Consumer complaint received 2024-05-17
Product: Vehicle loan or lease — Loan
Issue: Getting a loan or lease — Confusing or misleading advertising or marketing
Company: Innovative Funding Services, L.L.C. (CO)

I received an email from XXXX XXXX that indicated that they could find me a better loan for my recently purchases XXXX XXXX I browsed my options and submitted an application to XXXX for an XXXX XXXX for my new XXXX XXXX XXXX XXXX XXXX. This occurred on XX/XX/XXXX. I received a confirmation email stating they received my application. In that email they asked for documents to be uploaded, of which I complied. 
I then received another email on XX/XX/XXXX titled " WE'VE GOT GOOD NEWS '' where in they stated they were getting my contract together. Later that same day I received a phone call from a XXXX Representative telling me what my rate was, what my payment would be and asked for my XXXX and all the options that were on the XXXX She asked me each option that was available on XXXX XXXX and I responded with a yes or a now for each question. She then stated that She needed a picture of my XXXX I was driving my vehicle at the time and didn't want to try and take a picture while driving. I informed her that when I got to my destination, I'd get her the requested picture. Once I got to my destination, I had to deal with a few things at my destination before I got the chance to get the picture. She called me back and asked me again for the picture saying that she absolutely need this to move forward. I paused my dealings with the business I was at to go get her this picture. She then said that she had everything she needed and would be hearing from me next week to get everything signed as it was XXXX and she didn't think it would be ready by end of the day. I acknowledged and accepted this without issue. 
I didn't not hear from them again until XX/XX/XXXX where they contacted me by text message to say that they couldn't proceed with my loan as XXXX XXXX  value was " too low. '' I replied that I didn't understand this as the vehicle was brand new with only XXXX miles on it. I asked what value they were using. She provided me with a screen shot that was supposedly from XXXX XXXX of the BASE MSRP of my vehicle and that was the value they were going with. I proceeded to send her the XXXX XXXX which show that the vehicle 's base MSRP was significantly higher than that as well as I utilized the XXXX XXXX Website to get the actual worth of the XXXX and provided those details back to the XXXX  representative. I also received an email during this time that stated they were going to cancel my application since time had expired for me to get them the documents they requested. Since I had already provided them with everything they needed as stated above, this email was very confusing. 
I emailed back telling them as such as well as attaching the picture of my XXXX XXXX, the correct valuation of my XXXX from XXXX XXXX and the List of options on the XXXX The reply I got was that they had to use the BASE MSRP. This " position '' / comment flies in direct contrast of them asking me about all the options on my XXXX during the phone call on XX/XX/XXXX. If they were only ever going to use the " BASE MSRP '', why ask about all the options on the vehicle. 
In summation, the only plausible explanation is that they were looking for some way to " escape '' out of funding my loan and attempted to use a XXXX XXXX XXXX report with trying to make a stand on they only use the BASE MSRP. Which I might was was incorrect, which the proof I provided showed. 
I hope I've helped other people to not use this deceptive and shady business in the future. Saying they only base their loans on Base MSRP is a complete lie as vehicles have options that add to the value and worth of the vehicle. They would never fund any loans if that were the case. All emails and correspondence can be provided at request.