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Consumer Complaints

BBB Accredited Business since 11/03/2003

myAutoloan.com

Phone: (214) 540-3350

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BBB began including the text of consumer complaints and business responses in BBB Business Reviews on 07/01/2013 for complaints filed on 01/01/2013 and thereafter. This includes all complaints that meet our reporting guidelines and that are filed electronically. We also report on the resolution of the complaint, as determined by BBB.

Customer Complaints Summary

8 complaints closed with BBB in last 3 years | 4 closed in last 12 months
Complaint TypeTotal Closed Complaints
Advertising / Sales Issues5
Problems with Product / Service3
Billing / Collection Issues0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints8

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (8)
03/29/2016Advertising / Sales Issues | Read Complaint Details
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Complaint
I didn't authorize them to run my credit and they gave my information to other companies. One of them is Rate Genius.
This company is outsourcing my information to other companies without my permission. I never authorized anything. I replied to their email on 2/27/16 stating that I didn'tgive them permission to run my credit and don't run my credit. Today, I get an email from Rate Genius and they ran my credit. I called them and spoke to the manager (Mr. ***** and he said myautoloan gave them my information. This is egregious. I didn't authorize any of this. They network with open road lending which has a recording of me saying I didn't want other companies running my credit. These type of practices need to stop b/c it's affecting people's credit.

Desired Settlement
I want someone to contact me from the company to let me know how they plan on resolving this issue. This is stressing me out. Trying to resolve this with all these companies made me miss out on work.

Business Response
We certainly apologize for any misunderstanding that has occurred. We work with a number of partners that try to find financing for applicants and it really appears that an error was made and the customer's wishes were not followed. We passed the application to our lending network to try and find refinancing.

We contacted the applicant and explained what may have happened and she was very understanding and nice about it. We will work to make sure this does not happen with anyone else and we are sorry for any inconvenience that this may have caused her. We welcome her input and will always try to be the best provider of financing options on the internet.

We have reached out to the customer and explained that Multiple credit Inquiries for an auto refinance loan do not hurt your credit score any more that if one inquiry were obtained. Multiple credit bureau inquiries on your credit report related to auto finance, auto refinance, and all mortgage loans are known as "inquiry clusters" if they occur within a 15 to 30 day period of time. Inquiry clusters related to your credit score effect your score as if one inquiry were pulled. Again, we apologize for any misunderstanding and will work with all lenders to provide a better customer experience.

When refinancing an existing loan our goal is to provide the transparency, convenience and empowerment of choice so we search for lenders that are willing to provide support and financing. We can't always find partners but it does not hurt your credit.

Regarding an applicants credit score: Anyone can verify our info on credit clusters, etc., by contacting Experian at 701 Experian Parkway, P.O. Box 2002, Allen, TX 75013-0036 www.experian.com/reportaccess/ or calling XXX-XXX-XXXX. If you have any additional questions or concerns, please do not hesitate in contacting us at ****************@myautoloan.com


Consumer Response
(The consumer indicated he/she ACCEPTED the response from the business.)

12/26/2013Advertising / Sales Issues | Read Complaint Details
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Complaint
Between Myautoloan and openroadlending they keep sending my information out. I have sent many emails asking them to stop.
I received a letter from openroadlending that they can lower my car payment. This happen around November. I filled put an application by 11/15/13. Also I was preapproved which I found out later I was not. After they sent me a email telling me I was denied I accepted that and thought the case was close. I then started getting mail and emails from other lenders denying me as well. From the first letter I asked in email for openroad to stop. It is now 12/18 and I am still receiving letters about this. I called the last company IFS and they told it was given to them by MYAUTOLOANS.COM I never open a loan up with them. I then looked for the letter I received from openroads and asked them personally to stop sending my information out. This is hurting myth credit score and I would like it to stop.

Desired Settlement
For my information to stop being sent out and my credit fixed.

