OpenRoad Lending, LLC

Your solicitation says nothing of your "ASSUMPTION" of a lower rate. Open Road Lending is knowingly, grossly misrepresenting rates.I will be posting my entire negative experience with Open Road Lending on all online review sites available.

I am sorry we were unable to help you refinance your vehicle.  When you first applied, you applied by yourself but your title is in both names, so we needed to add your wife.  When we did, we failed to pull her credit and once we eventually did she had a previous repossession in her past...

so we were unable to proceed.  Since we were partially at fault, we will remove the credit inquiries from your file.  Be advised that once we send the letter to the respective credit bureau, it will take at least 6-8 weeks for them to take action and the process is out of our hands as we do not control the data.  Again I am sorry that we were unable to help at this time.

Thanks for sharing your concerns about our process. Unfortunately, you have listed you only make $1,500 per month on your application which is below our minimum income allowed. We don’t believe that to be accurate since you are paying rent of $1,000 per month but we need you to confirm what your...

gross monthly income actually is before we can proceed. The reason for your decline was income the ratio of debts compared to that income disqualifies you. When we send you a mailer, it is solely based on your credit profile. We don’t have access to things like your collateral, income, job, etc., which are all detailed out on the back of your letter. We are happy to try and complete your refinance application but will need accurate information from you regarding your income to proceed.

First of all I apologize that we were unable to approve you for the pre-approved rate but we did approve you for a lower rate (2% lower than your current rate).  When we get your credit profile for pre-approval, we do not get 1) income or 2) the vehicle that you are financing.  So we make...

some assumptions that your income is sufficient and that your collateral is within certain standards.   The reason your rate wasn't lower was because your loan to value (the value of your vehicle as compared to how much you are borrowing) is too high.  It is almost 150% LTV, meaning your vehicle is only valued at $12,900 but you owe over $19,200.  There are risks that are involved when your LTV is that high and it is reflected in your interest rate.  If you are able to make a payment and bring the LTV down, your interest rate will go down as well.  Also when you apply you agree to these.  Pay close attention to #3.  It allows us to have multiple inquiries.  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).Finally, multiple inquiries have no affect on your credit score.  You can search this for yourself or check out this article by Experian (http://www.experian.com/blogs/ask-experian/impact-on-credit-scores-of-inquiries...⇄ I am sorry we were unable to lower your rate more but we are saving you money from what you are paying today and we help thousands of customers save money each month.

Mr. [redacted],Thank you for your comments. As you mentioned, there are other factors in determining your final rate other than just your credit which is what the pre-approval is based. A list of those are located on the back of your letter. In your case, the LTV or Loan to Value (the amount you owe...

compared to the actual value of your vehicle) far exceeded our allowable limits. We were able to still offer you something but unfortunately based on that LTV, your approval APR was increased to offset the added risk associated with it. The OpenRoad Lending Team

As we find out your loan to value (how much your car is worth)and the exact amount of your payoff the rate can go up. The higher the loan to value the higher the rate. Many lenders wont do any loan to value over 130% but yours is over 145%. We are still lowering your rate by over 4% and saving you money over the life of the loan. I am sorry that your LTV is higher than most which causes a higher rate to be charged. We are still 25% lower than what you are currently paying so it can save you money.

Please enter your reason(s) for rejecting the business response below.I reject Open Road Lendings response and wish no further communication with Open Road Lending, as I will be forwarding a complaint to Texas attorney general and consumer affairs.

Im sorry for your experience but only one person name Wendy from our company has called you.  We log all our phone calls and emails and we only have one location in Texas so I don't know who else would be calling you.  We do have you approved for an interest rate that is about half of your...

current interest rate and your current lender is not incented to lower your interest rate because they have you on a contract for a much higher rate.  So let us know if you want to move forward or not.  Thanks.

Ms. [redacted] - thank you for your comments. I understand your frustration. Unfortunately when we issue that pre-approval it is based on your credit profile only. There are disclosures on the back of your letter that discusses other factors you still must meet in order to qualify. Two of those (debt to...

income ratio and loan to value) you do not. While many of your student loans are deferred at this time, we still must include a minimum payment to determine your ability to afford the loan once those get in repayment. Likewise the value of the vehicle you are refinancing exceed the allowable limit we can finance.Again, we are sorry for the poor experience and hope we can earn your business someday.The OpenRoad Lending Team

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID 11491487, and find that this resolution is satisfactory to me. Although, there is not an option to opt out when applying. Had I note received the information in the business's response, I would have never known there was a way to opt out. I did read the terms and did not see anywhere in the terms that it was being sent anywhere else.

