OpenRoad Lending, LLC

Again I am sorry but the disclosures on the back list out the reasons why we sometimes cannot help as listed on the prequalification notice.

Mr. [redacted] - thank you for voicing a concern about our company. First let me start by saying I apologize about your poor experience. We help thousands of customers each month refinance their auto loan saving a considerable amount of money. In your specific case, your credit report changed from the...

time we received your information from the credit reporting agency to send you the pre-approval to the time you applied, specifically, your existing auto loan with Santander is now reporting past due. Unfortunately with that being the case, we can no longer help you. The back of your letter clearly states that if anything has changed on your credit report we are no longer obligated to offer you a loan. Again, we are sorry you had a poor experience. We hope we can earn your business in the future.Regards,The OpenRoad Lending Team

Ms. [redacted] - thank you for sharing your concerns about our processes. When you received your pre-approved offer from us, there are disclosures on the back of the letter indicating this was solely based on your credit information obtained from the credit reporting agencies. We don't have other items...

which play a part in the overall underwriting process including job time, income, collateral information, etc. Once we received all of that information, it was determined you no longer met our criteria. The Lexington Law ad you are referring to is there to assist those customers who are interested in improving their credit score. No one is forced or encouraged in any way to sign up for the service. It is only there for those who might be interested in these services. I am sorry we were not able to assist you with your refinancing needs.  The OpenRoad Lending Team

Unfortunately we cannot calculate the loan to value until we get all your options (leather, 4 wheel drive, stereo system, etc) and call your current lienholder to know how much exactly you owe. Until then we assume that we can make your deal work but its not final until we get those items. This isn't any different than a mortgage who has to do an appraisal to make sure the value of a house is within the loan to value guidelines. Again I am sorry that we were unable to help you.

Complaint: [redacted]
I am rejecting this response because:Then the information that you submitted was inaccurate. No I will not correct anything and you have yet to apologize for the behavior of your staff which just shows me that you don't care about the customer so you're just another company with nothing special to offer except promised lies.
Regards,[redacted]

I am sorry for the confusion but let me address each one of your concerns separately.  When you applied at openroadleding.com you agreed to the following language.  Pay close attention to #3. “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). We are a licensed lender in Illinois and every other state we do business in.  As far as multiple inquiries they have no effect on your credit score.  They are counted as a single inquiry for scoring purposes.  Here is an article from Experian that says this [redacted] but you can research on your own. You were approved on credit basis but like a mortgage the value of your vehicle must be under certain loan to value limits (how much you owe as compared to the value of the vehicle.  In your case, the existing loan was over $25,000 but your vehicle is only worth about $13,000.  Our absolute max is 160% so you are well above that.  If you can make payments to bring the LTV in line we can help you. I am sorry that [redacted] did not give you the phone numbers of the other creditors but here they are a) [redacted] Again I am sorry that we cant help you at this time but I will address with our agents to be willing to give out the phone numbers.

Customer has since closed a loan lowering his current rate by over 7% and saving thousands of dollars over the life of the loan. This needs to be closed as resolved.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Regards,
[redacted]

Revdex.com:
I have been in touch with Open Road to work on the refinance. If all goes well, I will be able to save a significant amount monthly. My concerns have been alleviated. Thank you and please let them know.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID 11550319, and have determined that this does not resolve my dispute.
Please enter your reason(s) for rejecting the business response below.
Regards,
[redacted] I've asked that the inquiry be removed from my credit as I did not authorize many companies/banks or give permission to run my credit. The representative I spoke with said that it had gone to four different banks. In the response, Open Roads Lending failed to acknowledge a resolution or acknowledge my solution of removing the inquiring as I did call in within minutes of noticing that it submitted and I called this morning as well. By withdrawing the application, does that remove the inquiries? If not, I would like them removed as soon as possible, again as I did not authorize this.

First let me apologize by not being clear about our partner [redacted].  I want to address each issue separately so I can be very clear. 1) The 5.45% was offered because you applied with Colorado as your state of residence and we could have offered that but you are a residence of Indiana. ...

We we are limited on our lenders in that State because of some of State's crazy laws.  However we were able to get you approved by [redacted] at 8.74%.  This was 10% less than you were currently paying with [redacted].  This still saved you thousands over the life of the loan. 2) [redacted] is an A+ rated company and here is a link to their page ([redacted]).   3) [redacted] is the online brand of [redacted].  [redacted] is the parent company and not unusual for a company to use one brand for online and one for offline.  Here is a link to the about us in the second paragraph where it states this fact ([redacted]).  Even the logo on the website says [redacted] by [redacted]. 4) Your loan will be serviced and maintained by [redacted] and I assume the bureau will report as [redacted] since they own the loan. 5) I have attached your NSA that you signed for $11,139.18.  I also called [redacted] and verified that they are processing a refund check of $514.56 and will be mailed by 12/8/17.  You will be able to take this refund and apply to principal to bring down your balance.  The reason for the large refund is probably because you made a payment after we got our payoff and the 2 crossed in the mail.  In the logo of the NSA that was signed it says [redacted] by [redacted] in the top right hand corner. 6) With all loans, not just this one, interest accrues from the moment the account is set up even if you "dont have to make a payment for 45, 60 or 90 days".  Interest is always owed on borrowed money.  The exception is the subvented financing by manufacturers but the price of the car makes up for the lost interest so you are always paying for borrowed money. I do apologize that it wasnt made clear enough in the transition that [redacted] is owned by [redacted].  We will address with [redacted] to change some of their transition documentation.  We did address this same complaint over email with our President and over facebook but the facts are still the same.

