Consumer complaint received 2023-07-21
Company: The Savings Group, Inc.
State: TX
Product: Vehicle loan or lease
Sub-product: Loan
Issue: Getting a loan or lease
Sub-issue: Changes in terms mid-deal or after closing

Complaint:
A matter of public concern. 

Please see the message body sent to a Texas Regulatory Office. 

My problem is that XXXX XXXX assured me that my file was fully approved. I just needed to meet paperwork documentation to complete the process. I invest lots of time and even money to complete the refinance process. I never told XXXX XXXX to cancel my application but to wait for me to complete some wet signature paperwork he had sent me. I was proactive with him and sent him work history information and updated paystubs from new work I had just started. He failed to address any issues with any of the information sent through a simple message either by text or email. Instead, XXXX XXXX expected I answered calls from him whenever he needed to talk to me. My job doesnt allow that. I can step aside during the day once I get things cleared usually in the afternoon. 

Not once did XXXX mention the application had a deadline until the day of with a few hours to go. On XXXX # XXXX minute XXXX ( XXXX ), XXXX tells me XXXX I think there is a big misunderstanding hereyou are approvedthis loan is ready to fundI just need to know who you work for. Why then was my application closed not on Friday, or Monday, or Tuesday but on Wednesday when the application was supposedly set to expire. 

There is something nefarious going on with the Tech company from XXXX, Texas. A simple search of the company reveals that this same outcome has happen with others. Why would a company gather and collect information of consumer only to strategic close out their file on a self-imposed deadline? 
The average American Consumer cant initiate an investigation and/or audit of their practices on companies like this. The CFPB has been set up to address these types of consumer concerns. 

XXXX  XX/XX/XXXX XXXX Good morning On XX/XX/XXXX, I applied for an auto refinance with RateGenius. I initially spoke with XXXX XXXX on XX/XX/XXXX then on XX/XX/XXXX and the XXXX. From those calls, he stated to me I was fully approved. I told him that I would stop engaging with other lenders and would focus on closing with them as I knew it was a process to complete. 

On XX/XX/XXXX, the wet signature loan documents were sent via XXXX  overnight. Since the application did not allow me to provide the details of a full 2 history, I sent XXXX XXXX a detailed email of my work history information along with supporting documentation for the whole of XXXX and XXXX - employer XXXX. 

I spoke with XXXX on Thursday, XX/XX/XXXX, and he said all he needed was my Friday, XX/XX/XXXX paystub and a detail listing of my full XXXX work history. That Thursday evening, I sent XXXX that information he was requesting. 

Today, Wednesday, XX/XX/XXXX passed midday, he said he needed the XXXX XXXX Bill for XX/XX/XXXX. He was sent the Electric BilXXXX for XXXX XXXX dated XX/XX/XXXX and I told him that my billing is done through the mail and I had not received the new electricity bill for this month yet. 

He stated to me that the loan had already expired ( after XXXX XXXX  ) and I had to reapply again. 

XXXX XXXX and The Savings Group, Inc ( aka RateGenius, XXXX and XXXX ) and has wasted a whole month of my time and in the process collect a whole bunch of my personal information, pull my credit for no reason and lied to me that my engagement would yield the refinance loan I was requesting not underwriting anymore fully approved from the contacts I had with him. 

I will be submitting a referral to the Office of Texas Attorney General Consumer Protection Unit to open an investigation on this company. If you are receiving this email, please help me take action on this matter! 

Thank you XXXX XXXX XXXX ) XXXX XXXX complained submitted on XXXX ( to raise public awareness of this companys practices ) XXXX call 1 XXXX XXXX XXXXXXXX XXXX call 2 XXXX  XXXX XXXXXXXX XXXX call 3 XXXX XXXX XXXXXXXX XXXX call 4 XXXX XXXX XXXXXXXX **Please download the audio files for your records**

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation