OpenRoad Lending, LLC

Im sure we told you to keep making payments but if we didnt we never said to stop making payments.  Also, if we were to refinance your existing auto loan, the GAP insurance you have today becomes void and you can get a refund for it.  Gap is tied to the loan, not the vehicle.  So our offer is generous in that you get a $795 product for $1 plus you would get a refund on your existing product.  If you no longer want our offer I will return your title.  I cannot lower your rate any more due to your high LTV.  Thanks.

Thank you for your email. I apologize for any inconvenience you have experienced with our company. Based on your application, it does appear that we have approved your loan saving you over $30 per month on your existing car loan payment and about $2,000 over the life of the loan.  If there is...

some miscommunication somewhere, please don't hesitate to reach back out to us at 888-536-3024 and ask for Brittany. It looks like you have been in constant contact with her since you applied.Regards,The OpenRoad Lending Team

Response to Open Road Lending: Once again your company doesn't get the magnitude of what you did. You gave my personal information to companies that I don't know and never agreed to do business with them. It's all on recording. So, stop responding as if I gave you all permission. My words are on the recording. One of your supervisors pulled the recording and heard it. I received a letter from one of the many companies that pulled my credit and it had in there that two many inquiries is one of things that affected my credit score along with a couple of other things. I think your company is incompetent and negligent. Inquiries drops your credit score. After being negligent, now you are trying to insult my intelligence. You all have the nerve to keep sending me advertisement, when I've made it known how I feel about your company and what you all did. This further speaks to your incompetence and your lack of integrity. If I keep getting advertisement from you all or any of your sister companies, then I'll be forced to file harassment charges. Your business has already cost me time and money trying to reach out to all these companies, which you all failed to do b/c I've spoken to a few of them a couple of weeks, after I spoke to you all. They didn't have a clue b/c your incompetent behinds fell to do so. Some reached out to me b/c I sent them emails. You all haven't done anything but caused me heartache and pain. I'm going to have to watch my credit. A couple of the companies said they were going to try and get those inquiries removed. So, I'm trying to give it a few more days before I pull my credit report. I'm trying to allow time for Experian to get the letter asking them to remove the inquiries from them and the other companies they gave my information to. You all created this mess and you haven't once tried to rectify this situation. Consumers need to be aware of you all.

I'm sorry you misunderstood our approval.  You are currently paying 17% interest rate with Car Finance Capital and you have about 68 more payments.  We have approved you at 11.49% but only 60 months.  Since there are less payment your payment is going to go up but you would spend about $3,000 less in payments over the life of the loan with the new loan.  For example: current loan: $527 payment at 68 payments is $35,836  new loan: $543.07 payment at 60 months is $32,580.  So you would save over $3,200 with the new loan.  Payment would go up $16 per month but you would pay it off 8 months sooner at 6% less interest rate.
Again I am sorry if this doesn't help you but it would save you $3,200 or even if you traded in the vehicle before the end, you would earn more equity faster by paying a lower interest rate.

OpenRoad sent a blank application. They claim I filled out a complete application which I dispute. I requested they send a copy of the application they claim I filled out and instead they send a blank app.

This response does not address one of the issues that I outlined.  Why is it not made crystal clear that your "sharing my information" will result in even more queries on my credit report?  What are there 2 queries from OpenRoad on my credit report?  I want all but one of these inquiries removed from my credit report with ALL credit reporting bureaus.

I am sorry you keep rejecting our side of the story.  I have presented our side which disclosed the terms and conditions before you applied.  Also the credit bureaus do not allow me to remove inquiries unless there is fraud.  In this case it was you who applied and you were inquiring about an auto loan so I cannot meet your request.  Again I am sorry for the situation.

hi the number is[redacted], the capital one account they are referring to was closed by them 7 years ago and has come off 1 of my credit reports, my other capital one card has NEVER had a late payment since opened over 4 years ago, my credit one card has never had a late payment since opened, and my auto loan through capital one has Never had a late payment since opened, their reason for denial is a total lie and can be proven. Thanks for taking the time to reply, [redacted]

Again I'm sorry I applied for this sneaky company and their sneaky policies that when you apply through the mobile site it doesn't show them; but I'm not going to waste my valuable time again trying to get it through your head.

First of all I am sorry we were unable to help you at this time.  We gain nothing by starting the process and not closing a loan, so its disappointing for us as well.  Let me address each one of your concerns separately.  1) You originally applied to us from the [redacted] site....

