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Complaint Details
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Initial Complaint
07/01/2024
- Complaint Type:
- Sales and Advertising Issues
- Status:
- Answered
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
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.Initial Complaint
06/17/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
WHAT I FEEL IS WEIRD WITH THIS COMPANY IS I APPLIED THRU LENDING TREE THEY SEND ME HERE I APPLY WITH THEN IM TOLD IN ***** HOURS ILL HAVE A REPLY .. I LOG IN TO SEE MY CREDIT SCORE SHOWED A 489 WHEN I PAY EXERIAN BOOST MONTHLY AND IM SITTING AT A 569 WITH NO ALERT OF MY CREDIT BEING RAN OR CHECKED OR EVEN A SOFT CREDIT PULL .. THE *** SENT SAYS IM AT A 469 THAT MAKES ZERO SENSE WHEN IM WORKING WITH LEXINGTON LAW TO IMPROVE MY CREDIT.. *** REPORTED THIS COMPANY TO THE CREDIT BUREAUS CAUSE ITS VERY WEIRD AND WHEN YOU CALL YOU GET FOREIGNERS THAT LEAVE YOU ON HOLD AND OVER TALK YOU PLEASE BE WARE THIS IS A SCAMMING COMPANYBusiness response
06/18/2024
When you applied with us on 6/17 your FICO was 489 and we declined you. As part of the process we offer a third party (Lexington Law) to help you clean up some of the items on your report. It is a third party, it is optional and we have no association with them other than we offer their product. They DO NOT see any information about you. As far as the variations in credit scores, there are 16 different versions of FICO score and can swing ***** points depending on the score that you see. Here is an article from Experian explaining the different scores (************************************************************************************************************************************************************************************************************.). I am sorry at this time we are unable to help you refinance your auto loan and you do not have to deal with Lexington Law if you do not choose to.Customer response
06/18/2024
Complaint: 21860735
I am rejecting this response because:First let me clear you with that bogus 499 this is my EXPERIAN BOOST account that I PAY for Im alerted EVERYTIME my social is ran you all NEVERRRR ran my credit I have not one alert from you or lending tree
Second the ************************************************************ years as the picture show over time my score I reported you all to every agency I know lying on the public Ive googled you all complaints as well as read how rudely you reply as a defense mechanism all of this is tracked and saved you can try to attack my credit profile but the truth is your company is a scam business that prey on bad credit customers to gain a good review not with me you lied on me and to me and this will not be the last you hear from me .. be blessed
Regards,
***********************Business response
06/19/2024
We pulled what is called a "soft inquiry" which allows us to view your credit without having an adverse affect on your score instead of a hard inquiry. You are only seeing the hard inquiries on your credit from your app because those are teh ones that "cost" you points. Here is an Experian article that explains the difference. (*************************************************************************). I have attached the raw bureau we get back when we do a soft inquiry. You will see i have highlighted the score we get back is the **** auto score 8 which was a 489. If you have issues with your score you need to contact Experian directly. We dont make up the bureau we just consume what they send us. Again I am sorry we cannot help you at this time.Initial Complaint
05/16/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I have ************* and this company is a scam they state they use *** and gave me the *** calculation only to say oh no we use retail value for a total loss gap claim that makes me owe 4299 on a car I dont have but have GAP insurance and the insurance company has given me full access to what they sent and OPEN LENDING is saying they can basically go through whoever to send less money owed and that is not fair at all so I want someone to call me or email me ASAP because that's fraud. In my contract it also says *** but they are doing retail value as if they have the car to sell and they don't the car was a total loss.Business response
05/16/2024
I am sorry but your complaint is to the *** company. We do not administer or receive any of the loss proceeds. It does appear that your insurance company paid you too little based on the actual value of the vehicle but these are not our documents and not our area. You will need to work with your insurance company, *************** (who owns the loan) and the *** company.Customer response
05/16/2024
Complaint: 21716770
