Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:03/19/2025

  Type:Product Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I receive mail for *********** J ******, who I do not know and who does not live at my address that I have lived at for the last year. I have requested this company to investigate if fraudulent loans are being given or identity theft has occurred and received a generic response we will remove your address from our system, with no indication that they will research the issue. I have again received mail for that person, a month after being told my address was removed from their system. I want someone in the company to ensure my identity is not being fraudulently used and to investigate likely fraud attempted by the person I am receiving mail for.

  

  Business Response

  Date: 03/28/2025

  Thank you for contacting Caribou Financial****** (Caribou) regarding a complaint filed with the Better Business Bureau (BBB) by ****** *******, Complaint ID ******** on March 20, 2025. The following outlines our research and resolution. According to the complaint, Ms. ******* received letters at her address in someone elses name, and she is concerned about whether someone obtained her identity to apply for an auto loan refinance. 

  Based on Caribous records, Caribou mailed a letter to Ms. ******** address that was addressed to an individual who does not live there. At times, Caribou partners with third parties to obtain mailing lists and addresses, and unfortunately Caribou was provided incorrect information. 

  After receiving the complaint, a Caribou Sales Manager contacted Ms. ******* on March 22, 2025 to explain that Caribou had not received any information related to a refinance application for Ms. ******* or her address, and her information has been removed from all future mailings. Ms. ******* may receive additional mailings that were processed prior to the date Caribou reviewed her complaint.

  Caribou appreciates the opportunity to address Ms. ******** concerns. At this time, Caribou considers the matter closed and will take no further action. 

  Customer Answer

  Date: 03/28/2025

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ****** *******

• Initial Complaint

  Date:03/05/2025

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I found caribou on line. Filled out the information I was approved for the loan terms and conditions. I signed and returned. The whole process was very hard to get ahold of my loan officer with no response most of the time. I reached out to make sure everything was fine as stated and emailed to me. I then was told well we are changing things. This is false advertising and chaos. I demand what I signed and what was approved. I believe this would fall under breach of agreement.

  

  Business Response

  Date: 03/11/2025

  Thank you for contacting Caribou Financial****** (Caribou) regarding a complaint filed with the Better Business Bureau (BBB) by ****** ******, Complaint ID ******** on March 5, 2025. The following outlines our research and resolution. According to the complaint, Mr. ****** submitted an auto refinance application through Caribou and he alleges the loan was changed. As described below, a Caribou Sales Manager contacted Mr. ****** to discuss his concerns, and obtained his approval to submit his application to a new lender.  Unfortunately, Mr. ******* refinance application was declined.

  Based on Caribous records, Mr. ****** visited the Caribou website on February 18, 2025 and submitted his application to a Caribou Lending partner for a refinance offer that included an 84 month term. After the lender reviewed the vehicles odometer picture that reflected higher mileage than the application, the lender confirmed the maximum term they could refinance is a 36 month term. Unfortunately, Mr. ****** did not accept that offer. 

  After receiving the complaint, a Caribou Sales Manager contacted Mr. ****** on March 6, 2025 to explain the lenders mileage guidelines and offer to send his refinance application to another lender who provided a preliminary offer. Mr. ****** agreed to submit his application, but unfortunately the new lender declined his application.

  Caribou appreciates the opportunity to address Mr. ******* concerns. At this time, Caribou considers the matter closed and will take no further action.

• Initial Complaint

  Date:03/03/2025

  Type:Sales and Advertising Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I had applied for a loan in which I was approved to refinance my vehicle. I elected a package that I no longer want to contribute to having, and was informed that I am allowed to cancel my warranty(coverage) in my vehicle while still keeping the loan balance. Upon numerous attempts to call/email to get a proper answer and facilitate the process of canceling said warranty, I have yet to receive any word/reapinse that fills that need. It's been over 30 days since my initial point of contact. I was given numerous different numbers to call to which had no avail as I was rerouted back to the original help desk number I called. I'm a rather intelligent person and know how I am supposed to get to where I need to go, but I have been hit with a roadblock or wrongful information by every employee I've contacted every step of the way. I have been repeatedly informed as well to contact my loan officer to which I believe is no longer working for the company, as his email is now invalid and phone number goes blank. Upon requesting for a new loan officer I have yet to receive any news, all the while I'm being charged for a service I do not wish to receive anymore as it's been utterly useless. I simply want to get a hold of a manager/or someone in a similar position of power so that I can express my feelings and hopefully have my issue resolved promptly.

