Complaint Review: Rategenius - Austin, TX 7875 Internet

I had a very high interest rate due to rebuilding my credit. After one year of making the high interest payments, I was referred to Rate Genius by Lending Tree for possible re-fi. Rate Genius found a credit union that accepted me with a much better interest rate. They saved me over 5000.00 off the life of the original loan. They were fast, professional and accurate. Unlike what the person complaining posted, Rate Genius stated the exact make and model of my car. He did not add anything that was not true. I was upside down in my 2013. I had GAP insurance on my original note which was barely 500.00 and I got it again with Rate Genius, again barely over 500.00 which was rolled into my loan. GAP insurance is a small amount to pay for added security when you are retired and 65 years old, as I am.

Within one week of signing the papers, the original lender received their pay off from the Credit Union that accepted my loan. I did not have to add on months. I was picked up with the same amount of months left on the loan, and lower payments. 

Thank you Rate Genius! 

Thank you for bringing this issue to our attention.  It is a matter that rateGenius takes very seriously.  If you would like to contact us directly, we will do everything possible to rectify any issues you feel exist with your refinance.  You are correct in stating that misrepresenting collateral is  fraudulent, is a punishable crime and is, of course, strictly against rateGenius company policy.

The rateGenius business model and standard company operating procedures have been developed to prevent fraudulent activity through checks and balances.  Specifically, rateGenius has instituted the following practices and procedures to guard against any fraudulent activity:

        Confirm all vehicle identification numbers (VIN) validity through the check sum digit.

        Identify vehicle information through third party software services which provides vehicle make, model and trim level through a VIN decode.

        Confirm the VIN provided by the borrower is identical to the VIN on record with the current lien holder.

        Confirm the VIN provided by the borrower is identical to the VIN on record with the state DMV.

        Utilize a third party vehicle valuation software product to estimate the value of the vehicle using the VIN decode information and any additional features or options provided by the borrower.

        All borrowers sign the book out sheet that is a summary of information obtain from the VIN decode and the vehicle valuation software.

The rateGenius service is a refinance service, not a vehicle purchase service.  Therefore, rateGenius does not introduce fraudulent new property into financial services by verifying the original VIN of the vehicle.  RateGenius refinances vehicles that are already financed and are current on payments.   RateGenius does not inspect the collateral (vehicle) during the refinance process.  We do, however, consider our lender network a very valuable asset who holds us accountable for their new loans and we work with them to resolve any potential fraudulent activity or misrepresentations.

" Yes they got me a lower rate and payment, but they falsified all the documents and I signed without knowing. Now you're telling me it falls back on me!  "

One of the problems most commonly reported on this site is people who have signed something without bothering to read what they're signing.   It can get you ripped off.  It can also get you into trouble. 

You signature on a legal document such as a loan application says that you attest that all of the information in the application is true.    If it's not, and you still signed it, the bank could consider it fraud.   If yours is the only signature on the falsified application, it's pretty clear who the bank is going to hold responsible.

 When you sign a contract, you are agreeing to abide by whatever is writtien on that paper.   If you don't read before signing, you're really leaving yourself wide open to be ripped off, as you have no idea what you are agreeing to do (but will be held responsible for after you sign).

Hopefully, you'll be able to close out this loan without the lender finding out.   Drive carefully and good luck. (and never sign anything again withour reading it).

I do appreciate your response. I should have read the documents all the way through. Unfortunately I just signed where they said to sign and didn't go through everything. 

It's a shame that I'm "the bad guy" in this situation when the documents that were sent to me were completely false and changed from the info I originally gave to the lady. My only option is not trade it in or hope I don't get into an accident, not sure if the difference on the loan will affect my insurance. This is a huge mess. Yes they got me a lower rate and payment, but they falsified all the documents and I signed without knowing. Now you're telling me it falls back on me! I'm sure if it came down to it they would have everything recorded or backed up some how. 

I just know I'm never using Rate genius again.

  Did you sign loan documents that described your truck as more than it really was?  Did your signed application state an inflated income?   If so, then you are the problem.    You see, it's the person that signs the document that is responsible for what is in the document.  Assuming that you were not forced to sign, you are the bad guy in this transaction.

" Is this going to affect me when I try to trade my truck in? "

  If you obtained bank financing under false pretenses, you can bet that it will come out if you try to trade that truck in.