John's Garage

Thank you for your emailWhen 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 refinancingUnfortunately, 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 youSince your complaint, we have removed you from any further marketing and your information will not be passed to any other partnersWe do apologize for the poor experienceListed 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 needsSome 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

Remove inquiresI do not care about the loan

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

This complaint was already submitted and responded on the Revdex.com Review site First of all let me say I am sorry that we were unable to lower your rate more but we were able to cut your current rate and save you money over the life of the loanThe reason for the decline letter is we work with
multiple lenders in order to give you the best rate and one lender did decline you so you would have received an Adverse Action Letter as required by lawBut we show your loan as withdrawn in our system since you were approved by at least one lender and you choose not to continueAgain I am sorry that we could not help save you more money

I am sorry you had a poor experience with our companyIf 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 refinancingThere 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/optoutAgain I am sorry you had a poor experience and I hope we can earn your business in the future Regards,The OpenRoad Lending Team

Again I am sorry for your poor experience but your FICO score will not go down with multiple inquiries in a short period of timeIt is only affected one time as explained in this article by Experian (http://www.experian.com/blogs/ask-experian/2009/03/01/impact-on-credit-scores-o...⇄ you applied to agreed to our terms and conditions which allowed us to pull your credit and share in order for you to obtain the lowest rate possible
Again I am sorry for your experience

Complaint: ***
I am rejecting this response because:
Regards,
*** ***

Complaint: ***
I am rejecting this response because: changing your documentation will not fix the corrupt process where you lure people in with the promise of savings and let the bank collect interest while you stall. I'm receiving a refund because I paid toward the loan, not because you did me a favor. All this idiocy for for $a month in savings! I finally received a bill yesterday, days after the loan was paid, with a little over a week to pay. Since this nightmarish process started, it has been weeks and days, and I already can't wait to get out of this predatory relationship. This is not at all what your website advertises, but it's difficult to assess your veracity when you immediately remove all negative reviews and just leave the positive ones! The moment I left a negative non-threatening review on FB, you immediately deleted it and made me unable to comment! You should be ashamed
Regards,
*** ***

I did submit my Gap papers and never agreed to not have GAP insuranceAs proof, I have the original email in which I submitted my GAP and Life insurance papers(also provided to Openroad Lending) Please provide proof in where I declined GAPMy payments were lowered because the interest rates were lower and not because I did not choose GAP Again, I have always insured my autos with GAP and would not have agreed to lose this insurance Also why was the entire loan purchased, which included GAP and Life Insurance if you were not going to provide the coverage? Shouldn't the amount of the loan excluded GAP and Life insurance policy? Why also did your representative tell me that "it looks like we started to set up GAP but for some reason we didn't complete it?" Since I have all the paperwork I sent originally, I believe the burden to prove I refused GAP must be produced by Openroad Lending

I am sorry you dont feel you can trust us We help thousands of customers save money each month on their vehicle loan Unfortunately I cannot remove the credit inquiry because you dont want to continue From the credit bureau's perspective it was a valid inquiry and we are required by them to only remove invalid inquiries such as fraud If you do want to continue we just need to get accurate income information to see if you can qualify

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

I am sorry we cannot help you because your debt to income is over 70% and our maximum, like most lenders is around 50%. If you have additional income we might be able to help. When we send the mailer which is based on your credit, we do not know how much income you have or the year, make or model of your car. All of this is disclosed on the back of the mailer. I am sorry but we would like to help anyone we send a mailer to, otherwise it is a waste of everyone's time and money

Complaint: ***
I am rejecting this response because:My application was neither fraudulently nor inadvertently placed OpenRoad lending sent out 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 months @ 3.49% We met the two requirements noted in the email thread attached from *** *** at OpenRoad Lending The income and LTV %.
Regards,
*** ***