  

  Business Response

  Date: 03/11/2025

  Thank you for contacting Caribou Financial****** (Caribou) regarding a complaint filed with the Better Business Bureau (BBB) by ****** ********** Complaint ID ******** on March 3, 2025. The following outlines our research and resolution. According to the complaint, Mr. ********* refinanced his auto loan through Caribou and he has questions related to his vehicle service contract. As requested by Mr. ********** a Caribou Sales Manager will call him on March 12, 2025 to review and resolve any questions he may have. 

  Based on Caribous records, Mr. ********* refinanced his auto loan through Caribou in December 2022 which included a vehicle service contract. Before cancelling his vehicle service contract, Mr. ********* would like to know the pro-rated refund he would receive.

  After receiving the complaint, a Caribou Sales Manager contacted Mr. ********* on March 6, 2025; however, Mr. ********* was unavailable and he requested that the Sales Manager call him back on Wednesday, March 12, 2025. The Sales Manager will contact Mr. ********* as requested on March 12, 2025 to resolve any questions he may have.

  Caribou appreciates the opportunity to address Mr. ********** concerns. At this time, Caribou considers the matter closed and will take no further action. 

• Initial Complaint

  Date:02/12/2025

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  After I applied and submitted all of my documentation successfully, they performed a hard inquiry on my credit. After the hard inquiry was performed and I was notified, they did not contact me for weeks after, and I persistently followed up with them over the phone. After three months of my application pending I finally told them that they need to tell me whats going on. They then told me that the credit union who is going to be the lender didnt get back to them. A month later, the credit union got back to them and I was told they would need to perform another hard inquiry on my credit. The reason they stated was that my initial application took too long to process due to their own communication issues with the credit union. Essentially, they ran a hard inquiry on my credit affected my credit score, and I was in eligible for the approval process due to their own mismanagement and miscommunication. It is very likely I would have been approved since I have excellent credit so they essentially wasted three months of my time for no reason and negatively impacted my credit score. I need a written explanation of what happened or I will take legal action against them. I will also need them to revoke the hard inquiry they made to one of the credit reporting bureaus.

  

  Business Response

  Date: 02/21/2025

  Thank you for contacting Caribou Financial****** (Caribou) regarding a complaint filed with the Better Business Bureau (BBB) by ******* *********, Complaint ID ******** on February 12, 2025. The following outlines our research and resolution. According to the complaint, Mr. ********* submitted an auto refinance application through Caribou and did not receive adequate communication from Caribou about the status of the application with the lender.

  Based on Caribous records, Mr. ********* visited the Caribou website on October 21, 2024 and inquired about refinancing his auto loan. Mr. ********* submitted his application to a Caribou Lending partner. After reviewing Mr. ********** file, the lender requested additional information. Unfortunately, there was an inadvertent miscommunication and the lender closed out the file. 

  After receiving the complaint, a Caribou Sales Manager contacted Mr. ********* on February 20, 2025 to apologize for his experience and offer to restart his application. Mr. ********* appreciated the call but chose not to proceed.

  Caribou appreciates the opportunity to address Mr. ********** concerns. At this time, Caribou considers the matter closed and will take no further action.

• Initial Complaint

  Date:01/28/2025

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I refinanced my car through Caribou at the end of summer 2024. It seemed smart as interest rates were starting to fall and my original loan was at a much higher rate. I should have stopped early on in the process, since there were annoyances and miscommunication right from the application process. They misquoted how much I'd be paying per month 3x and I had to redo paperwork, which was now all outdated because they require up to the day paystubs. They were unclear about when the loan would be transferred (it took till November!) and even after taking almost two full months to move the paperwork through, I had overlapping loans ***orted on my credit score for three and a half months, which brought my score down and negatively impacted my rental applications. They still haven't transferred my title, claiming the *** is holding my registration for unpaid fees, which I had thought I resolved with a different *** at Caribou/Beneficial Bank back in September. I got my registration just fine, but my title work is messed up and I get calls and texts from Caribou twice a day, even though I keep telling them my car is in fact registered. I also signed up for autopay with Beneficial (they own the loan) and every other month they don't take my money out and I have late fees. I can't get on the phone with a person at that bank to resolve this. Further more, none of my payments so far have appeared at all on my credit ***ort. Even though I get plenty of messages on my phone from Beneficial, when I try and connect with them, I only get machines. I also isn't transparent when I should be dealing with Caribou or **************** This has been an absolute nightmare and I plan on resolving this only to try and switch to a different firm. I have not actually received the service I signed up for months ago and I'm getting penalized through credit dips.