I am rejecting this response because:The problem is with the Gap who is open road lending which is why i filed the complaint. I'm not understanding how you all are blaming the insurance for paying to low when in my Gap contract it states ACV but *** is saying they do market value which would make the price go up which isn't fair *** is supposed to cover the difference that's why I purchased the *** for a situation like this so if i don't need to speak with you all then who bc it needs to be reevaluated because it does not make sense i work in insurance and everyone is saying *** is the one who did the incorrect value on my claim and it needs to be reassessed. I have tried for weeks to talk to everyone in the office but they are unwilling to even hear me out and then keep sending me back to the insurance which when they sent me their 9 pages of the valuation it makes sense you all just sent me a page saying ACV BUT THE OFFICE STATES ITS RETAIL EVEN market value but that's not right nor fair at all! and then **** literally told me the day of the decision that when this happens i have to speak with my insurance but i had to sigh the paper work e doc to allow them to send it to them so i signed it like a dummy which i should have not but i don't know im thinking she is correct and yesterday before hanging up the phone she says her exact words well you already signed the documents so we won't be doing anything else i was appalled be has i only signed bc she told me that was the only way to send the docs to my insurance. i paid into *** for a reason and y'all literally scammed me i need a call ASAP from someone
Regards,
***********************Business response
05/16/2024
Again this is not our area of expertise but how do you think ACV is calculated? The gap company does the average of 3 retail values which is what the insurance company should have paid. The contract clearly states they pay over and above that value. It was your insurance company that got away with paying you too little for the value of your vehicle. In the 7 years we have used this GAP company we have never had any issues of any sort, let alone how ACV was calculated.Customer response
05/16/2024
Complaint: 21716770
I am rejecting this response because:so why would they use retail values when that's not the *** values is the question and that's the dispute. *** is always lower than the retail value and that's the iasue i'm having because how i am responsible for this amount when GAP is suppose to cover the cost of the difference and choosing not to
Regards,
***********************Initial Complaint
05/08/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
The business committed to seeking approval for an auto loan refinance, based on initial information. After initial application, specific verification was requested. All verification (including income verification) was sent to the company. They approved the refinance, sent over approval documentation that I signed and returned and then told me to send my title, which I did. This morning, after all of that was completed, they told me that my income verification came back differently and I qualified for a higher percentage rating. The situation was such that if I didn't then sign over the loan, I would be in danger of having a default on my current loan with my current lender, as they had told me they would make my most recent payment and I wouldn't have to make a payment for 45 days after I refinanced with them. This practice was purposeful and deceitful to get the customer to sign over their loan at a higher rate than originally approved for,Business response
05/08/2024
I am sorry that your rate changed but you applied with gross monthly income of $13,333. When we verified the income, the amount was only $5,308. That is a big difference as it takes your Debt to Income (DTI) from less than 50% to over 60% which makes this a high risk loan. We purposely do the verification of income last because if we do it earlier, people can quit their jobs or be fired and then we have a customer with no income. You entered the income on the application so we took your word that it would be relatively close in making our loan decision. We do not ever want to raise the rate as we end up just losing the loan with all the work we have done and get nothing for it. Again I am sorry we cannot lower our rate because it is risk based pricing.Customer response
05/08/2024
Complaint: 21683606
I am rejecting this response because:The business has basically restated my complaint and no attempt at a resolution has been made.
Regards,
*****************************Business response
05/09/2024
I am sorry that we cannot fix the situation to your satisfaction but it all stems from you applying with $13,333 of gross monthly income instead of the $5,308 that you actually make. This deception is not our fault and has consequences. We would love to give you a lower rate; however based on your debt to income and our risk profiles we are unable to lower your rate.Customer response
05/09/2024
Complaint: 21683606
I am rejecting this response because:Lender used personal information in post.
