Complaints

• Initial Complaint

  11/25/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  They sent me a letter telling me I was qualified for a car refinance and it would lower my payment by $90 per month. It also said there would be no impact to my credit because its a soft pull. Well they pulled a hard credit pull which lowers my score and then told me my new payment would be $40 more than I pay now. Company is obviously a scam and now I have a hit on my credit. Seriously considering talking to a lawyer if they dont fix this

  

  Business response

  11/25/2024

  It appears you have applied 3 times with us over the last 3 months (2 times from Credit Karma and 1 time on our website).  The first time we declined, back in August and then the last 2 in November we have approved for a rate greater than you are currently paying.  Im not sure where in our letter we promise there will be no affect on your credit.  On our website it states this when you apply.  (4) I am granting OpenRoad Lending and its *************** permission to access my credit report to determine if I qualify for refinancing my existing auto loan, and I understand that I could have multiple inquiries on my credit report through this process.  Also an inquiry only costs you 3-5 points so it has not real impact on your credit (**********************************************************************************).  I am sorry we are able to lower your rate at this time but if you are looking for a lower payment we can help with that. 

  Customer response

  11/25/2024

  Complaint: 22593965
  
  I am rejecting this response because:

  The letter I received clearly stated that it would be a soft pull for qualification. Ive already posted this issue on your ******** page as well to warn others of your shady tactics. And 3-5 points adds up when you run multiple inquiries. I will make sure I never do business with your company again and will do everything I can to warn others not to as well. You stated in this response that you could lower my payment, but when I talked to someone over the phone they said the lowest they could offer is $30 more than I pay now, so another lie from your company I suppose 
  
  Regards,
  
  ******* *******

  

  Business response

  11/26/2024

  I guess you didnt read the entire article as it states and multiple inquiries of the same type (auto in this case) within a 14 day window only count as a single inquiry because they know people are shopping for auto loans (**************************************************************************************************).  Here is a different article that states the same thing.  So the overall cost is 3-5 points and there are 3 or 4 other things you could do that have way larger affect on your credit score than a single inquiry.  Again I am sorry we cant help you at this time.

  Customer response

  11/26/2024

  Complaint: 22593965
  
  I am rejecting this response because:

  Very unprofessional representatives and nothing but lies from the company from the beginning. Everyone should be aware and look for better refinance companies, this one isnt it. 
  
  Regards,
  
  ******* *******

• Initial Complaint

  11/12/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Submitted my info to get a quote and no one is getting back to me. I sent a couple emails and texts asking for support for submitting proof of income with no response.

  

  Business response

  11/12/2024

  Im not sure what the complaint is because we have spoken to you about everyday for the several days and today we asked you for additional information (One and the Same, Proof of Residence, ************ of Attorney) and you told us you are looking at some other companies and trying to see if you can get a co app but we cannot add in your state.  I am unclear what the issue really is.

• Initial Complaint

  10/10/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  Open road tells me they have approved me for refinance for my vehicle. Then they proceed to have you log into their website with a proveided code. One I logged in, the system tells me that I have Not been approved after they had already said I was. Giving me false hopes and doing a hard check on my credit causing it to drop!This company should not be giving people false hopes and false advertising thru Credit Karma.

  

  Business response

  10/10/2024

  I am sorry that we were unable to approve you.  Based on your credit we could approve you but once you applied we determined that your Loan To Value (LTV) the amount your care is worth in relation to the balance of the loans was almost 150%.  Our maximum in many cases is well below that so we declined you because of your cars value in relation to the loan owed.  I am sorry we cannot help you at this time.  If you can pay the loan down, then we would be able to help you refinance your vehicle.

• Initial Complaint

  10/07/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  The company did a hard credit check and then sent me a approval letter then two hours later later rejected or rescinded the letter they couldnt approve me at all

  

  Business response

  10/09/2024

  I cannot find you in our database of ever applying.  Can you give a time frame that you applied at ******************************?

• Initial Complaint

  09/19/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Without going into great detail, this company is very misleading and dishonest!I am a military veteran, who is also retired law enforcement,I will simply stay that I am disappointed in this company and what should have been a simple refinance of a automobile, when it wouldve been much easier for them to ask the right questions ahead of time to prevent any hard inquiries or damage their fellow Americans Credit Not a big deal to me at all this company will bury itself from within handling business the way they do Consumers beware before into any type of agreement with this company!

  

  Business response

  09/19/2024

  First of all thank you for your service.  Second the details that you didnt elaborate contain the issue at hand.  Your loan to value (what you owe as compared to the value of the vehicle) is almost 200%.  This means your loan is almost $29,000, but the value of the vehicle is $15,000.  We can only do160%.  We ask questions and get data as soon as possible but the only way to know what your vehicle is worth is to talk to you once we have you approved.  We need to know what options it might have on it.  I am sorry we were unable to help you but if you want to continue you can pay about $5,000 down on your loan and that would get the *** less than 160%.  Otherwise the risk is greater than our credit profiles. 