  

  Business Response

  Date: 02/06/2025

  Thank you for contacting Caribou Financial****** (Caribou) regarding a complaint filed with the Better Business Bureau (BBB) by ***** *****, Complaint ID ******** on January 28, 2025. The following outlines our research and resolution. According to the complaint, Ms. ***** alleged that Caribou misquoted loan offers, did not provide adequate updates, and has not yet transferred the title into her new lenders name. As described below, Ms. ***** accepted the loan offer available from our lending partner and Caribou was only able to recently attempt to transfer the lienholder on Ms. ****** title with the *************************************** (***) when it was able to confirm that Ms. ****** registration renewal was paid.

  Based on Caribous records, Ms. ***** visited the Caribou website on August 24, 2024 and inquired about refinancing her auto loan. Ms. ***** submitted some initial information and consented to Caribous Terms & Conditions and Credit Report Authorization. Although Ms. ***** selected an initial offer, the lending partner provided a counteroffer with a slightly higher interest rate and monthly payment. Ms. ***** accepted the lenders counteroffer and proceeded with her refinance application. Ms. ****** loan was funded through Caribous lending partner on September 30, 2024 and the payoff check was sent to her prior lien holder on October 2, 2024.

  Unfortunately, due to Ms. ****** expired registration and toll violations, Caribou was unable to transfer the lienholder on the new title to the new lender. Caribou provided frequent status updates to Ms. ***** via phone calls and text messages in order to obtain the updated registration. After confirming in early January 2025 that the registration renewal was paid, Caribou sent the title to the *** for processing with an estimated completion date of mid-February. If the *** rejects the title work due to the vehicles toll violations, Caribou will contact Ms. ***** with the documentation provided by the *** so she can pay the remaining outstanding fees.

  Caribou appreciates the opportunity to address Ms. ****** concerns. At this time, Caribou considers the matter closed and will take no further action. 

• Initial Complaint

  Date:01/17/2025

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On January 9th, 2025, I used Caribou's "No Impact to Your Credit Score" rate checking system, with the understanding this would be a preliminary idea of rates, without doing a hard pull on my credit. Throughout the process of inputting the necessary information, the website continued to verify their promise of "this will not impact your credit score" and will be a "soft pull". Within a few moments of completing my information, I was notified by Experian and MyFico (both subscription monitoring services) that a hard pull was done on my credit score. *********************** made an inquiry reported by ********** and ***************************** made an inquiry reported by Experian. Since then, I have been contacted relentlessly both via email, phone calls and texts by agents at both Caribou and Gravity Lending offering refinancing rates based upon my "pre-approval" and Caribou's system states I need to resume my application, which I did not in any way begin an application or actually apply for a refinance. The attached pdf is the initial email I was sent by Caribou. I took the time to highlight where it says this was a refinance "offer" with an asterisk directing you to page 5 where it is noted "*This information is based on a preliminary offer to refinance your auto loan from a Caribou lending partner that you previously viewed at **************************. Offers subject to change. There is no guarantee of savings." along with "The information you provide to us is an inquiry to determine whether our lenders can make you a loan offer. If any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review." In no way did I agree to a hard pull on my credit report and I would like these inquiries removed from my credit report and these agents to stop contacting me.

  

  Business Response

  Date: 01/24/2025

  Thank you for contacting Caribou Financial****** (Caribou) regarding a complaint filed with the Better Business Bureau (BBB) by ******** ********, Complaint ID ******** on January 17, 2025. The following outlines our research and resolution. According to the complaint, Ms. ******** inquired about an auto loan refinance with the understanding that a hard credit pull would not be conducted. Additionally, its alleged that Caribou conducted a hard credit pull without Ms. ********* consent. As described below, as Ms. ******** did not proceed with the refinance, neither Caribou, nor a Caribou lending partner conducted a hard credit pull of her credit. 

  Based on Caribous records, Ms. ******** visited the Caribou website on January 9, 2025 and inquired about refinancing her auto loan. Ms. ******** submitted some initial information and consented to Caribous Terms & Conditions, Privacy Notice and Credit Report Authorization in order to view offers that Caribous lending partners may have available without impacting her credit score.  Unfortunately after viewing offers, Ms. ******** elected not to proceed with the refinancing and did not provide the information needed for Caribou or a Caribou lending partner to conduct a hard credit pull.

