Consumer complaint received 2023-07-30
Company: The Savings Group, Inc.
State: CA
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Confusing or misleading advertising or marketing

Complaint:
I responded to an ad for a auto refinance loan from XXXX at a rate of 2.99 %, completing an application online. The application was very generic and did not include details on what I was requesting, but I immediately got notification that their had been a hard inquiry on my credit report from XXXX XXXX XXXX XXXX XXXX. I contacted them directly, concerned it was a scam, and they said they would investigate. I later received a notice of adverse action denying my loan. 
I received an email confirmation of loan approval from XXXX from one representative ( XXXX XXXX ), however I ended up speaking with another representative XXXX XXXX XXXX ). 
I was requesting to refinance my loan with XXXX XXXX to : 1 ) lower the term of the loan from 60 months to 36 months, and I acknowledged that I understood that would increase my monthly payments ; ( 2 ) Lower the interest rate ( which was 4.95 % with XXXX ) ; ( 3 ) Replace the current loan company ; ( 4 ) Secure a Loan with no pre-payment penalties. My XXXX was listed as co-applicant. 
After discussing my loan needs with XXXX, she seemed positive that they would be able to do my loan. In the final conversation with XXXX, she states they were unable to accommodate my loan request. She stated they hadn't offered a 2.99 % loan for some time, and also stated that my credit was good and did not factor into their decision. I then received letters of adverse actions from XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX. I sent a letter requesting specific statements for my credit denial from XXXX, and emailed XXXX XXXX also requesting additional information on the credit denial, and received No Response from either. I contacted both of the other companies, and neither offered at 2.99 % loan, and both indicated they had rejected the loan because the information they had was for a very lengthy loan term ( over 70 months ) that they did not offer. XXXX had submitted incorrect information regarding the loan I was seeking because both said they accepted 36 month loans. Their loan rates were higher than my current loan. 
Thus XXXX XXXX XXXX XXXX engaged in a bait and switch advertising offering a 2.99 % loan to get me to apply for an automobile refinance. They provided false information on the terms and conditions of my request to potential lenders, leading them to do inquiries on my credit report that effected my credit rating, and resulting in Adverse Action. XXXX refused to provide details on why they denied a loan they had initially told me was approved. I believe they should be investigated and held accountable for unethical business practices that caused harm to the credit of others. 
I have copies of the advertisement, correspondence with the representatives, Letters of Adverse Actions, and letter requesting additional information on my loan denial. I am unable to download materials but can submit them in hard copy if needed.

Company response to consumer: Closed with explanation