Business Response
We apologize that you are having trouble with unsolicited calls and emails. We do not have any control over OpenRoadLending and the solicitation letters that you received from them. We do not do any mailings or email promotions at all.

Since we are a licensed lender, we do have a number of affiliate relationships with companies that use us to identify and locate financing. We do this daily for approximately one hundred thousand applications a month with great success. As a direct lender, we are able to find alternatives and competitive pricing on rates for our customers. Even though you did not apply directly with us, OpenRoadLending should have gotten clearance from you to allow us to look for auto refinancing alternatives.

We could not accept nor begin our search if we were not given permission to do so. If that was not made clear, we are certainly sorry. The good news was that we did find 3 alternative sources. The bad news was that there were undisclosed issues relating to your credit that would not permit them to refinance your loan at this time.

One thing that we can assure you is that your credit score is not being harmed. We are able to search and identify actual loan offers and rates from multiple companies so that our customers can choose what rate and term is best for them. In doing so, your credit report will show auto finance inquiries. Your credit score may not be affected because the reporting agencies recognize that when people shop for auto loans they often have multiple auto loan inquiries. Knowing this they have developed processes that identify these inquiries on a rolling 14 day period and that multiple auto inquires count as one (1) inquiry.

Again we are sorry that you have been having trouble and if we have missed something, please let us know. Please be assured that myAutoloan.com has not and is not damaging your credit report or score.

07/07/2016Advertising / Sales Issues | Read Complaint Details
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Complaint
I applied for a auto loan refinance and within 5 minutes i had 3 emails and 2 phone calls from random companies. They gave my information out.
6/11/2016 I applied online at Myautoloan.com for a auto loan refinance. Within 5 minutes i was being spammed. I emailed and left them a voicemail to cancel my application and that i did not want them or any of their affiliated companies to do credit inquiries. That was ignored. I have received many emails, which i did not give permission for.

My information was given out to multiple companies which were not listed. This may or may not take an affect on my perfect Credit score. Very disappointed with the bait and switch technique on their website.

This is all pretty ridiculous. I will never apply for a refinance/loan online again because of this. Trust is severed.

Desired Settlement
I would like Myautoloan.com to cease sending my information out without my permission and to delete the account/info. I tried contacting them 5 minutes after filling the application out(within business hours) and they only have a voicemail/email.

Nothing was replied to.

Business Response
We are very sorry that this applicant's expectations were not met. He applied on a Saturday and we replied during business hours the following Monday.

As soon as we received a voicemail we immediately put a hold on the application. Since our process matches application data to real auto lending banks and finance companies within minutes, the process of validating the applicants' information had begun. That is why he received phone calls from the loan officers of the lenders. Permission is granted up front with full disclosures on how our ability to obtain multiple loan offers is processed and permission to be contacted is provided.

Our disclosures have to be accepted by the applicant electronically using a series of checkboxes in order for our system to accept the application. It's important to note that we replied to his VM via email and explained that we had already started obtaining loan offers but would proceed with his request to close the account. We offered to provide him information that two loan offers were received, one with a lower APR than what he currently had. He could actually save money if he wanted to move forward. We apologize for any confusion and would be happy to follow up with the applicant if he would like more information. We called again today and left a VM if we could be of any additional help.

05/02/2016Problems with Product / Service | Read Complaint Details
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Complaint
Unauthorized Loan application and Credit Inquiry
The company issued an unauthorized credit inquiry and application without my consent. I did not contact this company in any way to insight them to do so.

Desired Settlement
Any and ALL inquiries to my credit by this company or any of its entities will be removed and erased immediately.

Business Response
We apologize for any confusion but feel with had permission to identify and obtain a finance offer for the applicant. Our objective is to make sure that we are working to find a finance company that will provide financing. In this case we found two lenders able to lower the APR by 70% so we thought we had done a good job. However, the applicant thinks differently and we will honor their request and ask that the inquiries be removed. We really want the applicant to know that we did not harm their credit in any way. Here is a FAQ that we use on our site and one that applies directly to all 3 credit bureaus. We share for your information only and want to do our best to put your mind at ease.