  After receiving the complaint, Caribou investigated the allegations and confirmed that neither Caribou nor a Caribou lending partner completed a hard credit pull that impacted Ms. ********* credit score. In fact, Ms. ********* complaint cites Sun East Federal Credit and ***************************** as the financial institutions that completed the hard credit pull, and neither of those institutions are partners with Caribou. Additionally, Caribou does not partner with ***************, which was also cited in the complaint. At Ms. ********* request, Caribou has ceased all communications with her.
  

  Caribou appreciates the opportunity to address Ms. ********* concerns. At this time, Caribou considers the matter closed and will take no further action.

• Initial Complaint

  Date:01/15/2025

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  CARIBOU IS STEALING MONEY I DID A REFINANCE WITH THESE PEOPLE *********** CALL ME UP AND SAID CARIBOU STOP PAYMENT ON THE CHECK FOR $27,009.19 NOW THIS LEAVING ME PAYING TWO BANKS NOW I CALL ****** BANK THERE TELL ME TO CALL CARIBOU TO SO WHAT GOING ON SO ****** ALSO TOLD ME THAT CARIBOU ADD GAP WITHOUT ME SIGNING DOCUMENTS THAT I HAVE GAP WITH MY CAR INSURANCE PEOPLE DO NOT DEAL WITH THESE PEOPLE ARE A SCAM ARTIST WHEN YOU GO ON THEIR WEBSITE IT'S A LOT OG BAD REVIEWS YOU GUYS NEED TO GET THAT MONEY BACK TO *********** CAUSE I WILL HAVE A LAWYER ON THIS ONE YOUY GUYS ARE DEFRAUDING THE BANK YOU NEED TO SEND ME A COPY OF THIS TRANSACTION CLEAR FROM YOU GUYS BANK ASAP.

  

  Business Response

  Date: 01/24/2025

  Thank you for contacting Caribou Financial****** (Caribou) regarding a complaint filed with the Better Business Bureau (BBB) by Destane *******, Complaint ID ******** on January 15, 2025. The following outlines our research and resolution. According to the complaint, Ms. ******* alleged that Caribou stopped the payment of the payoff check of the initial loan being refinanced after she refinanced with a Caribou lending partner. As described below, a Caribou Sales Manager has spoken with Ms. ******* and emailed her a copy of the payoff check that was cashed by Ms. ************** financial institution in order to pay off the prior auto loan.

  Based on Caribous records, Ms. ******* visited the Caribou website on November 14, 2024 and inquired about refinancing her auto loan.  Ms. ******* subsequently refinanced her loan through a Caribou lending partner on December 9, 2024 and Caribou sent the payoff check to the original lien holder on December 18, 2024. According to Caribous records, the payoff check was cashed by the original lien holder on December 20, 2024.

  After receiving the complaint, a Caribou Sales Manager contacted Ms. ******* to let her know that Caribou did not stop payment on the payoff check; rather, the check had been cashed by her original lienholder. Caribou emailed a copy of the cashed check to Ms. ******* for her records and she also confirmed that her financial institution told her they were having system maintenance issues. 
  

  Caribou appreciates the opportunity to address Ms. ******** concerns. At this time, Caribou considers the matter closed and will take no further action. 
  

  
  

• Initial Complaint

  Date:12/13/2024

  Type:Delivery Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  12/2/2024 applied for auto refinance, after a week of not hearing a single word I emailed them and got a response saying let me look into this I still have not heard back from this company I have emailed and called multiple times still no response I now have a hard inquiry on my report with out any outcome this business seems to be a scam

  

  Business Response

  Date: 12/20/2024

  Thank you for contacting Caribou Financial****** (Caribou) regarding a complaint filed with the Better Business Bureau (BBB) by ****** ******, Complaint ID ******** on December 13, 2024. The following outlines our research and resolution. According to the complaint, Mr. ****** submitted an application through Caribou to apply for an auto loan refinance with one of Caribous lending partners and did not receive an update on the status. As described below, a Caribou Sales Manager has spoken to Mr. ****** about his application, which has been preliminarily approved by Caribous Lending partner.

  Based on Caribous records, Mr. ****** visited the Caribou website on December 2, 2024 and inquired about refinancing his automobile. On the same day, Caribou submitted Mr. ******* application to the lender for review. Unfortunately, due to higher than normal call volumes, Caribou was delayed in following up with Mr. ****** regarding the status of his application.  

