OpenRoad Lending, LLC

Lets back up just to show how unethical the practices of this business are, in sept 2015 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 tried. now in  feb 2016 I get a pre approval letter from then stating I have 10 days to fill out the forms to qualify, which I promptly did only to be rejected again. NOTHING in my credit report had changed from the time they sent my pre approval til the time they denied me, NOTHING. Now they say it was a late payment to capital one that denied me, that account had been closed by capital one almost 7 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 lie. I have credit reports pulled, I have their pre approved letter they sent to back up my claims. This 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 5 months by this company and by those they pass my info on to, disgraceful!!
Regards,
[redacted]
Lets back up and show how unethical

Thank you for voicing a concern about our company. When you clicked through from the CreditKarma site, you actually completed a full credit application on the OpenRoad Lending site and then agreed to the terms and conditions stated on the application before submitting the application (those are...

listed below for your convenience ). Those terms and conditions give us permission to share your information with other lending institutions in an effort to find you the best terms possible. Regarding your approval... we did approve you at a lower rate than you are currently paying (10.45% vs 13.50%) but since your loan is "paid ahead" and you are so far into your loan, the savings are not significant. Again, we do apologize that this was a poor experience for you. I hope you give us another change to earn your business in the future. The OpenRoad Lending TeamBy clicking on the “Submit Application” button, the applicant and any co-applicant (each individually referred to as “I”, “me”, or “my”) agree to the following: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.

Complaint: [redacted]
I am rejecting this response because:If there are limitations in changing title in certain stars this should be stated up front or included in the application before a credit check. 
Regards,
[redacted]

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.

I am sorry that you feel this way.  Again we are here to make loans but unfortunately we can't help everyone.  I am sorry you felt you were unable to read all the disclosures and that you applied for your spouse.

First let me start by apologizing for a poor experience you had with our company. After reviewing your application, it appears that you were initially approved as you indicated. However, once we learned about your vehicle that you are refinancing, it was determined that you no longer qualified. Your...

initial approval was based solely on your credit but your vehicle also meet our guidelines (2007 or newer, less than 100,000 miles and less than a 125% LTV meaning we will finance up to 125% of the value of the vehicle). In your case, the LTV is over 170% and therefore no longer qualify. When you completed your application with us you agreed to allow us to pass your information on to 3rd parties if we were unable to approve your application which is what we did. I have now removed your information from any further marketing efforts per your request.Again, I am sorry for your poor experience. I hope we can earn your business sometime in the future.Regards,The OpenRoad Lending Team

Mr. [redacted],Thank you for sharing your concerns. We do have all of your credit information when we send you a pre-approved offer, however, your vehicle still must qualify as stated on the back of that letter you received. You were approved to finance up to 140% of the value of the vehicle....

Unfortunately based on what you owe, your LTV or loan to value is 171%. Again, I do apologize for the poor experience. I 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 [redacted], please ensure to advised Open Road Lending at the hard inquiries remove request will be for my self and my wife's credit report also.
Regards,
[redacted]

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 everyone. There 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 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.You can find the link here : http://www.openroadlending.com/terms-conditions/Also multiple auto inquiries in a short period of time (within 2 weeks) have little or no affect on scoring as discussed here but you can find many more if you just google it.  This is directly from Experian: http://www.experian.com/blogs/ask-experian/2009/03/01/impact-on-credi...⇄ we do apologize for your poor experience with our company and hope we can earn your business some day in the future.

Not sure what your rejection is but I apologized we couldnt help based on your current situation.  In the initial response we addressed all your concerns and we can help if you are able to pay down your loan to get the LTV within 160% (which is quite generous).  Again I am sorry that at this time we are unable to help.

You shared my information with other companies after I gave you notice not to do so and you confirmed. Below is the list.  Again, I only responded to your pre approved offer and NOT these other companies.  I sent certified letters to the other companies for proof of my signed application so I can show the FTC that they did not have my permission to run my credit and you agreed it would not be shared with any one else as the application will only be the one from YOU. [redacted]
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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

Complaint: [redacted]
I am rejecting this response because:
Regards,
[redacted]

Do you really want us to publish your full credit application with SSN and all?  How else do you think we approved you without having your income, job type, address, SSN and even your IP address which is an ATT IP address in Gainesville Georgia (DSL type).  I sent the link to the blank one so you could remember all the disclosures that you completed.  I don't plan on disclosing all of your personal information for public record with the Revdex.com.  I am sorry you don't remember.

I rejected because my personal information got compromise, open road lending share my personal information with Roadloans. An agent with the name of [redacted] call me telling me than they had approved my loan and they will be sent me paperwork in a second e-mail. my question is how come this company roadloans got my address and social security number. in this case I am blaming the company Open Road Lending for sharing my personal information without my authorization.

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.

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.

I am sorry we were unable to help you but we do not admit we ran your credit unnecessarily.  We first try to see if you qualify based on your credit.  Once we do, we validate that your vehicle fits within our loan to value guidelines.  In your case, we validated that your credit...

profile was sufficient.  Next we validated the amount you owed which was almost $11,000 but the value of your vehicle was only $5,200.  The Loan to value was over 200% and our max is only at 160%.  So unfortunately were unable to help you out.  If you were able to pay down your loan then we could help but the current LTV is too high for our programs.

I do apologize for you poor experience with our company. When you complete your application with us, you agree to allow us to pass your application on to other lenders in an effort to find you the best terms for financing. You also agree that they are allowed to access your credit...

report. Those disclosures are listed below which are listed on our application.  Again, we do apologize for your dissatisfaction with our company and hope we can earn your business someday.
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 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.
This disclosure is linked from the application but here it is in its entirety.  http://www.openroadlending.com/terms-conditions/

Complaint: [redacted]
I am rejecting this response because:My application was neither fraudulently nor inadvertently placed.  OpenRoad lending sent out false and misleading advertising.  We were able to meet all the Qualifications necessary to take advantage of the “pre approved” offer to refinance my automobile for 60 months @ 3.49%.  We met the two requirements noted in the email thread attached from [redacted] at OpenRoad Lending.  The income and LTV %. 
Regards,
[redacted]