OpenRoad Lending, LLC

Mr. [redacted] - thank you for letting us know about your experience with our company. When we initially reviewed your application, you were pre-approved as you stated. However, that approval is based solely on your credit profile and there are other items that must also meet our guidelines before we can...

fund a loan for you. In your case, the LTV or loan to value is over the maximum allowed of 135% of the wholesale value of the vehicle. Your particular LTV is 146%. We have attempted to get our credit team to allow an exception but based on your credit score, we are not allowed to make an exception on this application. Once a couple of more payments are made on your account, your LTV should be inline and we will be able to assist you at that time.Again, I apologize about the poor experience you had but I hope we can earn your business in the future.Regards,The OpenRoad Lending Team

Complaint: [redacted]
I am rejecting this response because:
Regards,
[redacted] There is no response from this company for resolution as of yet.

Ms. [redacted],Thank you for your comments. When you completed the application process, you agreed to the terms and conditions on the application which state you application would be shared in an effort to find you the best possible terms for refinancing (see below). Unfortunately, none of our lending...

partners were able to assist you either in refinancing. I have removed your information from future mailings. Again, we do apologize for the poor experience and hope we can earn your business someday in the future.The OpenRoad Lending Team 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’s lending partners, 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 am sorry for the bad experience but an email with the subject line of "Your Loan Decision (Application ID: [redacted])" went out on 1/14/16 when your application was declined.  You might check your spam or junk box.  We do not call all the declines for obvious reasons.  However...

your application was declined due to debt to income ratio (meaning you have too much debt payments in relation to your monthly income.)  I can see that some of your existing debt is joint, meaning you have someone else that you have applied with in the past and used their income.  If you can do that again, we might be able to get your DTI ratio back in line.  Also we might want to check your monthly income that you gave us.  If you will call us at ###-###-#### we can talk about adding a co-borrower with more income.  Again I am sorry you didn't get the original decline email but this is not a scam as we help thousands of customers save money each month.

Again I am sorry for the confusion but your first payment isnt due until around 12/15 because your loan funded on 11/1/17 because the first payment was for 45 days later.  I will reach out to [redacted] to make sure someone makes contact with you tomorrow.  I can assure you that you are not late and no late fees have accrued.  If you want, you can call me directly at ###-###-#### and we can conference call with the SVP of Collections at [redacted]  that I know personally so we can find out what is going on.  Your refund of over $500 will be coming from [redacted] in the next few days as you made a payment to them in addition to our payoff.  That will be more than enough to cover your first payment of $354.16 with Car Finance.  Again I am sorry we didnt meet your expectations but are making changes to our documentation for [redacted] customers to introduce [redacted].

Thank you for your comments and concerns. I have reviewed your application and first want to share that you are approved and to lower your interest rate over 6% and can reduce the number of payments you have remaining by 8 if you want the same payment or can keep the remaining term similar and lower...

your monthly payment considerably. Regarding your concern about your application... when you apply with us you agree to allow us to pass your application to other lenders in an effort to get you the best terms possible. This, according to Experian, has little affect on your credit score (you can read their opinion here (http://www.experian.com/blogs/ask-experian/2009/03/01/impact-on-credit-scores-o...⇄ Our goal is always to get the best possible terms related to your car loan refinancing. Again, I do apologize for any inconvenience this may have caused and hope we can earn your business. You can contact one of our Loan Care Agents at ###-###-####.Regards,The OpenRoad Lending Team

All of that information was made available to you're firm on the Phone when I received what was described asan approved rate of 679 Dollars, Then received an email for a rate of $683 at which point you're firm sent me paperwork for749.38. So What happened between You Quoting me on the phone after receiving the information you said you did not receive?Its called a bait and switch. Its an Unethical sales Tactic. It also put a hit on my Credit report.

Unfortunately this is not a valid condition for the bureaus to remove the inquiry since you did legitimately apply for a loan and they don't allow any time you don't like the outcome for inquiries to be removed. I am sorry but this is their rules that we live by.