Will applying for an auto loan hurt or lower my credit score?
In the long term, it doesn't. Reporting agencies recognize that when people shop for an auto loan, they're going to compare multiple loan options. Smart people shop for best rates so they are not going to ruin a someone's credit because they are looking for the best APR. With this in mind the top three credit reporting agencies, for the purpose of credit scoring, roll multiple auto inquiries into one inquiry on a continuous, 14-30 day cycle.

We will honor the request to ask that the inquiries be removed to assist the applicant. We really do aim to please

12/28/2015Advertising / Sales Issues | Read Complaint Details
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Complaint
Unauthorized disclosure of information to third party companies leading to excessive credit report inquiries and harassment from third parties.
Despite repeated email and phone requests asking myautoloan to remove me from their email list and stop sending my information to third party companies, they continued to abuse my privacy which resulted in an excessive number of hard inquiries on my credit report and drop in my credit score by up to 25 points.

Although the website states that they match you up to 4 lenders I received incessant and in some cases harassing emails and calls from at least a half dozen vendors.

My credit is so low now that refinancing is out of the question. Worst of all, the impact to my credit reflects poorly upon me as I am currently searching for a new job.

Desired Settlement
First, myautoloan needs to make restitution for the damage done to my credit. This number is hard to quantity but being turned down for a job or a loan from another lender could mean hundreds of lost dollars in interest paid and thousands of lost dollars in wages for potential job opportunities.

Business Response
1. Multiple credit bureau inquiries on your credit report related to auto finance or auto refinance are known as "inquiry clusters" if they occur within a 15 to 30 day period of time. Inquiry clusters related to your credit score effect your score as if one (1) inquiry were pulled.
2. Smart people shop for loans - dealerships, lenders, and financial institutions all recognize this and do not penalize someone who is looking for rate info on a car loan.
3. This can all be verified via the credit bureaus by calling:
Experian 1-888-397-3742
TransUnion 1-855-681-3196
Equifax 1-866 349-5191

4. Email has been unsubscribed and confirmed as requested - we answer any and all calls, emails and requests with genuine concern. We asked that the credit inquiry be removed from the CB to show our sincerity.

We are sincerely sorry that the experience of getting 4 loan offers was not a good one - This applicant received 4 loan offers - one offer lowered current APR by 25.4% or .85 basis points - credit was not harmed. We have tried to assist and allay any concerns.


Consumer Response
(The consumer indicated he/she DID NOT accept the response from the business.)
Unfortunately myautoloan is disillusioned. I'll give them credit for being proactive in their communication with me but that was only because I filed the complaint. Here's the truth that this company fails to acknowledge:

1) Regardless of whether multiple inquiries are clustered into one, that does nothing to prevent the borderline harassment customers are guaranteed to receive from countless of what they call their "partners". Despite me bringing it to their attention the owner failed to address the ridiculous number of emails, calls and voicemails received which leads me to my next point.

2) The website says you will receive "up to 4 loan offers". This language is deceptive and misleading. The truth is that you will receive anywhere from 6-12. What the website fails to tell you is that some of the 4 "offers" aren't even direct lenders but instead companies just like myautoloan that will take your info and send it out to yet more companies. This is false advertising and when I brought it up to the owner again did not receive a direct response.

The owner initially comes across as sympathetic and understanding but I quickly realized that it was all a front to avoid the truth. All I heard was about all the happy customers but every business has happy customers. A lot of skirting around the central issues which as noted above were the 1-2 week long harassment by the company's partners and misleading language in regard to the actual number of "offers" one might receive.