Complaint: ***
I am rejecting this response because:***LET THE CONSUMER KNOW UPFRONT YOUR A LENDING BROKER AND YOU SELL ARE INFORMATION TO 3RD PARTY ON THE MAILING LETTER THAT LOOKS LIKE AN OFFICIAL GOVERNMENT ENVELOPE WITH THE WORDS "FINAL NOTICE NOTICE OF OVER PAYMENT REQUEST FOR IMMEDIATE ACTION***otherwise I would have tossed in the garbage. It is fraudulently misleading the consumerTherefore, they are nothing more than scammer the consumerOnce again,NO WHERE ON THE PAPER LETTER THEY MAILED TO ME INDICATES THIS INFORMATION; THAT THEY ARE A BROKER AND SELL OR GIVE AWAY MY INFORMATION OR I WILL HAVE MULTIPLE INQUIRIES ON MY CREDIT REPORTTHEY ARE MISLEADING THE CONSUMER AND MISREPRESENTING THEMSELVES AS A BANK OR A FINANCE COMPANYTHEY SOME WHERE PUT IT IN SMALL PRINT WHERE WHEN YOU CLICK YOU DO NOT SEE IT..THEY REALLY ARE SCAMMING CUSTOMERS AND SHOULD BE REPORTED TO THE ATTORNEY GENERAL'S OFFICE FOR A COMPLETE INVESTIGATION.
Regards,
*** ***

I am rejecting this response because: The very narrow definition you define for "prequalifier" doesn't mitigate the misleading verbiage in your unsolicited flyer. Additionally, the criteria you outline for the vehicle to qualify for your program seem arbitrary and capricious in that 100,miles on a typical gas powered vehicle is very different from 100,miles on a diesel truck such as mine and the age of a diesel vehicle is also quite different.To be clear.......you should be able finance or not finance anyone based upon whatever legal criteria you invoke. I don't believe I have any confusion about "prequalifying" per se, I just believe the manner and context in which it is used in your flyer is misleading and confusing and should be reworded. Additionally, I feel that it is incumbent upon you to at least get your hard inquiry removed from my credit report.If you don't see the merit of this remedy, that would be consistent with the attitude which caused this problem in the first place

Mr***,Thank you for your commentsAs you mentioned, there are other factors in determining your final rate other than just your credit which is what the pre-approval is basedA list of those are located on the back of your letterIn your case, the LTV or Loan to Value (the amount you owe
compared to the actual value of your vehicle) far exceeded our allowable limitsWe 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 itThe OpenRoad Lending Team

Ms*** - Thank you for your comments regarding your experience with our companyUnfortunately in your case you could not prove the information you listed on your application which our credit decision was based onYou listed your gross monthly income at $2,per month but your paystub (and
your employer) only verify $2,per monthThat loss of income puts you outside our allowable guidelines regarding your debt to income ration (the amounts of your monthly payments divided by your income) as well as you payment to income ratio (your payment divided by your income)You were right on the threshold of qualifying when we originally approved you and with that loss of income, you no longer do.I am sorry you had a poor experienceHad you been able to provide proof of what you stated, we would have been able to assist you.Regards,The OpenRoad Lending Team

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 payments left with Capital one and we approved you for only months. months less
than your remaining term. At the less payments (which is almost a savings of over $1,400) our payment is almost $per month less than your current. Which is another $1,savings. So the total savings is over $3,over the life of the loanThe 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 $per month. Please let us know if you would like to proceed

I am sorry for the bad experience but an email with the subject line of "Your Loan Decision (Application ID: ***)" went out on 1/14/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

Thanks for sharing your concerns about our processUnfortunately, you have listed you only make $1,per month on your application which is below our minimum income allowedWe don’t believe that to be accurate since you are paying rent of $1,per month but we need you to confirm what your
gross monthly income actually is before we can proceedThe reason for your decline was income the ratio of debts compared to that income disqualifies youWhen we send you a mailer, it is solely based on your credit profileWe don’t have access to things like your collateral, income, job, etc., which are all detailed out on the back of your letterWe are happy to try and complete your refinance application but will need accurate information from you regarding your income to proceed