- Report: #1179251
Complaint Review: OPEN ROAD LENDING - Internet
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Author Confirmed
Why?
OPEN ROAD LENDING
Internet, USA
Phone:
8885363024
Web:
www.openroadlending.com
Categories:
Business Rating:
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OPEN ROAD LENDING ripoff company dont use them north richland hills tx
THIS IS A WARNING TO ANYONE THINKING OF USING OPEN ROAD LENDING. DONT DO IT. I MADE THE UNFORTUNATE DECISION TO USE THEM AND TOLD THEM WHATEVER TERM I HAVE WITH MY CURRENT LENDER IS HOW I WANT TO REFINANCE SO IF I HAVE 42 MONTHS OF PAYMENTS WHEN I REFI I WANT THE SAME 42 MONTHS WITH A LOWER INTEREST RATE. ASHLEY GRISMORE SAYS SHE UNDERSTANDS THIS AND THEN WE STARTED THE PROCESS. THE PROCESS IS VERY CONFUSING AND I JUST FILLED OUT PAPERWORK, SIGNED PAPERWORK ETC. AT THE END OF IT THEY REFINANCED OUR CAR FOR APPX $100 A MONTH LESS BUT FOR A TERM OF 60 MONTHS. THIS ISNT WHAT WE WANTED WHEN I CALLED TO TELL HER THIS SHE SAY YOU SIGNED THE PAPERWORK AND ITS TOO LATE TO DO ANYTHING DIFFERENT NOW AND SHE SAYS SHE WAS NEVER TOLD THAT WE WANTED IT FOR THE SAME AMOUNT OF TIME, THATS A LIE. OF COURSE THIS WAS TOLD TO HER VERBALLY SO I HAVE NO RECOURSE, I SHOULDVE KNOWN BETTER. NOW I HAVE TO PAY FOR A LONGER TIME AND REALLY ACCOMPLISHED NOTHING EXCEPT PAYING MORE TO THEM. IM SO SAD, I WAS NEARLY SUICIDAL PRIOR TO DOING THIS REFI CAUSE OF OUR FINANCES AND WE ARE STRUGGLING AND ALMOST ABOUT TO LOSE OUR HOME AND IM SO SAD AND NOW THIS. WE GOT DUPPED BY THIS COMPANY. I AM SO MAD, SAD AND ANGRY. SO I WANT TO PREVENT IT FROM HAPPENING TO SOMEONE ELSE. IF ISNT IN WRITTING AND YOU DONT HAVE PROOF THESE INTERNET COMPANY CAN TWIST IT AROUND SO THAT IT BENEFITS THEM. OH BY THE WAY I ONLY GOT THE TRUTH IN LENDING AFTER THEY MADE ALLT HE CHANGES FROM WHO I HAD THE LOAN WITH TO THEM. THAT IS WHEN I KNEW IT WAS FOR 60 MONTHS AND NOT THE 42 WE ASKED THEM FOR. SHE IS A LIAR THEY ALL ARE THERE AND SELF SERVEING OFF THE BACKS OF POOR PEOPLE WHO ARE TRYING MAKE THINGS BETTER. WHEN I ASKED HER IN THE BEGINNING OF ALL THIS CAN THEY HELP US AND WHAT WE WANTED WAS FOR THE SAME AMOUNT OF TIME WE HAVE LEFT AT CURRENT FINANCING COMPANY AND A LOWER RATE SHE SAID YES THEY CAN DO THAT NO PROBLEM. WHAT I GOT WAS ALONGER TERM AND ONLY $100 PER MONTH LESS BUT ITS NOT REALLY LESS AT ALL ITS MORE IN FACT CAUSE NOW ITS FOR 60 MONTHS, WHICH GIVES THEN THE MONEY. ALSO THEY APPLIED A GAP FEE OF $699 WHICH WASNT EXLAINED TO US NOR WAS ANY OF THE PAPERWORK WE SIGNED, WE SIGNED IT CAUSE WE A VERBAL UNDERSTANDING OF WHAT WE WANTED AND THOUGHT THAT WAS WHAT WE WHERE SIGNING FOR. BUYER BEWARE ESPECIALLY OVER THE INTERNET. IM VERY UPSET BY ALL THIS NOW I DONT KNOW WHTA TO DO. GOD BLESS FOR THIS WORLD IS SUCH A SAD UNTRUSTING PLACE NOW.
CHERYL
2 Updates & Rebuttals
cheryl2u
springfield,Massachusetts,
thanks for advice
#2Author of original report
Fri, September 26, 2014
is was very refreshing to see someone cared enough to help me. thanks so much and i will do exactly as you say regarding the gap thing and yes i figured out i will now have to either pay a large amount at one time or just accept that i will have lesser paymnet on car end for a longer time to pay back and apply the money elsewhere. i hate this company and if i didnt know before i know now, read everything understand all paperwork before signing. your advice is great though i didnt know i could do anything but now thanks to you i know what i can do about the gap thing. so thanks so much.
FloridaNative
Palm Beach Gardens,Florida,
You can still fix this problem
#3Consumer Suggestion
Thu, September 25, 2014
I don't work for or with the lender that you wrote about in your post. But, there are a couple of things you can do to reduce your total payback to the lender.
1) Cancel the gap insurance right away. If you want gap insurance, go to your auto insurance company and get it from them. They are usually much, much less expensive than what you would have paid through the lender. The lender that you have now would then have to credit you the cost of the gap insurance that was charged. Look at the loan papers you signed to see the proper way to cancel the GAP insurance (normally it has to be in writing right away). Have them credit that amount to your principal balance.
2) When you get your annual tax refund, make a large principal payment along with your regular payment using the proceeds from your tax refund. Depending upon the amount of extra principal payment you make, you may be able to reduce your payments back to the 42 months you originally desired for the new loan. Even if it saves you only six months or whatever number of payments, that will be a significant savings on this new loan. Check your note to see how principal payments are handled. Or call your loan servicer.
If you do both items above diligently for each year you have the loan, you should be able to knock off many, many months from the loan and save many hundreds of dollars.
One more point: never, under any circumstances, accept someone else's verbal summary of a contract. I'm sure you realize by now you should have read the contract yourself to see what terms and conditions are required of you. By the way, I have been working with contracts for 35+ years and I still to this day read every word of everything I sign before I sign it. As a result, sometimes I have to walk away from the deal because the written contract doesn't match the verbal statements by the sales rep. I can tell you though - it was just as bad 35 years ago as it is today. It was probably just as bad hundreds of years ago after all, that statement: Buyer Beware has been around for a very long time. Good luck.