I am sorry you had a poor experience with our company. If you had read the terms and conditions on the application you would have seen you were opting in to allow us to pass your application on to others if we were not able to assist you with you refinancing. There is a way to opt out of us sharing...

any data (which I have now done for you). That can be done at www.openroadlending.com/optout. Again I am sorry you had a poor experience and I hope we can earn your business in the future.  Regards,The OpenRoad Lending Team

I am sorry that we couldnt help you but the email has a disclaimer on the approval that states "Final terms of your loan will be based on several factors...."  From a credit perspective you are approved but your loan to value (the amount you are borrowing as compared to the value of your...

vehicle) has to be less than 150%.  Your LTV is over 215%.  If you are able to pay down your existing loan by about $5,000 (as a principal reduction) then we can continue.  Unfortunately you are approved based on your credit but it is your existing loan that is too much for our guidelines which is no different than a house loan.  I am sorry we couldnt help at this time.

Complaint: [redacted]
I am rejecting this response because:The company which I'm complaining against remains steadfast in their assertion that I'd applied for credit with them. There's NO logical reason that I would have done this as I've been very satisfied with my current finance arrangement and was engaged in the process of obtaining a NEW mortgage. My attorney has stated that I should file a police report in regards to the issue (as an identity theft matter). It's my contention this organization has NO interest in resolving the matter amicably, has no conscience, and further has no business being in business. Pursuant to this issue affecting me, I've reviewed other similar complaints from others online.  
Regards,
[redacted]

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]

Ms. [redacted],I apologize for the poor experience you had with our company. When you received your pre-approved letter, there were certain items listed on the back of the letter that detail the approval terms. We did review your credit before mailing you the letter and based on your credit alone, you...

met our qualifications. Unfortunately, we do not know your collateral information and in your case, that's why we were not able to assist you with refinancing your auto loan. The maximum amount you can finance is 120% of the value of your vehicle. In your case, based on the payoff of your current loan, your LTV (the amount you are trying to refinance compared to the actual value of your vehicle is 163% - well above our guidelines.I read your note and have removed you as you requested from any further marketing or data sharing.I do apologize again and hope we could earn your business sometime in the future.Regards,The OpenRoad Lending Team

I am sorry we were unable to help you.  The mailer you received was from data that we bought in July 2017.  You applied in August and since then you had a charge off that reported in August 2017 with [redacted] which drastically affected your credit.  The back of the...

offer discloses that "you must continue to meet the criteria used to select you in this offer and our creditworthiness criteria."  Unfortunately, your credit changed during that time and we are no longer able to offer you the same opportunity.

Complaint: [redacted]
I am rejecting this response because:the response from the lender did not address my concerns. I understand the terms of their counteroffer, but I don't accept your deceptive advertising practice.
Regards,
[redacted]

When Mr [redacted] called he had already decided that we were wrong and proceeded to tell me why.  When I told him I could prove my position because I had the original emails, he never asked to see them.  When I also told him that one of his representatives told us that Openroad lending had dropped the ball he did not know how to respond.  In fact, every time I presented him with facts he sidestepped the issues.  I financed my two vehicles through Openroad lending and will be shopping for another car soon.  I've learned my lesson.  I have yet to see any proof that my GAP was not being transferred and I have been the only one to provide original proof of my existence of GAP.  The comment of not checking in to GAP three years later is asinine because I didn't need to check on GAP until my car was totaled 3 years later.  Who calls to institute GAP until you need it?  Has anyone ever won their argument with this company? Buyers, be warned!

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]

That is not the case.  The concerns you have are disclosed on this web page (http://www.openroadlending.com/terms-conditions/) that is agreed upon when submitting your application.  Whether you read it or not I cannot tell but we help thousands of customers each month save money.  I am sorry that I cannot reverse the inquiry as we are bound by the credit bureaus that we can only request to remove invalid inquiries.

They have in fact gotten me another loan with a better rate after rejecting my initial application.  I have no further complaints with this company.

I am sorry we weren't able to give you the exacted rate on the mailer but we were able to lower your current rate over 2.5% and save you over $1,000 over the life of the loan.  As far as multiple inquiries you gave us permission in the terms and conditions directly above the apply button on the...

application.  #4 is quite clear that multiple inquiries could occur.  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; (3) I am able to print or keep copies of these materials and this application; and (4) 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 (5) 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 do not lower your credit score as you can see from this article from Experian.  http://www.experian.com/blogs/ask-experian/impact-on-credit-scores-of-inquirie...⇄  You can search for yourself and find there are many other articles stating the same information from the other credit bureaus.Again I am sorry we cannot meet your expectations but we did lower your rate by over 2.5% and can save you a sizeable amount of money over the life of the loan.  I would be willing to include GAP in your loan for only $1 as a show of good faith since your LTV is almost 120%.  Please let us know if you would like to proceed.