Results 1 to 10 of 10
  1. #1
    darkdoj is offline Senior Member
    Join Date
    Apr 2001
    Posts
    399
    History:

    Applied for re-finance on my new car with Eloan. I applied for a refinance stating the loan amount to be a bit over 17k owed on the vehicle. I gave eloan the make model and year of the vehicle. Eloan referred application to Roadloans for consideration. Receive email from Roadloans telling me I'm approved and that Rategenius will handle the paperwork. Speak to Terry at Rategenius, he explains the terms and says that they can approve it if I buy Gap Insurance on the vehicle. So I agree and he sends me the paperwork (vehicle transfer docs, new loan agreement..etc..etc). I sign and return all the paperwork as required within 48hrs. Meanwhile my car payment is due on the 19th.............

    Terry calls me today and tells me that they cannot approve the loan because the loan to value ratio is out of whack and that if I want to proceed I need to come up with 2-3k more money. I wasn't at home and didn't get the message right away. Meanwhile the old finance company is calling looking for their payment. They knew I was refinancing with another lender.

    So: Now I've got this approval for re-finance on my new car, but RateGenius comes back and says that I need more money to balance it out. This is AFTER I returned all the paperwork to them, after I signed the contract for the new loan, after I signed the title transfer, and after I signed rights to the new vehicle to them.

    I believe I have them. The emails I received said I was approved and to provide Rategenius with the VIN, Insurance, and Options on the vehicle. Which I did. The guy on the phone said I was approved. He took a check for $295 for the Gap Insurance protection on the vehicle. Hasn't cashed it yet that I know of, but they will. Said they would be passing the paperwork off to the lender for processing and that my payment would be due may 15th.

    Now, I'm late on my car payment because he told me that it was a done deal. I have a copy of the contract they sent to me. They contacted my insurance but I'm not sure they transferred the lien holder. I believe I have them on breach of contract. We had a agreement in writing that I would pay X for X months and that they would finance the vehicle. Now they are backing out of the deal. Do I have a case here? Anyone have any suggestions/comments/ideas on how to proceed? Should I send Roadloans a check for my first payment and see if they cash it? I'm going to pay my car payment (late), next week. Hopefully I can get it worked out.

  2.  
  3. #2
    lbrown59 is offline Senior Member
    Join Date
    Feb 2001
    Posts
    17,876

    Re: Roadloans.com / Rategenius and prob

    Did they sign it also?
    Originally posted by darkdoj
    History:





    I believe I have them on breach of contract. We had a agreement in writing that I would pay X for X months and that they would finance the vehicle. Now they are backing out of the deal. Do I have a case here?

  4. #3
    darkdoj is offline Senior Member
    Join Date
    Apr 2001
    Posts
    399

    Re: Roadloans.com / Rategenius and prob

    It was a pre filled out loan agreement. There was a place for their signature. It was a typed copy that said ROADLOANS instead of a signature.

  5. #4
    wolverine is offline Senior Member
    Join Date
    Feb 2002
    Posts
    472

    Re: Roadloans.com / Rategenius and prob

    Run away from this deal. They are screwing you. You NEVER should have to buy gap ins. to close a deal. They just want to make a little more money off you by selling you bs insurance products.

  6. #5
    darkdoj is offline Senior Member
    Join Date
    Apr 2001
    Posts
    399

    Re: Roadloans.com / Rategenius and prob

    I didn't mind the GAP insurance, but they are running away from the deal it was already done and now they want more (2-3k) money.

