Consumer complaint received 2022-04-11
Company: OpenRoad Lending
State: FL
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:
I made an application with Open Road Lending to refinance my vehicle loan. I was originally offered a rate of 14.25 % and then on XX/XX/XXXX I received an updated email from XXXX XXXX stating that they were able to lower the rate ro 11.25 %. I accepted the terms, cancelled an application with another lender that had a 13.99 % rate as these terms were more favorable. I signed all of the documents required including the POA and title docs. I overnighted those documents back to Open Road on XXXX for a receipt date of XX/XX/XXXX. I received confirmation from my representative that they received a documents sent via XXXX. Then at XXXX on XX/XX/XXXX I received another XXXX  request without an explanation with terms that have changed to 14.52 %. I called and a representive stated that it was only because the that was the payoff was higher than they initially had on the fully executed contract. I asked for a supervisor. 
Then I spoke to a supervisor named XXXX XXXX that confirmed what the rep said and couldnt explain any other factors for the reason for the rate change. I asked him when I should have been notified by my assigned rep XXXX XXXX. He said she called me at XXXX and left a voicemail. I asked him to pull the call. He then acted as though he did, didnt even put me on hold and then acted as though she had left a voicemail. I asked why I didnt receive an email explaining any of this and he didnt have an answer that I just needed to sign the docs. I work as a XXXX XXXX XXXXXXXX and retain all of my voicemails for my own auditing and service process. I asked for the info for the executive office or office of the president. He said just to call back and I could speak to them but they had left for the day. They are available M-F XXXX XXXX XXXX. 
I then asked to speak to a supervisor of his. He transferred me to XXXX XXXX. She then explained that when the rate was adjusted from 14.25 % to 11.25 % it was an error on their behalf based on the LTV calculations and there was nothing she could do to assist. I then asked for who handles complains and why XXXX or the prior rep didnt know that. The LTV used for the 11.25 % calculation was based on a LTV of 105 % instead of the actual LTV of 136.12 %. I told her that I already signed a contract and why wasnt it being honored. She said she didnt have an answer to that. I explained how I had cancelled the app with another lender and how this is now putting me in a worse financial position because of This. 
I then asked who handles complaints and for the executive office. She said that they dont have an office of the president or escalation process other than filing a complaint with her and she escalates it. I asked her to file a complaint against XXXX, the rep that answered the phone, and XXXX for misleading and deceptive information. 
I then asked her if they were going to honor the rate I signed and she said she didnt know. That I could pay the balance down in order to get the 14.25 % however every day my balance increases and my value decreases. 
I asked her for the emails and names of the CEO, COO, CFO and market director. She provided those. I then confirmed with her the information that is being contained in the complaint and she obliged. She did not have a timeline for a response from the CEO or President. 
This is absolutely deception and misleading and I was the rate that I signed for. I want the rate I signed the contract for honored.

Company public response: Company believes the complaint is the result of a misunderstanding
Company response to consumer: Closed with explanation