ComplaintsformyAutoloan.com

• Initial Complaint

  06/07/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  I went on MyAutoLoan.com to see about a private party auto loan. Upon filling out the application, a new page showed, saying "To complete your application, go to transunion to get your credit score" implying that the application would not be completed without creating an account on Transunions website. Thats borderline scam material, and the people that created myautoloan.com are scumbags for that. I was charged a $32 fee in order to complete the auto loan application, which was completely unnecessary for the app, yet was unavoidable on the website. I hope whoever runs this site gets fired and has to start all over again. Pathetic excuse for business.

  

  Business response

  06/26/2024

  Thanks for reaching out to the BBB with your issue. When you applied and clicked the Submit button the page updated to a Thank You for Applying page. This page sub title said "Your application has been received". Then next section on the page was an advertisement with the words Advertisement written across the page. We will review this page to see if we can make the even more clear.  Here are instruction to cancel your subscription to the service mentioned, we can not do this for you. If you wish to cancel your subscription with a credit monitoring service that you signed up for on myAutoloan.com through one of our partners, here are the instructions for each offer.  These advertisements are optional features and not required as part of your loan offer request.  You will need to determine which offer you subscribed to. See below.
  

  We will additionally send you a online **** card with a prepaid balance of $40.00 to cover the cost you have already spent.  

  Thank you so much for being a customer.

  
  To unsubscribe from:
  
     Clickfreescore.com - call **************.
  
     GoBankingRates paid subscription, please call ************ or log into your account. (If you applied recently, this is the offer you probably saw after clicking the Submit button on your loan offer request form.)
  
     GoFreeCredit - contact TransUnion directly by calling ************** anytime Monday through Friday between 8am and 9pm or Saturday through Sunday 8am to 5pm Eastern time or Click Here.
  
     FreeScore360 - call **************
  
     Important Score (Experian) -  Click Here or call ************** anytime Monday through Friday between 6am and 8pm PT or Saturday/Sunday 8am to 5pm PT.

• Initial Complaint

  04/08/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  I feel that this website is a classic bait and switch. I provided them with make, model, trim, and mileage on a vehicle. They also pull your credit. They then provide offers from their lenders. But their lenders arent lenders. They are just another loan auction house. And even though I provided them with the same information, my credit (FICO score of 803, so not like the issue is credit or income) they still couldnt match the offer that I accepted on this website. And when I emailed this website to complain? They said the offer isnt really an offer. Its just what the lender (again not a lender!! Just another auction house) is advertising currently. Everything on this website is a lie and misleading.

  

  Business response

  04/24/2024

  Thank you for using the BBB to help work through your experience with us. We have been a BBB A+ rated business since our inception. Launching in the spring of 2003, we are now 21 years in business. myAutoloan.com, through our lending partners, currently provide loans to consumers in 48 states. Currently we see roughly 25 thousand customer every month, thats 300 thousand per year. Maintaining a BBB A+ rating would be impossible if we were a bait and switch. Typically, we receive 6 BBB complaints per year.
  
  All of our participating lenders are Licensed Lenders and offer loans products in various states. When you applied with us, myAutoloan.com sources these lenders based on your specific credit profile. A credit score is one part of this credit profile, we use a soft pull. These lenders respond back to us with a prequalified loan offers. In your case there were 5 loan offers provided all with very competitive rates and terms for you to refinance your current vehicle. As we clearly state on our site, prequalified offers are subject to change based on the lenders viewing any additional information. Due to privacy laws and regulations, we are not made aware of their reasoning or rational for their lending decisions.
  
  We sincerely hope that this resolves your issue, please feel free to reach back out if there is any way we can further resolve.

• Initial Complaint

  01/11/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I filled out a loan application online. At the end of the application, I was forwarded to a page that asked me to enter the credit card info that should be charged monthly, should i decide to move forward and purchase a car. I was then charged a $32 fee that appears to be from Transunion.This is a deceitful practice and i would like them to stop.

  

  Business response

  01/29/2024

  Weve reached out to the customer and believe resolved the issue. At the end of our application form process we display an advertisement for credit monitoring services. The customer clicked through this advertisement and subscribed to the service for a fee. We worked with the customer and the service to cancel the subscription and then we sent the customer a full refund of the $32.00 as an online **** card.  We always review our processes and are in the process to be sure that issues like this do not occur.