 You clicked through a banner and landed on our page.  2)  From a credit perspective you are approved.  3)  In CA, we cannot add or delete someone from the title.  The rules are too restrictive in your state.  It has nothing to do with where we are located but rather the state the vehicle is registered.  About half of the states in the US are easy to do and the half are very difficult as what the state requires to happen. 4)Your LTV is 191% based on what NADA guides states.  What we are required to use in CA.  We cannot play with the books and see what best fits.  The reason that the "free" guides online are free is that they are not necessarily accurate or timely data.  I have attached the bookout to show you.  5) I am sorry but we did think you were approved until we called your lender to know how much you still owed and that caused the slow down in returning the calls.  We in no way should have ignored you but if you want to call me personally, you can call my direct line at [redacted].  My name is [redacted] and I am the CFO if you want to discuss any of the above items.  Again we gain nothing by starting the process and then we are not able to close a loan so there is nothing for us to scam you with.  Again you were approved from a credit perspective and if you can pay down your loan to get your LTV under 165%, then we can help you.  We will not be able to remove anyone in the state of CA however.

I am sorry but we should have never mailed you.  Experian is supposed to knock out limited tradeline individuals.  If you will send a letter to [redacted], requesting the removal of the inquiry, we will have it removed.  Again I am sorry for the confusion.

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 professionalism. Again 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]

I am sorry for the bad experience but we received your application from [redacted] on 5/20/16 when you applied to refinance a 2006 kia or hyundai with VIN of [redacted].  Unfortunately there was a bad character in the VIN and we were unable to decode the VIN.  On their site...

you agreed to their terms and service which allowed them to forward to us because they are not a lender.  Also multiple inquiries in a 14 day period have no effect on your credit score.  You can search yourself but here is an article from Experian talking about multiple inquiries in a 14 day period (http://www.experian.com/blogs/ask-experian/impact-on-credit-scores-of-inquiries...⇄  We are only an auto lender so any inquiries for auto credit will not have subsequent effect on your score in a short period.  Finally we have not rejected any request from you as the email you sent this morning to our feedback email, has an address that is over 1 year old so I assume the USPS refused to forward the letter.  Our current address is [redacted].  Since we received your application from [redacted] and it was for a valid request of credit we cannot remove the inquiry.  Again I am sorry for your inconvenience.

Did you ever consider mailing the copy of the requested application it me? You had no qualms releasing info on me to a lot of car loan companies.

Actually you did authorize it when you completed your application: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 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 loanMultiple inquiries have little effect on your score. Here is a recent article form Experian about the subject:http://www.experian.com/blogs/ask-experian/multiple-inquiries-when-shopp...⇄ sorry we were unable to assist you 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 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 not. It stated that I was pre qualified and that I could get my payments lowered as well as my interest rates lowered. The way the letter read didn't seem like I had to go through any process in order to get this deal.

I am sorry we were unable to meet your expectations but we a few of our facts are different.  We did lower your rate from 15.1% to 11.95%.  That is over 3% savings.  Also you currently have 63 payments left with Capital one and we approved you for only 60 months.  3 months less...

than your remaining term.  At the 3 less payments (which is almost a savings of over $1,400) our payment is almost $30 per month less than your current.  Which is another $1,800 savings.  So the total savings is over $3,000 over the life of the loan. The reason your interest rate is not lower is because your loan to value (the amount you owe as compared to the value of the vehicle) is over 170%.  Since it is so high it creates risk for the lender, so your rate goes up.  If that value was lower, then we could give you a better rate.  This is really a good deal considering your LTV is over 170% and over the life of the loan you are saving over $3,000.  It may not be as high as the expectations but it averages to be about $50 per month.  Please let us know if you would like to proceed.

I want to start by apologizing about your experience with our company. Unfortunately there are distinct rules we must follow as a lender regarding the LTV. The LTV or loan to value is the amount you owe versus what the vehicle is actually worth. In your case, you far exceed those guidelines. In...

fact, the pre-approval letter you received from us discloses that information to you so you are aware of the guidelines before you respond. We received your name from the credit reporting agency as someone who meets our credit guidelines. Unfortunately, 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

I find it hard to believe that any one would just hang up on you.  Please send any copies of flyers or mailers with offers for a cruise to [redacted].  Also you can call me at ###-###-#### and I will answer any of your questions.

Mr. [redacted] - sorry for the delay in getting back to you. Our call center agent read you our normal disclosures that details we could pass your information onto other parties if we are not able to assist you. Unfortunately we were unable to assist you because of your LTV (loan to value) meaning the...

amount you owe on the vehicle you are refinancing exceeds the percentage we are able to finance. The maximum LTV we can finance is 140% - you are at 148% today. After a couple more payments we should be able to assist. Again, when you called into our call center to complete the application you gave a verbal acknowledgement that (1) we could access your credit report and (2) we could pass it along to other parties if we were unable to assist you.I am sorry for the poor experience you had with our company but I am hopeful we can earn your business in the future.Regards,The OpenRoad Lending Team