  7. #6
    darkdoj is offline Senior Member
    Join Date
    Apr 2001
    Posts
    399

    Re: Roadloans.com / Rategenius and prob

    Update:

    Looking at the original copy of my copy of the "Negotiable Promissory Note and Security Agreement" as the document is titled, dated as of 4/15/2002:

    It says: BORROWER(S) (which means everyone who signs and negotiates the above draft, jointly and servally), promises to pay LENDER, or its assignees, or order, the principal sum entered on the RoadLoansCheck, plus interest from the date of this Negotiable Promissory Note and Sercurity Agreement ("Note" on the unpaid principal balance in installments as show below until fully paid; provided the final payment shall include all unpaid principal, interest and any other fees and chages under this Note. The interest rate on this Note is the Annual Percentage Rate disclosed below. "You" and "Your" referes to BORROWER(S) while "we", "us" and "our" refer to LENDER, or its assignees. This note is governed and enforced by the internal laws of the state where the BORROWER resides at the time this Note is executed. This is scheduled to mature upon payment of amounts sheduled below any any fees or chages payable hereunder.

    (Disclosures to the truth-in-lending act)
    APR, Finance Charge, Amount Financed, Total Payments

    (Payment Schedule)
    Months, Payments, Payments due, beginning date.

    Notice that I give them security in the vehicle...no prepayment fess...payment of lien filing fee notice...insurance notice... late charge notice... other terms talks about paying early and nonpayment...

    ITEMIZATION OF AMOUNT FINANCED ($XXXXX)

    Amount given to me directly $0
    Amount paid to others on my behalf $XXXXX
    Amount paid to old lien holder $XXXXXX
    Amount paid to DW $XXX
    Amount paid to Title/Filing Fee $XX

    Prepaid charges $N/A

    Security Agreement Notice - If I don't meet obligations, I may loose vehicle that I bought with loan proceeds. I grant security interest in said vehicle plus any accessories..etc..and proceeds of any insurance..

    Notice what I can and can't use vehicle for (anything other than private use)
    Notice that vehicle is subject to repo..if repo'd I'll still have to pay ...ETC..ETC..

    Customer Copy

    BORROWER Signature (highlighted) and signed by me.

    Co-borrower Signature (empty)

    No where on the document does it have a place for anybody elses signature. It states at the top that my lender is: ROADLOANS and gives their address.

    I think I have them here. Does anyone know for sure?

  8. #7
    charlieslex is offline Senior Member
    Join Date
    Nov 2001
    Posts
    1,723

    Re: Roadloans.com / Rategenius and prob

    Is Roadloans.com affiliated with Triad Financial? Charlie

  9. #8
    martig4 is offline Senior Member
    Join Date
    Oct 2001
    Posts
    257

    Re: Roadloans.com / Rategenius and prob

    FYI

    I'd complain to the regulatory agency for this company. Its a violation of Federal Lending statutes to require the purchase of credit insurance etc as a condition of loan approval.

  10. #9
    darkdoj is offline Senior Member
    Join Date
    Apr 2001
    Posts
    399

    Re: Roadloans.com / Rategenius and prob

    Yes roadloans is a part of Triad Financial. I plan on filing complaints with The California Department of Corporations. Rategenius acted as a broker in the transaction and in the promissory not it specifically states that I agree that no one was a broker and if so to notify them immediately.

  11. #10
    darkdoj is offline Senior Member
    Join Date
    Apr 2001
    Posts
    399

    Re: Roadloans.com UPDATE

    Originally posted by darkdoj
    Yes roadloans is a part of Triad Financial. I plan on filing complaints with The California Department of Corporations. Rategenius acted as a broker in the transaction and in the promissory not it specifically states that I agree that no one was a broker and if so to notify them immediately.
    Roadloans said RateGenius screwed up (which they did). They've removed the GAP Ins and told me to stop payment on the check. I talked with the Finance Manager at Roadloans who called me today (just a few min ago). Said not to pay my lender and that they are going to fund the loan today and my next payment would be due in 30 days.

    I'm very happy with this arrangement now as long as all the people hold up their end of the deal as it was promised. Looks like they are going to though.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Sign up for the Creditnet email newsletter.

Creditnet - Find the right credit card for you Best Airline Cards Best Gas and Groceries Cards Balance Transfer CreditNet Best Credit Cards for Building Credit

Find a
Credit Card

Research, compare, & apply

Bad Credit

0% Interest

Cash Back

No Annual Fee

search

Perusahaan Outsourcing Bekasi

Outsourcing Tenaga Kerja