experian.com/blogs/ask-experian/multiple-inquiries-when-shopping-for-... The credit bureaus have very strict reasons for removal of inquiry and generally are around fraud.  We sent the mailer with the assumption we could lower your rate but we do not know your income or your loan to value of your vehicle.  I am sorry for your poor experience.

I am sorry you feel this is unfair but this is the Chief Financial Officer responding and we have done this practice for 20 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 $2 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 4/27 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.

The application can be found at https://www.openroadlending.com/applyone/ and about all information is required in order for you to submit.

Ms. [redacted], I will reach out to the credit reporting agency and see if they will remove the inquiry. There is no guarantee they will but I will make an effort in an attempt to make you happy. The OpenRoad Lending Team

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 we were unable to give you the rate on the mailer but we did cut your rate by over 4%. The reason we couldn't offer you a lower rate is when we send our mailers we assume your loan to value (the amount you owe in relation to the value of that vehicle) is 125% or less. In your case the...

LTV was over 140%, making the loan a higher risk so we need to charge a greater rate.  That is also the reason we tried to add GAP because it is good protection considering your loan to value is so high.  We have since removed the GAP policy but the rate cannot change due to the high LTV

Without any new information our original assessment still stands.  There was a change in your credit profile from the time we received your credit and the time you applied.  I am sorry we were unable to help at this time.

I am sorry we cant help you at this time but let me go back through the events.  On 5/4/17 you applied and were approved at a rate lower than your current loan.  We sent loan docs on 5/5/17 and then over the next 4 weeks attempted at least a dozen times through email, text and phone calls...

to speak to you about your approval.  We did speak a few times during that time but eventually we were unable to talk with you and complete the loan.  On 6/7/17 you called in after the 30 day expiration to restart the loan.  However we needed to pull credit again since the original approval expired.  At that time your credit had changed dramatically since the first approval so we were unable to approve you on 6/7/17.  The only effect on your credit is the credit inquiry on 5/4/17 and then 6/7/17.  Multiple inquiries in a 14 day period have no effect on your credit.  Here is an article by Experian stating this ([redacted]) but you can research for yourself.  The biggest drivers on credit score is 1) Credit utilization 2) payment history and 3) derogatory marks.  You can research that for yourself as well but that something had happened already on your credit due to the decline from 5/4 to 6/7.  Again I am sorry that we are unable to help you at this time.

Again I am sorry but the moment you hit submit on our application, we run your credit.  All of our recorded calls and communication is after that point.  We gain nothing to run your credit knowing you wont qualify.  It only costs us money to get your credit report, create the profile and spend time in talking with you.  We would only do that if we think we can help.  Sometimes we cannot help so I dont know we would have gained by running your credit knowing we couldnt help.  Again I apologize.

First I want to say I am sorry you had a poor experience with our company. The link to the terms and conditions you are questioning are on the application you competed directly above the "Click to Complete" button. For your convenience, those terms and conditions are listed below.  When you...

applied, you gave us permission to access your credit report so we could provide a loan decision. You also gave permission for us to pass your application to other lenders if we were unable to assist you. Should you have any additional questions, please let us know. Terms and ConditionsBy clicking on the “Click to Complete and Start Saving” button, the applicant and any co-applicant (each individually referred to as “I”, “me”, or “my”) agree to the following:I certify that everything stated in my application is true, correct and complete.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 have read and agree to the State Disclosures and OpenRoad Lending Privacy Policy.I have read and agree to the Consent for Electronic Disclosures, agreeing to the receipt of these and future disclosures and communications electronically, including, without limitation, providing the Privacy Notice on OpenRoad Lending’s web site.If I have applied with a co-applicant, I and the co-applicant both acknowledge it is our intent to apply for a joint account.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 that if I am approved, the approval is only valid for 30 days. If my loan is not completed in that time, I authorize OpenRoad Lending to obtain a new credit report before finalizing the loan. I understand that if something on that credit file changes from the time when I applied, OpenRoad Lending is not obligated to continue through with the loan approval or at the original terms provided to me.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 needs. Some 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.I agree that OpenRoad Lending and any of it’s  third parties, affiliates, agents, service providers or assignees may call me, leave me a voice message, a prerecorded message, an artificial voice message, or send me a text, e-mail, or other electronic message for any purpose related to the servicing and collection of my accounts with you, for surveys or research or for any other informational purpose related to this credit application, the servicing and collection of the resulting loan account (each a “Communication”).  I agree that you and any of your affiliates, agents, service providers or assignees (and any of your assignee’s affiliates, agents or service providers) may call or text me at any telephone number associated with my accounts, including cellular telephone numbers, and may send an e-mail to any email address associated with my accounts.  I also agree that you and any of your affiliates, agents, service providers or assignees (and any of your assignee’s affiliates, agents or service providers) may include my personal information in a Communication and may conduct a Communication using an automatic telephone dialing system.  You will not charge me for a Communication, but my service provider may.  In addition, I understand and agree that you and any of your affiliates, agents, service providers or assignees (and any of your assignee’s affiliates, agents or service providers) may always communicate with me in any manner permissible by law that does not require my prior consent.IMPORTANT INFORMATION ABOUT PROCEDURES FOR APPLYING FOR CREDIT. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who applies for credit. What this means to you: When you apply for credit, we will ask for your name, address, date of birth and other information that will allow us to identify you.

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...

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.

Revdex.com:
The child support had been on my report for years now. I'm trying to get it removed because I am current in my child support. Also I never gave you permission to forward my info on to other lenders. Now because of you, I have multiple strikes against my credit
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]

I gave specific instruction to NOT run my credit further. You 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]

Complaint: [redacted]
I am rejecting this response because:
Now they are saying I am likely to default. That's a rather brazen statement, seeing how I've never defaulted on anything. I would also say that their PR is indeed, terrible. I will add it to my public review.
Regards,
[redacted]

I am sorry for your poor experience with our company. The application does have language that you agree to that allows us to pass your application on to others if we are unable to assist you (that information is listed below). 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 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. Also as stated in the previous post, once you agree the terms above (which you did when you submitted the application), the application is routed instantaneously to various lenders.  Even if you did call within minutes it is too late to stop the multiple inquires.  But multiple inquiries have no effect on your credit score.  You can research for yourself or check out this article form Experian. http://www.experian.com/blogs/ask-experian/multiple-inquiries-when-shopping-for-...

The letter states "Maximum loan to value restrictions of 125% apply."  So I'm not sure how more clear this could be.  We don't try to get into too many specifics before someone applies because there are too many variables to address.  You could make a payment and bring your LTV down but it would be in the neighborhood of $7,500 which most consumers cannot come up with out of pocket.  Again I am sorry that your vehicle has an LTV that is too high for our guidelines.

First let me start by telling you how sorry we are that you had a poor experience with our company. Unfortunately, we need to see your credit profile first before determining the LTV (loan to value) that you qualify for. As you can imagine, the better your credit score, the more leeway we allow on...

the LTV's. In your case it wouldn't have mattered. Your current LTV is over 190% meaning you owe almost double what the vehicle is worth. We have no programs that allow for an LTV that high. Our standard program allows up to 125% of the value of the vehicle. Again, I do apologize for the poor experience and I hope we can earn your business in the future.Regards,The OpenRoad Lending Team

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Address: 5555 N Beach St Ste 4100, Fort Worth, Texas, United States, 76137-2743

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