I'm sure many a customers can find a great deal through this site but in my opinion it's not worth the hassle and relentless dissemination of information to far too many parties. To top it all off, and this was the kicker, one of the company's "partners" refused to remove the inquiry until myautoloan requested they remove it. All of a sudden, the partner company went from completely unwilling to "after further review sure we'll remove the inquiry". This goes to the heart of the issue which is every company involved in this network knows exactly what they're doing...scratch my back I'll scratch yours...complete lack of integrity and sad display of ethics or lack thereof.


Final Consumer Response
Hello - I was on vacation and thus unable to issue a final response. I realize this complaint is closed but was unsure as to the final resolution. What implications, if any to the business and myself. Please kindly respond to ***********@gmail.com as I have closed my previous email account ********@gmail.com to ensure no further emails from the lender in question.

Thank you for your assistance BBB.

Kind Regards,
**** *****

Final Business Response
We are and will continue to work with our many lenders to find ways to improve and make the customer experience better so that a successful outcome is the result. We are limiting the email and contact points and providing more info on the "myAccount" page for questions, contact and resolution of concerns.

07/07/2015Problems with Product / Service | Read Complaint Details
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Complaint
Myautoloan .com pulled my credit and sent it to other resulting in 10 or more inquiries.
Myautoloan.com pulled my credit without my approvel . I kept getting notification from the credit bureau. I need for them to remove all the inquires from my credit reports. I am currently try to get police reports. I need this done immediately.

Desired Settlement
Speedy and timely response and correction

Business Response
We apologize for any confusion but we did not pull credit 10 times. We try to make sure that we are working to find a finance company that will provide financing and unfortunately, in this case, we could not. There are a number of credit issues that prevented any approvals. However, we want the applicant to know that we did not harm their credit in any way. Here is a FAQ that we use on our site and one that come directly from all 3 credit bureaus. We share for your information and to try to put your mind at ease.

Will applying for an auto loan hurt or lower my credit score?
In the long term, it usually doesn't. Reporting agencies recognize that when people shop for an auto loan, they're going to compare multiple loan options. With this in mind the top three credit reporting agencies, for the purpose of credit scoring, roll multiple auto inquiries into one inquiry on a continuous, 14-30 day cycle. Your credit is not harmed in any way.

We will honor the request to ask they the inquiries, although legitimate, be removed to assist the applicant.


01/13/2015Problems with Product / Service | Read Complaint Details
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Complaint
Fraudulently used personal information by
myautoloan.con company
The company myautoloan.com advertised itself as auto loan provider through online aplication which is absolutely false.I applied for a loan today 12/20/14 with this company and received no verification of my application,no email from them or any proof that I applied for a loan and gave up my personal information. NOTHING. Instead I immediately received phone calls from unknown people and dealerships with an offer to process my application and sell me a car,and I have received email from "Sunrise Ford "in Lankershim,Ca with the same offer to sell me a car even though I did not mention in my application that I am buying Ford.I tried to reach the company customer service but was not able to get anyone on the phone.I am terrified that all my personal info
and SS number will be send throughout the country .
This company is a fraud, they have nothing to do with any type of loan and it is unbelievable that
that BBB has A+ rating for this company.Actually if you did not give them that rating I would never file any application with that company, because I checked their rating with BBB before filing application.
I want to stop this company from sending out my information .Because I have no account number or any verification I believe the company can find my application by name: ******* ***********:address:
**** N **** **** *** *********** XXXXX and email:**********@hotmail.com.Thank you

Desired Settlement
I would like written verification from myautoloan.com
company that my application will be removed from their files , and they never again will send out or share my application or personal information with any company, lender or dealership.

Business Response
See attached - I still have issues with being accused of fraudulent activity when the entire application was a fraud. Anyway, I've tried my best to provide info so that you can see we made a best effort to fulfill the applicants wishes by removing the fraudulent data.

Please use what you feel is the shortest, more responsive reply that I have provided. thanks - any questions, please call me at XXX-XXX-XXXX

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BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

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