Regards,
*****************************Initial Complaint
04/19/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
They did a hard credit inquiry without my permission.Business response
04/22/2024
I am sorry but you applied at LendingTree to refinance your auto loan and they have forwarded it to us. I have attached the screen shot of what you agreed to in order to submit your application to LendingTree. If you disagree, then you should contact them. I am sorry but we have approved you for a slightly lower rate on your auto loan. You can contact us to continue.Initial Complaint
04/05/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I applied for a car loan on April 5, 2024 I was denied because they said that they do not have a program available in my area. I have excellent credit 796 score and able to approve that Im a high income earner. Their marketing says that they are offering 2.49% car loans. I asked multiple times & received emails explaining that they do have a 2.49%. I told them if LTV was an issue I could pay down the loan & whatever they needed to do so that could attain the 2.49 I applied my credit score is 796. As soon as I applied a received denial email. I called back into the *************** voicemail said congratulations on your excellent credit but we do not have any programs for you at this time. I first started this Application process I called 6 months ago. They told me that I needed to make 4 payments. 6 payments ltr I called on 4/2 spoke to a representative & asked for an email with the application & received the terms and the 2.49 rate. I asked her a couple questions about the interest rate & she put it in an email explaining how the interest-rate how I can get the interest-rate and the terms. I got denied, I called and asked to speak to a supervisor. She said that I would receive an email explaining the reason for the denial. I received ********* sent me the denial. I emailed her back & said that their marketing has it was totally DECEPTIVE & untrue. They ****** advertise rates!!! I asked to speak to the to the next supervisor. Now on the 3rd level I asked him why I was denied he said he did not have access to that. I asked him why the person that reported to him had access and he did not & then when he knew he was caught he said oh yes I can see it now so I asked him what are the terms to get the 2.49% he said I cant provide that to you I told him that I was going to file a complaint with the BBB Every time your credit is pulled it drops score Deceptive deceptive advertising practice! Im sure Its against the law to advertise rates that you cant deliver.Business response
04/10/2024
I am sorry but we do not have a 2.49% rate and frankly no one does at this point in time as rates are at an almost high. I would like to see the "advertising" that you are referencing that we produced because we do not have any rates that low. Please send on the advertising with that rate.Initial Complaint
03/18/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I applied for a promotion sent to myself concerning refinancing my automobile loan to a lower rate and payment. After applying I was approved at a lower rate and payment. When it came to actually writing up the loan it was of course a higher interest and dollar amount. The new payment given to me saved the consumer a 0.14$ as compared to the promotional savings of $60.00. My interest rate this business offered was a *****% as compared to *****%. This was a total scam and only what I call fishing of the consumer. This business has also created a hardship creating a hard pull on my credit. I am an elderly handicapped consumer on a fixed income and every dollar matters.Business response
03/19/2024
I am sorry that we are unable to lower your approval rate any more but when you got the offer on Credit Karma there 2 items we do not know. How much you make or the vehicle that you are refinancing. In your case income was sufficient but the vehicles value is only $15,000 but you owe almost $19,000. That makes the Loan to Value (LTV) almost 140%, which increases the risk and therefore increases the rate. We price our loans out at 100% LTV and you can see its significantly higher. As far as a hardship, a credit inquiry costs less than 5 points. See this article from Experian (***************************************************************************************************). Again i am sorry we were unable to help at this time.Customer response
03/19/2024
Complaint: 21448191
I am rejecting this response because: Credit Karma did now what vehicle and what the loan amount was for they sent it to you and that is when I received the offer for a lower interest rate, thus lower car payment. Thus, one of you are trying to mislead the BBB and myself. As far as your comment that the inquiry is only 5 points, well that 5 points is major in today's economy especially if applying for a mortgage so once again you are misinforming the consumer and the BBB. Again, I wish for you to remove this inquiry.