  After receiving the complaint, a Caribou Sales Manager contacted Mr. ****** on December 16, 2024 to apologize for the delay and obtained some clarifying information requested from the lender. On December 18, 2024, a Caribou Loan Officer contacted Mr. ****** to communicate the lenders preliminary approval. Mr. ****** shared that he was going to think about the refinance and contact Caribou if and when he was ready to proceed.

  Caribou appreciates the opportunity to address Mr. ******* concerns. At this time, Caribou considers the matter closed and will take no further action.
  

  
  

• Initial Complaint

  Date:11/30/2024

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I got an auto loan with their assistance several years back. I recently paid the loan off. I inquired on how I would get my unused premium from my gap insurance. I was instructed by the lender that I got to go through the broker who was Caribou. Over the last three months, I must have contacted them a dozen times (email and phone calls) to inquire how I start the process for my refund. No one from Caribou has contacted me back.I am looking for someone to inform on how I start the process.

  

  Business Response

  Date: 12/06/2024

  Thank you for contacting Caribou Financial****** (Caribou) regarding a complaint filed with the Better Business Bureau (BBB) by ****** *******, Complaint ID ******** on November 30, 2024. The following outlines our research and resolution. According to the complaint, Mr. ******* contacted Caribou to cancel the Guaranteed Asset Protection (GAP) he previously added to an auto-refinance loan he applied for through Caribou in 2021. As described below, a Caribou Sales Manager helped Mr. ******* submit a GAP cancellation request, and informed him that the request will be processed over the next four-eight weeks. 
  

  Based on Caribous records, Mr. ******* visited the Caribou website on December 11, 2021 and inquired about refinancing his automobile with a Caribou lending partner. Caribou submitted Mr. ******** application to the lender for review, and the loan was funded. According to Mr. ******** complaint, he recently paid off the loan, and would like to cancel GAP.
  

  After receiving Mr. ******** complaint, a Caribou Sales Manager contacted him on December 2, 2024 to promptly assist with his request to cancel GAP. The Caribou Sales Manager submitted the cancellation request on Mr. ******** behalf, and informed him that the request will be processed over the next four-eight weeks and a prorated GAP refund will be sent to him.
  

  Caribou appreciates the opportunity to address Mr. ******** concerns. At this time, Caribou considers the matter closed and will take no further action.

• Initial Complaint

  Date:10/30/2024

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  They misled me into thinking that I would be saving $2,000 more than they would actually be saving me:When I used the Refinancing Calculator on the Caribou website, it said that I would save around $2,200 on my current car loan if I refinanced through Caribou.Based on that information, I allowed them to do a hard credit check and completed all the paperwork they asked.After that was all complete, they shared quotes that used the same interest rates in the calculator (i.e.- nothing changed from the calculator quote) and when I ran the numbers, I saw it would only be a $200 savings. Their practices are misleading at best.

  

  Business Response

  Date: 11/08/2024

  Thank you for contacting Caribou Financial****** (Caribou) regarding a complaint filed with the Better Business Bureau (BBB) by ******* *****, Complaint ID ******** on October 30, 2024. The following outlines our research and resolution. According to the complaint, Mr. ***** states that he was misled by Caribous website refinancing calculator. As described in more detail below, the website refinancing calculator is for educational purposes only and does not consider the actual information reviewed by the lending partner for approval.

  Based on Caribous records, Mr. ***** visited the Caribou website on October 16, 2024 and inquired about refinancing his automobile with a Caribou lending partner. Mr. ***** entered his information, selected a preliminary offer with a lending partner, agreed to a hard credit pull, and Caribou submitted his application to the lender for review. 

  A Caribou Loan Officer called Mr. ***** on October 29, 2024 to discuss the lenders refinance approval and shared available options for his loan. During that conversation, Mr. ***** asked for time to consider his options. After the call, Mr. ***** sent a text message to the Loan Officer and chose not to move forward with the refinance loan. Upon review of the text message, it appears that Mr. ***** did not consider an option the Loan Officer had presented to him that included additional savings. A Caribou Sales Manager left Mr. ***** a voicemail to remind him that this loan offer is available. If Mr. ***** changes his mind, he can still apply for this loan offer by reaching out directly to Caribou.
  

  Caribou appreciates the opportunity to address Mr. ***** concerns. At this time, Caribou considers the matter closed and will take no further action.