Complaint: [redacted]
I am rejecting this response because: After almost 8 weeks, I haven't received a bill for an auto loan that was advertised with 98% customer satisfaction, and it turns out a simple search of the mystery company that now has my loan shows that over 90% of customers are unhappy and they have given me no way to pay a bill that is still accruing interest!!!  They have owed me a refund for weeks because I made a payment before the loan was paid off, and I had to file a Revdex.com complaint to make them recognize this.  They lured me in with the idea of a speedy process and money savings, and almost 2 months later, I am having to fight with these dishonest people just to get a bill and contact from the actual lender!  This is totally unacceptable for such a "reputable" organization.Why are you advertising a bank ([redacted]) with an "A+" when over 90% of customers are unhappy???Regards,
[redacted]

Again I am sorry but Mr [redacted] can send me the proof that they asked for it but it doesn't change the contract that they signed and the Final Truth in Lending. The customer has responsibility to know what they signed and also what is on the Final Truth in Lending. Mr. [redacted] should have seen that neither document had GAP in the contract and at that point asked questions why his payment was not higher.
Its not a question of if anyone wins against us, its whether we can legally do something after the customer signed a contract that did not include GAP and after the car has been totalled. When they received their final Truth in Lending and did not see that GAP insurance was included Mr. [redacted] should have contacted us at that time (which was almost 3 years ago) to ask about GAP being included in their loan.
Again I am sorry but for the situation.

Mr. [redacted],First let me apologize for the poor experience you had with our company. We pride ourselves on providing world class customer service and it's obvious we fell short of that this time. After reviewing your file, what appears to have happened is we had you approved at a lower rate initially...

which calculated out to the payment you were initially quoted; however, when the LTV (loan to value) was calculated on your vehicle, you no longer qualified for that program. To obtain that rate, the maximum LTV allowed is 120% of the value of your vehicle meaning we can finance up to 120% the wholesale value of your vehicle. Based on the payoff we obtained from your current lender, your LTV is 148% which forced you into a higher risk tier and a higher rate. That's still $150 per month savings from what you are paying now and almost a 5% savings in APR. We are happy to assist you if you change your mind.Again, we are sorry for the poor experience and I hope we can earn your business in the future.The OpenRoad Lending Team

Complaint: [redacted]
I am rejecting this response because: I thought I already rejected this.  The company that OpenRoad set me up with ([redacted] via [redacted]) has made no contact with me since opening a loan in my name for an amount greater than my actual payoff!  I have likely missed a payment and am accruing both interest and late fees, but I wouldn't truly know because they haven't sent me a bill despite a new loan of $11,200 now showing up on all my credit reports.  I had to make a payment on my car to the original lender because ORL and [redacted] took so long to process all this that I couldn't let their lethargy ruin my credit.  Also, I am receiving emails to leave positive feedback before even being acknowledged by the lender.  ORL has sent me OVER THIRTY EMAILS during this process, many with redundant info and unanswered issues, and 2 months later, I still haven't heard a thing from [redacted] a.k.a. [redacted] a.k.a. Shady McShadertons.
Regards,
[redacted]

Mr. [redacted] - I am sorry for you poor experience with our company. If you had read the letter we sent you, it was based on your credit information and based on that alone, we could have approved you. But if you will notice, your vehicle must also qualify. It must be a 7 year old or newer vehicle...

which your is but must have less than 100,000 miles, which your does not.Unfortunately, this is outside our lending guidelines and are not able to assist you.The OpenRoad Lending Team

Not sure why you are claiming predatory lending without any facts but the definition is “Unscrupulous actions carried out by a lender to entice, induce and/or assist a borrower in taking a mortgage that carries high fees, a high interest rate, strips the borrower of equity, or places the borrower in...

a lower credit rated loan to the benefit of the lender.” I see we funded a loan with you back on 9/27/17.  Your previous auto loan was at an interest rate of 18.02% and a payment of $460 per month and the one we gave you was at 11.99% (a reduction of over 6%) and the new payment was $409.  Saving you thousands of dollars over the life of the loan.  You can always make additional payments to shorten your term and save you further over the loan but you have the flexibility of the lower payment and lower interest rate.  I am not sure why that you consider saving you thousands of dollars as predatory.  You signed the note and security agreement in your house in your own time so you also had time to review any conditions of the loan.  I am sorry you are not totally satisfied but we did save you thousands of dollars.  Please let us know what you consider unscrupulous to the loan.

I am sorry we are unable to meet your request but we have approved your loan with savings plus I have offered to throw in GAP insurance essentially for free.  The incremental inquiries have not affected your credit in any fashion.

First let me say I apologize if you felt our agent Jalissa was rude, but I pulled the call to review and found her to be matter of fact. If it did come across as rude I apologize.  I will review with her.  For the other part of the claim we did approve you for about $16,000.  What you...

failed to mention in your complaint that all loans come with some requirements.  One of our requirements is that your loan to value (the amount you owe as compared to the value of your vehicle) must be less than 140%.  In your case your loan to value is over 190%.  Which means that you owe almost 2x what your car is valued to your existing lienholder.  If you were able to make a payment and bring that LTV down to less than 140%, we would be able to help you refinance.  But as it stands right now we are unable to continue.  I am sorry we cannot help you.

Again I am sorry about the poor experience.  The links are just above the submit button on the application so I'm not sure how we are hiding anything.  Also people are pre-approved for lots of types of credit (auto, mortgage, credit cards) but often times you have to prove your income or have insurance or have a drivers license (etc) in order to complete the loan.