I am not sure what the customer wants at this time since in his last rejection it was blank and the prior one, he made a suggestion that we change our process to avoid having some customers think they are approved when they are not because their LTV is too high.  I appreciate the recommendation but at this time we have decided not to modify our process.  Please let me know if we can do anything else but at this time the customer's LTV is too high for us and probably most any other lenders at 180%.

We were able to get the lender to accept your income without the proof of the other income. Your loan funded this morning and the payoff check is going out to Santander via USPS with tracking number [redacted].  I am sorry for the difficulty but we have cut your rate by over 15% and lowered your payments by over $100 per month.

Complaint: [redacted]
I am rejecting this response because:As I've told their representatives, I DID NOT apply for any financing. I knew fully well what my plans were moving forward and had already moved towards the acquisition of a new home. Financing or Refinancing a vehicle was NOT EVEN BEING CONSIDERED! When speaking with Open Road's Supervisor, he stated that they never had anything like this happen before. Further, that I must have applied, because nobody else would stand to gain from a refinance of a vehicle. I would differ because 'they' or any lender would stand to gain from my vehicle' current finance being moved from the current provider. I have asked that all related Open Road Lending and affiliate credit inquiries be removed from my credit report(s) without further delay. If this cannot be effected, I will be in contact with my legal team to discuss taking action as this could very well cost me tens of thousands and the loss of a home that I'd already entered into a $400k purchase contract. 
Regards,
[redacted]

I am sorry that we were unable to help you with refinancing your current vehicle but we, like all lenders have certain loan-to-value guidelines that we must be under.  You are correct you were approved provided you can meet certain conditions.  Some of the conditions were to prove your...

income but before we did that we had to call and find out how much you currently owe on your vehicle.  Then we have to find out what your car was worth.  Once we got all that information we found out you owed over $40,000 on your vehicle that is only worth about $21,000, so your LTV is over 186% which is well above the 150% maximum LTV.  As you can see we cannot move forward with the loan.  I am sorry but we can only make money if we can lend money so this is just as frustrating for us as it is for you.

Ms. [redacted],Thank you for voicing your concerns. WE have removed your information from being passed to any other parties. When you completed your application, you agreed to allow us to pass your information to other parties if we were not able to approve your application (see below). Again, we do...

apologize for a 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.

Thank you for your email. When you applied with our company, you agreed to certain terms and conditions that permit us to forward your application to other companies if we are unable to assist you with your refinancing. Unfortunately, we were unable to assist you because your LTV or loan to value...

far exceeded our allowable guidelines (170% vs 125% maximum allowed) and therefore we passed your application onto other companies to assist you. Since your complaint, we have removed you from any further marketing and your information will not be passed to any other partners. We do apologize for the poor experience. Listed below are the terms you agreed to: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 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.The OpenRoad Lending Team

Please review your own comments responding to my demand to NOT share my information.  You said it would not be shared, but I can prove it was any way. 
Regards,
[redacted]

Complaint: [redacted]
I am rejecting this response because:Why would you send a letter promising lower interest rate and payment if you have yet to have all information needed? Seems like a gimmick and a catch in order for consumers to call you and you lure them into doing business.Maybe, instead of making empty promises, you should wait until you have ALL information needed to make promises of a better loan.
Regards,
[redacted]

I apologize for the poor experience you had with our company. Unfortunately, what you were told by your Loan Care Agent is accurate. You approval is base on your credit profile only. There are still other factors that must qualify in order for us to complete your loan. In your case, you owe more on...

your vehicle than it is actually worth. Your Kia has a wholesale value including all of the options of $10,037 based on NADA. We are allowed to finance up to 125% of that value. Unfortunately in your case, you owe 183% of the value ($18,203) and therefore we are not able to extend you a loan at this time. Regards,The OpenRoad Lending Team

I am sorry that we cannot help you but because you don't like the fact that our lending guidelines (which all lenders have including home, credit card and auto) could not lower your rate, we cant just make this exception.  This is clearly disclosed on the mail piece about your loan to value and your vehicle.  Also you accepted our terms when you completed the loan application which can be found at http://www.openroadlending.com/terms-conditions/ which state in part 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.