Where do I start? I have been trying to get my truck refinanced for a few months now. I went to my credit union, my sisters bank even my parents referred me to their bank. All to be told the same thing, that I owed to much money. I owed more than what the truck was worth. Fine, I know I got bad deal when I bought it, paid over 30k but I needed transportation. A co-worker told me about Rategenius and how they were able to help her because she was in the same situation. So I called, gave them my info and of course about a day later I got an email saying I've been declined. Oh well right?
Here's where the fun starts, I get a call the next day and this guy is telling me he has me approved with no money down and can cut my rate in half. Of course I'm thrilled because it's shaving about $150 from my payment. I ask him how he can do this when nobody else can and he kind of dodged the questions, just saying the documents were ready and I needed to log in to print them out. OK whatever, just send them over.
First thing I noticed is he was cramming GAP insurance on the loan, of course I called to get that canceled. Then going through I see he had a warranty put in the loan. WTF?!! Called and got that canceled. Anyway after taking those off the payment went down even more and so I signed. Sent everything back and all was good.
I took the docs to my brother to show him the deal because he's a car salesman and wanted to refer some customers. He went through and found out why they were able to get my loan done. See my truck is a Ford XL Supercrew. Nothing fancy, but still a nice truck. This shady company put on the docs that I have a Ford King Ranch Supercrew with everything from leather seats, sunroof, TV and DVD system (what?), navigation,etc... they even put that I have a 5.0 liter. All I have is the 3.5 ecoboost. On top of all that, this guy had that I was a manager making $6000 a month. Ha, I wish.
Anyway, we added everything up to an additional 14K of added value for me. Of course by doing that I was able to get approved because now it looks like I owe a lot less than what my truck is worth, what bank wouldn't want that?
Here's what really scares me, this guy that helped me when on bragging that Rategenius has hundreds of lenders and this is why they can get loans done blah, blah blah.
Do these banks and credit unions know this is going on? Do they not realize that we just came out of the biggest mortgage mess because of this same type of greed? Over inflating value, lying about income. What else is going on at Rategenius. Should be Rapegenius the way they're raping the banks and customers.
Is this going to affect me when I try to trade my truck in? Has anyone else had this issue?