I have a small problem: Rategenius turned an account over to a collection agency called Merchants & Professional Credit Bureau Inc. I dispute the account, here's why: April 02, Apply for auto loan refi with Eloan. Approved with Roadloans, good rate.. good terms. Roadloans sends my information to Rategenius to prepare the documents. Rategenius screws the paperwork up, doesn't tell me for two weeks and then finally calls me the third week to tell me that the loan cannot be approved. (mind you it had already been approved, I signed the promisory note that came via fedex and returned it the same day) After speaking with Roadloans directly, Roadloans says that Rategenius screwed up royally. Rategenius told me Roadloans required Gap INS. I didn't want the Gap Ins, but Rategenius said that it would make the lender happy. Remember good rate.. so I said ok, except that I really didn't want it. Rategenius sends me a new contract to sign and I return it the next day. However there's a problem: because it took them over a month total to close the loan, the balances on the note is all off. The original finance company wants the payment that's 30 days past due PLUS a late fee, PLUS some other fee. We have a problem, houston. On top of that I ended up paying it twice 30 days late because as you will see below.. Rategenius got worse! Rategenius agrees to pay it all (after listening to them apologizing profusely, there's more to the story too, but I would NEVER recommend using Rategenius) and I can make a payment to them. There was an $800 difference between the original payoff and the balance that was given 35-45 days later when the loan was actually finalized. I sent Rategenius a check for $300 and was going to send the rest, but then I spoke with Roadloans, who told me that I was 30 days late on their loan too! Here's what happened - Rategenius took to long to send the paperwork where it needed to go. Thus I was told that my first payment would be due July 15 30 days after the amended contract was signed Instead of the original contract date of June 15. So I thought nothing of it. I was contacted by Roadloans two days after everything was sent back to rategenius for processing (however they didn't actually pay the car off until July 30) and they say that they go by the original contract and not the modified contract. So... I was 30 days late before I even hit the ground. It was all Rategenius's fault. So, in the meantime, (April-June)I paid the original finance company the payment plus fees $1200. However, I was not going to pay Rategenius. There was still an $500 balance that they wanted to collect, but seeings how I had to pay absurd late fees and other fees, I don't feel I should have to pay them. I let Rategenius know about it and that I refused to pay it because of the problems with a loan that was supposed to be completed in two-three days tops! (per what the person from Roadloans and Rategenius both told me) So today I check my mail, and I get this letter from the collection agency I listed above telling me that I owe $500 and that they have been instructed to place this item on my credit record if it's an unpaid collection item. Anyone have any ideas on how I can respond or deal with this and keep it off my credit reports? I refuse to pay them anything else. Especially after the way I was treated. I've already paid too much out because of their inability to process paperwork in a timely fashion. I had to deal with the top of the food chain at Rategenius to get the paperwork finally processed properly. Roadloans is a good company by the way, just don't let them send anything to Rategenius.. they are the WORST.
That is screwed up!. How about getting Roadloans to help you with those idiots. Maybe they can give a call for you? The first thing though, is to send a validation to the ca. That will stop them from legally placing this on any cra until they validate, as reporting it would constitute continued collection activity. Next, I would seriously get an initial consultation with an atty. They may not even charge just to talk for a few minutes. Maybe have an atty write a letter to both Rate idiots and the ca. Good luck
That's really bad! Can you say bait & switch? They actually told you that they required gap insurance? I am assuming it is their gap insurance. How much did they charge you for gap insurance. I recently purchased a new car and the finance guy tried to get me to buy their gap insurance. I asked him if it was something that I could get through my insurance company and he told me that I didn't want to do that. That my insurance company would be way more expensive. Guess what? My insurance company is $19.00/year. The finance guy was going to charge me $471.00 + interest (it was to be added into my loan). What changed in the amended contract that they had to amend it other than the gap insurance? You need to get all of your paperwork put together and contact the FTC, and the Attorney General'f Office in your state and the state that they are located in.
The only change was the removal of the gap insurance. Roadloans took the original amount on the original contract minus the gap insurance and paid that. Rategenius screwed up the paperwork and wanted me to cover the $800. I paid $300, but refused to pay the other $500. I should never have had to pay it in the first place.
Wow, Follow LKH's advice and immediately fire off a val demand to the CA, like tomorrow. My second thought is, sometimes I think stuff gets sooo screwed up there's just no way to fix it. Sorta like a marriage. Sometimes the best thing to do is reverse everything and start over. If it were my case I'd start by demanding refunds of 100% of everything I'd pd so far and a complete and utter reversal of the entire business relationship. Then I'd start over with someone else. Might go ahead and start over with Roadloan as long as they know in advance they are NOT to go near Rategenius, and I'd say so in writing. Sorry,
Truth In Lending Act The Truth In Lending Act requires the disclosure of credit terms prior to entry into a consumer credit contract. These disclosures which include the annual percentage rate, amount financed, finance charge, amount and timing of payments, etc. must be in writing in a form the consumer may keep. Common violations include: The Two Note Case The two-note case is where the consumer is required to sign a contract which does not give the TILA disclosures, either containing no terms of financing or only partial, incomplete disclosures. At a later date, the consumer is required to sign a contract containing all of the required information. But the TILA information comes too late; the consumer is already bound. Common areas of this violation are car sales and home improvements. The seller will have the consumer sign a contract without the TILA disclosures and later have the consumer sign another contract containing the TILA disclosures.
I'd love to start over, unfortunately it's not an option anymore. I am sending validation letters out today. I'm giving the CA 30 days and if they place any items on my credit report at all, ever, I have already typed up and prepared my court case against them. It's going to be a good fight, which Rategenius and the CA will ultimately loose. Rategenius told me that they would do whatever was necessary to see that I pay them. I even tried talking to the president of the company on Wednesday, no help, all they could offer was to have me come down to Austin (yeah right, not in the next few months) and we could sort it out that way or pay the $500 and they will go away. It's not about money, it's about pricincipals.
Darkdoj, File complaints with your Attorney General and the AG of whatever state roadgenius is out of. I know sometimes it seems fruitless, I've had good luck with them however with car issues and the state department of insurance for insurance issues -- go figure! I'm grateful nonetheless. An inquiry on their letterhead, for me, has lit a fire under snow-packed, you can't make me, so sue me if you don't like it, playing hard-ballers with no regard for the laws, processes or rules unless they are facing hefty fines from the state for being butts. Besides, it's free for you and their job. Sassy