• Initial Complaint

  12/12/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I have a credit sesame account and I saw you guys here on their site offering auto loans or refinancing loans for cars.I have a problem completing the online portion of the application it stalls out at the end of the process does not save it, as for next payment date, I just put the date that I knew that was supposed to be there and keeps on saying having issues with it and I cannot save it and does it repeatedly number of times still get the same issue.What is the problem with your online portion of the application for my auto loan?I have been trying to call you guys about this issue either your phone is down or I get a busy signal what's the problem?

  

  Business response

  01/08/2024

  Thanks for the valuable information you provided. Unfortunately, we have not been able to identify any reasons you are having with our web site or application form. We generally have ****** applicants per month applying and if there is an issue, we hear about it from customers rather quickly. Most users email us at ******************************** At this customer service email address, we respond rather quickly. Looking at our customer service logs, we see you did use this service and we responded in less than 24 hours.  We wish we could have done more to help you.

• Initial Complaint

  10/26/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I had read and was under the assumption that ********** would not perform a hard inquiry on my credit score in order to recieve some pre-qualified rates just like Captial One Auto does. Well its somewhat true ********** wont check your credit, but all the lenders they sell your info to will. Multiple credit check inquiries within minutes of submitting a pre-approval form on **********. They DO NOT make this clear on their website. I am now commencing the process of disputing these hard inquiries. I am also bombarded with calls, emails, and text messages from all the lenders they passed my information to. I am notifying as many individuals as I come across to STAY AWAY.

  

  Business response

  11/14/2023

  Thanks for getting with the BBB to offer your thoughts on our process. You mentioned two items, 1) Hard credit inquiries without your knowledge and 2) bombarded with calls, email and text messages.
  
  To address the first issue we work diligently to offer full transparency throughout the lending process A) Our home page states Some offer decisions can take longer. Submitting an Offer Form may result in soft credit and/or hard credit inquiries from the Lenders. B) when you applied you authorized and consented to the following statements, one in a disclosure called How The Process Works, reading Completing a loan offer request form on this Web Site may result in a soft inquiry by HDF and may also result in soft and or hard inquiry(s) by the Lender(s) depending on the Lenders practices. And then in the disclosure called PRE-QUALIFICATION AND LOAN/FINANCE OFFER RELATED DISCLOSURES reading Consent And Authorization For A ************* Report - Authorization is given to HDF, the Lenders, and Credit Sources to obtain my credit report in connection with this pre-qualification loan/finance offer request form, any credit application or transaction resulting from the form, and for reviewing any resulting account, taking collection action, or any other permissible purpose under the Federal Fair Credit Reporting Act. HDF acquires a "soft" credit inquiry, Lenders and Credit Sources may acquire "soft" or "hard" credit inquiry(s); Our FAQs state in part, Lenders and or Credit Sources, these Lenders and or Credit Sources may obtain your credit file as a "Soft" or "Hard" Inquiry
  To address the second issue, you were approved and have multiple loan offers to review, these lenders are reaching out to you earn your business. You can easily opt-out of the process at any time.
  We encourage all our customers, 25 thousand per month, to fully read and understand what they are applying for and what the process is. If you feel that we can be more transparent and clear in our messaging we would like to hear from you at any time by email us at ********************************

• Initial Complaint

  10/09/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I applied for a loan application on the website on 10/06 but within an hour found another lender to go with. I did not see any option to cancel my application or to contact them via phone. I already sent three requests using their submission form but have not heard back. I just want my application to be cancelled and my information to be removed from their system.

  

  Business response

  10/16/2023

  Reviewing this complaint and then searching our data base for this person, we are unable to identify this person as a customer that applied with **********************, their email address, name, phone number or address does not reside in our data base. We have no record of receiving emails from this person. We called the phone number provided, phone rang and went to a blank voice mail box. This individual can reach out to us at customer.service@********************** to provide any additional information that *** assist us to identify and assist.  Possibly, this person applied at another company and is mistaking them for **********.com.

• Initial Complaint

  11/03/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  started a refinance today 11/3/22. Filled out the application because their interest rates were in the 2-3% range. After filling out the application and having my credit checked, all the offers they gave me were more than the advertised rates by several percentage points.