Regards,
***********************************Business response
03/20/2024
A couple of clarifications. Credit Karma may know the vehicle you have but I dont think they have all the "options" (leather vs. cloth, what kind of stereo, etc) because VINs do not necessarily decode for all makes and models. This can widely affect the vehicles value. Also I dont think they had your mileage which can cause major swings in value. Finally, the credit score change is "five points or less" and "will bounce back in a few months." Your credit score is in constant flux as it takes into account payments / non payments, usage of credit utilization and new credit among just a few items. Credit inquiries are one of the smallest items in your score. I am sorry but we have a valid inquiry and we offered as strong as we could but as stated earlier your LTV is close to 140%. In todays environment, LTV is a big driver of default. Again I am sorry that we were unable to lower your rate even more.Customer response
03/20/2024
Complaint: 21448191
"I would like to respectfully reject the response as I would strongly recommend that you investigate Credit Karma before defending your practices. It has come to my attention that they had access to a snapshot of my vehicle mileage and loan balance. Furthermore, I have significant knowledge regarding credit bureaus, as a close family member of mine was the president of one of the largest credit reporting agencies. Unfortunately, the results from such inquiries are often viewed negatively, with a hard pull and no new accounts resulting. As such, I will be reopening my case with the Better Business Bureau in the future. To ensure accuracy, I will provide a screenshot of the offer, as I am frequently receiving offers from the two. "I appreciate your assistance in these matters as it pertains to consumer protection and the creditors."
Regards,
***********************************Initial Complaint
02/26/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I had gotten approved for a loan and when I called customer service they said that since my car has ****** miles instead of the ****** since I bought it that they couldnt give me the loan. Credit karma said extremely ********** of getting approved. I have an emailed stating i got approved and they denied me. This is a hard pull on my credit and should not be on an app that states that this will essentially not hurt my credit. Its a lie, and to me hurts average Americans like myself that are trying to get ahead in life.Business response
02/26/2024
I am sorry that we cannot help you refinance your loan but it has nothing really to do with the change in miles. From a credit perspective, you are approved. However our loans have some parameters and one of them is loan to value (***). This is how much you owe as compared to the vehicles value. Your *** is about 160% which means you owe over $30,000 but the vehicle's value is about $20,000. The risk for this loan is too great and thus we cannot approve not based on your credit but because of the collateral. If you can pay down the existing loan and bring the *** down, then we would be able to help you. Until then your *** is too high and I am sorry we cannot help.Initial Complaint
02/20/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
I applied to refinance my car loan through Open Road Lending. They pulled my credit 3 times, making my credit score drop over 100 points. I didnt agree to that.Business response
02/20/2024
I am sorry we couldnt lower your rate like both of us hoped but we do offer a 1% rate drop. Also I am sympathetic to your credit score drop but thats not how it works. First of all you give us permission to soft pull your credit which has no affect on your score. You agreed to this statement on the application when you applied. "I authorize OpenRoad Lending to pass my application to other Lenders who may be able to assist me in refinancing; "
We then match you with a lender, in your case Exeter Finance, who will pull your credit. As you can see from this article from Experian, a credit inquiry costs "less than 5 points". *********************************************************************************************************; Also multiple inquiries within a 14 day period of the same type (*******) count as a single inquiry, so even if there were multiple inquiries that would not account for your 100 point change. ********************************************************************************************************;
The biggest driver in credit scores is paying your bills on time. You can see a list of credit improving tips from Experian here *************************************************************************************************************************************************************************************************************************************************; Again I am sorry that we didnt exceed your expectations but no one wins when we cant help you save money.
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Contact Information
5555 N Beach St Ste 4100
Fort Worth, TX 76137-2743
Business hours
Today,8:00 AM - 6:00 PM
MMonday | 8:00 AM - 6:00 PM |
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TTuesday | 8:00 AM - 6:00 PM |
WWednesday | 8:00 AM - 6:00 PM |
ThThursday | 8:00 AM - 6:00 PM |
FFriday | 8:00 AM - 6:00 PM |
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Get a QuoteCustomer Complaints Summary
84 total complaints in the last 3 years.
27 complaints closed in the last 12 months.