ComplaintsforBoatzon Holdings LLC

• Initial Complaint

  05/17/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Business claims to loan money to anyone with a 620 or higher Beacon score. This is a false claim. They pull your credit twice automatically, and that hurts your credit score. My credit score was drastically higher than that required 620 and I was still declined. I was told because of the age of my credit, and that was a false claim as well. The credit should have never been pulled if they are not in the business of loaning money.

  Business response

  05/30/2024

  During our initial contact with ****************, a soft credit pull was conducted, rather than a comprehensive credit check. Following his consent to proceed, his file was forwarded to our ***************** who then initiated a full credit check that was approved by **************** and our lending partners facilitated the submission of bank offers.
  
  Throughout the process, **************** engaged with our representatives on multiple occasions, receiving updates on his application status.
  
  In our discussions with ****************, we took time to clarify the distinction between pre-qualification and approval. We directed him to the relevant information available on our website and reiterated this during the application procedure.  Furthermore, we showed him where he saw this information as he initiated the application process.
  
  Our final conversations with **************** included conveying feedback from our potential lending partners, indicating that due to the length of his credit history, securing the desired financing for his boat proved challenging, and we would not be able to provide the lending he was trying to secure.

   

  Customer response

  05/30/2024

   
  Complaint: 21725219
  
  I am rejecting this response because: it is not factual or true. I did not speak with a representative multiple times, nor was I given an accurate reason for the choice of the lender. I was told that I needed a credit history of at least two years, which I have an average credit history of 3 years. I was also told I would receive a letter in the mail explaining the decision, which I did not. I do not believe that this company is a legit business, and I feel that the credit pull was unwarranted.
  
  Sincerely,
  
  *************************

  Business response

  06/05/2024

  The below information is on our website and is stated in the application process.  Our process is transparent, and the customer reads and consents at various stages throughout the process. Please see below: 

  Minimum Credit Score is not the Only Requirement for Approval.  We do not state all applicants will be approved with a credit score of 620 and above.  Other criteria are evaluated including length of credit history, outstanding credit, recent income and more by our lender partners who make the final loan decision.
  
  Prequalification Process - The prequalification process does a soft credit pull without any impact to the requestors credit.  The soft credit pull primarily validates the requestors credit score for prequalification rate presentation.  If the requestor would like to proceed with prequalification, they must give consent and approval to the language below.
  
  By checking this box and clicking on GET PRE-QUALIFIED, you have read and agreed to Boatzon's Financial Privacy Policy, E-SIGN Consent, Fair Credit Reporting Act Disclosure that enables all transactions and disclosure delivery to occur electronically
  
  By clicking GET PRE-QUALIFIED, I give Boatzon and its partners written consent to obtain consumer reports from one or more consumer reporting agencies to show me credit options I pre-qualify for when financing with Boatzon or affiliated seller.Retrieving my pre-qualification credit terms generates a soft credit inquiry,which is visible only to me and does not affect my credit score. This pre-qualification is a soft pull of your credit and does not impact your credit score.
  
  Loan Approval Consent Process - In order to proceed to the loan approval stage after pre-qualification stage, the requestor receives the following notification language and is required to agree to proceed.  The customer is informed with the following, including that it is not a commitment to lend, and the requestor is required to click submit to approve.
  
  Based on your information received, we are happy to say that you are pre-qualified under our lender's underwriting guidelines and available loan programs. This is not a commitment to lend, final approval is subject to full underwriting by the lender.
  
  By clicking Submit, I am providing my consent to Boatzon, ****************** Services, and their lending partners, to request, obtain and review a copy of my credit report from one or more consumer reporting agencies in connection with the evaluation of my loan application.
  
  Disclaimer Can My Rate Change
  
  The answer is yes, it is possible your rate *** slightly change. However, it can change to a slightly lower rate in your benefit as well.
  
  Rates can slightly change if the rates are volatile, or changing during that time, or if your loan application as a time lapse. This means that the rate can rise or fall depending on the current market. You get the chance of locking the final boat loan rate when you complete this step and the loan application has been finalized.
  
  You need to keep in mind that there is no open-ended lock. You need to close within a given time frame of 30 days so that it is guaranteed.

   

  
  
  

  
  

  Customer response

  06/05/2024

   
  Complaint: 21725219
  
  I am rejecting this response. The company is trying to explain that they are transparent, however they are anything but that. I should have done more research prior to applying. There is a large number of more established and legit lenders. This company has very underhanded advertising practice. I have since gone with another real company. I was offered the lowest percentage rate and the longest term available. The term was not necessary, however I did take advantage of a very low rate. The entire process has been completed and and the boat has been funded already. Boatzon isn't capable of accomplishing this. The one representative that I did speak to on one occurrence had no idea what was happening at that stage in the process. The company I actually went with assigned me a loan officer that communicated with me via email and text the entire process from start to finish. Once more I will say I chose the wrong lender at first and that was because I believe the misleading advertising that I have since reported to the State Attorney General of Florida.
  
  Sincerely,
  
  *************************

• Initial Complaint

  08/08/2023

  Complaint Type:

  Product Issues

  Status:

  Unanswered

  More info

  This is the add: TACO Marine Lumber - 6' x 12' x 1/4' - White ********* $16.19.I received a 6 x 12 X 1/4. I would like my money refunded.Order #****** ************************* ****************************************************************** Total $25.14

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