  

  Business response

  02/14/2023

  Business Response /* (1000, 7, 2022/11/22) */ Prior to the customer applying for a pre-approved refinance loan they viewed out Interest Rate Chart. This chart shows the lowest interest rates our participating lenders have offered to consumers in the past 30 days. The chart contains a disclosure that reads; * interest rates (APR) shown are the lowest rates participating lenders have recently offered. Your actual interest rate (APR) may be higher based on your unique, individual credit situation. These interest rates above may not yet be reflective of any Federal Reserve Bank benchmark interest rate changes. If you request a loan offer through this website, the lowest rates offered that day by participating Lenders may be higher than what is displayed above. We also have an Interest Rate Estimator tool that resides side-by-side to the Interest Rate Chart that estimates what interest rate you may be approved for if you apply for the pre-approval. This tool provides a range of interest rates based on similar credit profiles of customers that have applied in the past 30 days in the zip code that a customer resides in. It provides the lowest interest rate, the highest interest rate and the average interest rate. Using this tool, the customers interest rate resided in the lower range and close to the average rate they could expect if they applied. All in all, our site provides consumers with accurate, transparent information and clearly shows interest rates for multiple loan types and various consumers credit profiles. No lender provides guaranteed interest rates prior to applying for a loan.

• Initial Complaint

  10/14/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Ive been trying to contact them to remove my information after losing trust in the company. During the application they presented a much lower rate but then their lenders started calling me with completely different rates. The application and website arent clear to the applicant that their information will be sold off to banks and that they are just a marketing company. Their contact form does not work, no one answers their calls, and no one responds to emails. I would like to get my information completely removed from their system.

  

  Business response

  01/09/2023

  Business Response /* (1000, 5, 2022/10/28) */ Thanks for voicing your concerns with the BBB. Currently serving 25 thousand satisfied customers a month we have been able to maintain a BBB A+ rating since inception. Saying that, we are not always perfect and have room for improvement. We are sorry our service did not work out for you. We are willing to remove your personal information from our system and data base. This has been done. When you completed a request for pre-approved loan offers you were presented a section on the form stating "Authorization" with a check box consent that you clicked on to authorize myautoloan.com to process your form and provide it to up to 4 Lenders and Credit Providers that may return to us pre-approved loan offers for you to review, compare with no obligation to use any loan offer presented. In your case you received 3 pre-approved loan offers with great rates and terms. Being "pre-approved" loan offers, they are subject to change when lenders identify additional information. This new information can be as noted below or even when the Federal Reserve Bank increases interest rates as they have been doing. Your offers all displayed the following notation on the Loan Offer Summary page: About these offers The above Lending Partners offers are based on information you provided to us when you completed an offer form. Clicking "Review Offers" will provide you with additional offer details, instructions and Lending Partner contact information. Offers are subject to change based on Lending Partners needing additional information from you and finalizing their application process, validation of information provided by you, and/or other conditions and stipulations, such as your vehicle's loan-to-value (LTV) and/or additional down payment needed, to finalize any offer; this is determined solely by the Lending Partner. myAutoloan.com is an online, direct to consumer marketplace lending platform. You are correct in that we are not a lender and operate as a free service to consumers and are compensated by our participating lenders with a monthly marketing fee. We do not sell your information to banks or lenders as you state.

• Initial Complaint

  05/13/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I was under the impression creditors would only make a soft pulls on my credit to determine credit worthiness and make a potential hard inquiry if I decided to do business with them. Next thing I know there are multiple hard inquires against my credit, that I did NOT approve and I need them reversed.

  

  Business response

  06/15/2022

  Business Response /* (1000, 5, 2022/05/16) */ Reviewing this account we have confirmed that we and two lenders pulled soft credit inquiries. There were no hard credit inquiries resulting from this customer applying for a loan offer with myAutoloan.com. We have reached out to the customer and get their voice mail. We have sent an email with this response and to contact us at [email protected] for further clarification on what they are seeing on their credit report. Consumer Response /* (3000, 7, 2022/05/17) */ (The consumer indicated he/she DID NOT accept the response from the business.) I responded to myautoloan's email in where I supplied evidence of these hard inquires (Attached). Shortly after sending the reply I was told they would look further into it but haven't heard back. Business Response /* (4000, 9, 2022/05/18) */ After further review of this account a hard inquiry was obtained by one of our participating Lenders. This is normal activity. It doesn't happen often, but we strongly recommend that consumers review the disclosures on web sites especially when applying for loans where a consumer must click on and consent and agree to certain activities. All consents are electronically dated and time stamped. We clearly state throughout the web site as well as the Consent to obtain a credit report that soft and or hard credit inquiries may be obtained by the Lenders. On the Home page link "Advertisers Disclosure" https://www.myautoloan.com/how-the-process-works.html and within the application where the customer must consent to apply "Pre-qualification and Loan/Finance Offer Related Disclosure" https://www.myautoloan.com/pre-qualification-and-loan-offer-related-disclosures.html Consumer Response /* (4200, 11, 2022/05/19) */ (The consumer indicated he/she DID NOT accept the response from the business.) Please attach the time stamped documentation where I allowed "Twins Buick" and "Capitol One Auto" to pull hard inquiries on my credit. If you made it clear upfront that this were a possibility I would've never given myautoloan consent to share my personal information. It's obvious to me now that it's your intent to obfuscate crucial information such as this throughout your site. I only hope more people research your company beforehand and not assume an "A+" rating means your business operates in an ethical manner.

