OpenRoad Lending, LLC

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.

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 have an updated report and as stated before the Experian rep and myself do not see what you see and the rep has also brought to my attention that I have NO accounts in collections. The accounts that you speak of are listed on my report under accounts and not collections and have been there for over a year. But I can see I am getting no where. I give up, poor customer service at its finest. Oh and thank you for broadcasting details of my credit report on a public website.

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.

The company replied saying, I didn't get the loan because I only worked for 4 months at my current employer and did not have any employment before. Well that's not true. I've been working consistently for over 36months. I don't recall their application allowing me to put further employment information except the one I'm at currently at. Yes, I only worked 4 months at my current job but I've worked consistently for over 36 months.

We have confirmed with our partners that no additional inquiries have been made and just for information, multiple inquiries in a 14 day period have no affect on your credit score.  You can google your self or see this article by Experian.  http://www.experian.com/blogs/ask-experian/impact-on-credit-scores-of-inquirie...⇄ I sorry that we were unable to help you at this time.

A tax return and 1099 that are filed with the State and Government that are signed by myself and my accountant are not made up. I can understand if it was just a generic 1099 but we are talking a 1099, tax return and I even offered to get a letter from my accountant on his letterhead to verify this. You are not a mortgage company so to compare the two is irrelevant. Like I stated before, I have dealt with 6 different car finance companies in the past and all 6 were fine with a 1099 and tax return so to say that is the norm is incorrect. Also, to say you are protecting yourself is going a bit far. You have verified my employment,  my references and where I live. You have seen on my credit report that I have made 16 payments on my current car loan all on time. If I was to lie, which I would never do,  all you have to do is repossess the car. The bottom line on this is that you approved me, I sent you all the required information including proof of income and its not good enough. If its not good enough, than why approve me.  Also, I showed proof that nowhere in your e-mail did you outline the terms and conditions nor did you provide a link or tell me where these can be found. Look at it from my side. I was approved and now all of a sudden you are making things up to not approve me. Phishing for information is a scam so to say you don't know how this can be a scam, well, there you go. You have all my information now and from reading other reviews, it is my understanding that you sell this information to other companies.  You know what your company did. Be honest and just admit that your advertising is deception or at the very least, just remove the inquiry from my credit report and return my paperwork. I do not think that is too much to ask.

Again multiple inquiries made within 14 days have no effect on your credit score. You can research yourself but here is just 1 of many articles by Experian (the largest credit bureau) addressing the issue. http://www.experian.com/blogs/ask-experian/2013/10/30/multiple-inquiries-when-sh...⇄ /> Unfortunately when you submit your application to us, you give us permission to pull credit and to pass to others IF we cannot help your situation. Most of this occurs instantly so its hard / difficult to stop the process.
Again I am sorry for your poor experience with us.

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.

Again I am sorry for your poor experience but your FICO score will not go down with multiple inquiries in a short period of time. It is only affected one time as explained in this article by Experian (http://www.experian.com/blogs/ask-experian/2009/03/01/impact-on-credit-scores-o...⇄ When you applied to agreed to our terms and conditions which allowed us to pull your credit and share in order for you to obtain the lowest rate possible
Again I am sorry for your experience.

We only ran your credit one time.  I am sorry we could not help.

Typical deceiving company who hides behind their contrary clauses. There customer service representatives tell you the opposite of what their policy says. Garbage company, garbage service and garbage management. I will express my dislike of this fraud company by word of mouth and social networking.

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.

Thank you for your comments. I reviewed your application and it appears that your credit report has changed since we purchased the data from the credit bureau in early October. On 10/31/15 a charged off auto loan account with [redacted] was added to your credit profile dramatically dropping your credit...

score and adversely effecting your overall credit profile. On the back of the pre-approved letter you received there is specific language stating that if anything does change in your file we are no longer obligated to extend the pre-approved offer to you.I am sorry this was a poor experience and hope that we can earn your business someday in the future.Regards,The OpenRoad Lending Team

Open Road Lending is engaging in selling data they gather. Open Road Lending is promising low rate auto re finance  with the intent of gathering and selling personal credit information not refinancing  the majority of persons they solicit. Open Road Lending knows that the majority of the customers they solicit will not meet their credit requirements and then they sell that information to others whom start soliciting the customer. Open Road Lending is being deceptive in their advertising. The disclaimers are cleverly written and very predatory practices. Open Road Lending is preying on the uninformed and  under informed customer. I suspect if an investigation was initiated by an independent party, the outcome would find Open Road Lending generates the bulk of their revenue from selling customers data as as opposed to actually refinancing auto loans.

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]

Complaint: [redacted]
I am rejecting this response because:
Regards, If anything that creditor just changed names, I have had 0 new collections since buying the car. Same rules apply remove the hard credit check and do not send me anything further.
[redacted]

We spoke to customer on 1/5 and 1/8 about their application on a website (which is not ours) at [redacted]. At first customer said he never applied anyway but then after being shown proof by [redacted], he admitted that he did apply on the website.  You can see on the application...

that it clearly shows that his credit will be pulled and that [redacted] has the right to forward to other lenders.  Even with all this, the strongest point is that multiple credit inquiries within a 14 day period (which these were) have no adverse affect on your credit score.  It is a myth.  You can see this article by Experian ([redacted]) but there are many others on the web by other credit bureaus stating the same thing.  The credit bureaus know you are shopping for credit during a period of time and they do hold it against you to do so.  Again I am sorry we couldnt help at this time but this is a valid inquiry of credit.  If you feel you did not apply please contact [redacted].

Thank you for voicing your concerns. I 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 parties. As an FYI, you agreed to allow us to pass your information when you completed your application....

Those disclosures you agreed to are below. I 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 needs. Some 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.

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.

Mr. [redacted] - We are sorry for the poor experience you had with our company. The confusion over your rate is due to the fact your LTV or loan to value determines the final rate. The actual approved rate is 9.99% for a term up to 60 months. If you want a shorter term, we could do that as well. The...

reason we could not match the pre-qualified rate is due to a new collection account that appeared on your credit report in December of 2017. When you apply, we must run a new credit report to determine if anything changed and in your case it did. Good news is we were still able to approve you, bad news is we could not match the original rate offered. Again we are sorry for the poor experience. I hope we can earn your business someday in the future.