• Initial Complaint

  09/09/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  09/08/2024-09/09/2023 Open road lending Telling people they are approved for refinancing then when reaching out to them to finish up they tell you its declined these people are doing hard credit checks and damaging peoples credit by declining people after they say they are approved

  

  Business response

  09/10/2024

  I am sorry we couldnt approve you at this time but in the email you sent there is an asterisk that states "Final approval and terms of you loan will be based on several factors including loan to value....."  You loan was declined because of loan to value (LTV) and it was over 250%.  This means your loan payoff was over $20,000 but the value of your vehicle was only $8,200.  This is well beyond our risk exceptions and we did approve you based on your credit but we had no way of knowing all options and ******* of your vehicle until we talked with you.  Again I am sorry that we cannot help you but we disclosed that this is a preliminary approval.

  Customer response

  09/10/2024

  Complaint: 22260164
  
  I am rejecting this response because:nowhere in the email does it state that it is not an actual approval nor does it say it is an initial approval it specifically states Congrats! Your auto loan refinance application has been approved* it does not say congratulations your auto loan is initially approved or has been pre approved this is misleading and boards on the line of scamming people
  
  Regards,
  
  *****************

  

  Business response

  09/12/2024

  You have only included half the screen shot....see next to the word  approved is an asterisk.  Then if you follow the asterisk to down below you see it is disclaimed?  Its pretty obvious with the asterisk (*) next to the word approved.

  Customer response

  09/12/2024

  Complaint: 22260164
  
  I am rejecting this response because:does it say anywhere on the email to follow the asterisk or did you just decide to do that assuming people would know exactly what some random asterisk l means
  
  Regards,
  
  *****************

• Initial Complaint

  09/03/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Credit Karma recommended this service to refinance my auto loan with a very good approval rating. I applied, my credit was dinged multiple time, but I received 2 emails, one saying congratulations on approval and a second email saying I needed to add my co-app. I called and was immediately told my vehicle was $5k over their limit to refinance, sorry can't help you and hung up. Not only was I given false hope about finally refinancing my vehicle, but they dinged my credit report multiple times which will stay for 2 years. This was a devastating experience and I will never recommend or use this company in the future.

  

  Business response

  09/03/2024

  I am sorry for your poor experience but your "approval" was based on your credit but as you can see in the email you attached with the asterisk to the reference at the bottom it says "Final approval and terms of your loan will be based on several factors including loan to value....".  Your loan was declined your loan to value (***) was over 165%.  Meaning you owe almost $30,000 but your vehicle is only worth $17,000,  This increases the risk and we didnt know the details (items on the vehicle or mileage when you applied).  So once we booked it out, the *** was too high and therefore it was declined.  As far as the 2 inquiries, both inquiries count as just one because the bureaus know you might be shopping.  See this article from Experian to verify. (**************************************************************************************************).  Since its only a single inquiry it only has an effect of 3-5 points on your score.  (**********************************************************************************).  Here is another article showing that but you can find your own if you just search for it.  Again I am sorry we were unable to help you with your loan today.

• Initial Complaint

  08/26/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Requested refund of gap insurance after paying off my vehicle in May 2024. Still have not heard anything back from vendor.

  

  Business response

  08/27/2024

  Please contact ***************************************** to contact your policy.  If you still owe money to your lender, they they will get the refund.  If you have paid off the loan then the money will go directly to you  and could ***********-8 weeks.

• Initial Complaint

  07/01/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  I received a letter in the mail from open road lending stating that I had been pre approved to refinance my auto loan, this is something I have been trying to do and I was interested to see that I had been pre approved. I went to the website like the letter instructed and put in all my information and they pulled my credit causing a hard inquiry, obviously, but this effects my credit making making me take a step back again while I have been trying to build my credit to refinance my auto loan. After I submit my information I was denied. I was frustrated for having wasted my time and causing a negative hit to my credit for absolutely no reason at all. Had they not sent me a letter giving me false hope I would have been able to wait and continue getting myself ready to refinance when i was in the best position to do so. This was a false advertisement.

  

  Business response

  07/02/2024

  I am sorry we couldnt approve you with the application that we received from you.  When we send a mailer we base the pre-approval on ************* items but we do NOT know the vehicle that you are refinancing nor do we know how much income you make.  In this case you applied to refinance a joint debt (one with another borrower) but you applied by yourself.  So the income is insufficient by yourself to sustain this debt so therefore you were declined.  If you want to add a coborrower if could help in the income reason as to why we declined the application.  As it stands now your debt to income ratio is too high to sustain the payment for the vehicle.  Also a credit inquiry only costs you 3-5 points so its not that overwhelming in the big picture of your credit.  ***************************************************************************************************

   

• Initial Complaint

  06/17/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  6/14/24 I was originally approved for 60months at $430 monthly at 12% APR, but after a hard credit pull which is now going to effect my credit and financially setback they call me on Monday and offered me 72 months at $460 monthly at 16.4%. They perform the bait and switch method in business up and I'm considering legal action. I need them to remove the inquiry since they attempted to provide a service under Arbitrary practices.

  

  Business response

  06/18/2024

  I do not see we ever offered you 12%.  The original offer was *****% and it did increase to *****% because your loan to value (LTV) the amount of your loan divided by the value of your vehicle was almost 120% once we booked out your vehicle. Which means you owe about 20% more than than your vehicle is worth.  This increases the risk and therefore the rate goes up.  A inquiry only costs you 3-5 points as you can see in this article from Experian (***************************************************************************************************).  I am sorry we cannot help you at this time.

*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. ↩