• Initial Complaint

  01/24/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  myAutoloan.com uses deceptive language in its FAQ's, making you believe its only a soft pull. Here is a quote directly from their faq page, notice the deceptive wording in the first sentence: Horizon Digital Finance (HDF) and its affiliate partner sites obtain a soft Inquiry that does not impact your credit score. As marketplace lending sites, when you submit an Offer Form and request loan offers from our Lenders and or Credit Sources, these Lenders and or Credit Sources may obtain your credit file as a "Soft" or "Hard" Inquiry. What they don't tell you is they immediately blast your info out to other lenders who do both hard and soft pulls. there was no warning, no request to confirm anything, no proper notice given of the potential for hard pulls. they just send your information out to creditors without permission, who then do hard or soft pulls of your credit without consent and on their own personal whim. additionally they try to get you to signup for a credit report that charges you $24.95. I have warned family and friends to stay away from this misleading and negligent website. I wish for myAutoLoan.com to delete all of my information and withdraw all applications made on my behalf. I am considering filing a complaint under the FCRA against myAutoloan.com, AFFCU and Elements Financial. myAutoloan.com was not given consent from me to allow 3rd party lenders to perform hard pulls of my credit, and neither AFFCU nor Elements Financial received any authorization from me before performing hard pulls of my credit.

  

  Business response

  03/11/2022

  Business Response /* (1000, 7, 2022/02/14) */ Thanks for reaching out to the BBB even though this is a complaint. You are partially correct in your quoting of our FAQ (Frequently Ask Question). Here is the full statement in the FAQ section of our site, Question: "Will applying for an auto loan hurt or lower my credit score?" Answer: "Horizon Digital Finance (HDF) and its affiliate partner sites obtain a soft Inquiry that does not impact your credit score. As marketplace lending sites, when you submit an Offer Form and request loan offers from our Lenders and or Credit Sources, these Lenders and or Credit Sources may obtain your credit file as a "Soft" or "Hard" Inquiry. However, multiple credit Inquiries for an auto loan do not hurt your credit score any more than if one (1) inquiry were obtained. Multiple credit bureau inquiries on your credit report related to auto finance or auto refinance are known as "Inquiry Clusters" if they occur within a 14-to-30-day period of time. Inquiry Clusters impact your score as if one (1) inquiry were pulled. When we process your loan offer form there may be multiple hard inquiries from these lenders. As an example, the first hard credit inquiry may drop your credit score 15 points, subsequent hard credit inquiries will have no effect on your credit score. These inquiries qualify as "Inquiry Clusters". When you accept and close an offer presented by one of our lenders your credit score should increase as you make timely installment payments." In your case both soft inquiries and hard inquiries were obtained in-order-to fulfill your request for multiple preapproved loan offers to refinance your vehicle. We were glad to see that you obtained multiple competitive pre-approved loan offers. When you applied, you clicked the Authorization and Consent box that clearly states the same basic language, that Soft and or Hard credit inquiries may result in you submitting the request. You authorized the following: "Consent And Authorization For A Credit Bureau Report" - 3rd bullet point "Authorization is given to HDF, the Lenders, Credit Sources and their affiliates to obtain my credit report in connection with this pre-qualification loan/finance offer request form, any credit application or transaction resulting from the form, future extensions of credit, for any aspect of the credit transaction, and including but not limited to reviewing my account, taking collection action, or any other permissible purpose under the Federal Fair Credit Reporting Act. HDF acquires a "soft" credit inquiry, Lenders and Credit Sources may acquire a "soft" or "hard" credit inquiry;"¬ As a marketplace lending site, we also state throughout the site that when you apply, you could receive multiple loan offers from our participating lenders, in fact that is our goal. Multiple loan offers allow our customers to get the very best loan offers, fully transparent with the power of choice. At the end of our application process once you click Submit, we present other offers for products and services like credit monitoring, warranties, insurance and more, all marked as "Advertisements". Looks like you signed up for credit monitoring service, this service can be canceled by contacting the advertiser you signed up with. At your request, we have closed this account.

*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. ↩