• Report: #936655
Complaint Review:


  • Submitted: Tue, September 04, 2012
  • Updated: Tue, February 19, 2013

  • Reported By: TP — New York New York USA
4412 Spicewood Springs Rd, Bldg 6, Internet United States of America


*Consumer Comment: Thank You Rate Genius

*UPDATE Employee: Company Policy & Procedures

*Consumer Comment: Common issue.

*Author of original report: Flynrider

*Consumer Comment: Question.

REBUTTAL BOX™ | Respond to this Report! | Consumer Comment

What's this?
Corporate Advocacy Program

Show customers why they should trust your business over your competitors...

What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

Set the record straight:
Arbitration Program

SEO Reputation Management at its best!

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?

This report was posted on Ripoff Report on 09/04/2012 11:09 AM and is a permanent record located here: http://www.ripoffreport.com/reports/rategenius/internet/rategenius-scam-artists-cheats-fraud-liars-sharks-subprime-lenders-internet-936655. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

Click Here to read other Ripoff Reports on Rategenius

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
1Author 4Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Thank You Rate Genius


I had a very high interest rate due to rebuilding my credit. After one year of making the high interest payments, I was referred to Rate Genius by Lending Tree for possible re-fi. Rate Genius found a credit union that accepted me with a much better interest rate. They saved me over 5000.00 off the life of the original loan. They were fast, professional and accurate. Unlike what the person complaining posted, Rate Genius stated the exact make and model of my car. He did not add anything that was not true. I was upside down in my 2013. I had GAP insurance on my original note which was barely 500.00 and I got it again with Rate Genius, again barely over 500.00 which was rolled into my loan. GAP insurance is a small amount to pay for added security when you are retired and 65 years old, as I am.

Within one week of signing the papers, the original lender received their pay off from the Credit Union that accepted my loan. I did not have to add on months. I was picked up with the same amount of months left on the loan, and lower payments. 


Thank you Rate Genius! 

Respond to this report!
What's this?

#2 UPDATE Employee

Company Policy & Procedures

AUTHOR: Scott - (USA)

Thank you for bringing this issue to our attention.  It is a matter that rateGenius takes very seriously.  If you would like to contact us directly, we will do everything possible to rectify any issues you feel exist with your refinance.  You are correct in stating that misrepresenting collateral is  fraudulent, is a punishable crime and is, of course, strictly against rateGenius company policy.

The rateGenius business model and standard company operating procedures have been developed to prevent fraudulent activity through checks and balances.  Specifically, rateGenius has instituted the following practices and procedures to guard against any fraudulent activity:

        Confirm all vehicle identification numbers (VIN) validity through the check sum digit.

        Identify vehicle information through third party software services which provides vehicle make, model and trim level through a VIN decode.

        Confirm the VIN provided by the borrower is identical to the VIN on record with the current lien holder.

        Confirm the VIN provided by the borrower is identical to the VIN on record with the state DMV.

        Utilize a third party vehicle valuation software product to estimate the value of the vehicle using the VIN decode information and any additional features or options provided by the borrower.

        All borrowers sign the book out sheet that is a summary of information obtain from the VIN decode and the vehicle valuation software.

The rateGenius service is a refinance service, not a vehicle purchase service.  Therefore, rateGenius does not introduce fraudulent new property into financial services by verifying the original VIN of the vehicle.  RateGenius refinances vehicles that are already financed and are current on payments.   RateGenius does not inspect the collateral (vehicle) during the refinance process.  We do, however, consider our lender network a very valuable asset who holds us accountable for their new loans and we work with them to resolve any potential fraudulent activity or misrepresentations.
Respond to this report!
What's this?

#3 Consumer Comment

Common issue.

AUTHOR: Flynrider - (USA)

" Yes they got me a lower rate and payment, but they falsified all the documents and I signed without knowing. Now you're telling me it falls back on me!  "

One of the problems most commonly reported on this site is people who have signed something without bothering to read what they're signing.   It can get you ripped off.  It can also get you into trouble. 

You signature on a legal document such as a loan application says that you attest that all of the information in the application is true.    If it's not, and you still signed it, the bank could consider it fraud.   If yours is the only signature on the falsified application, it's pretty clear who the bank is going to hold responsible.

 When you sign a contract, you are agreeing to abide by whatever is writtien on that paper.   If you don't read before signing, you're really leaving yourself wide open to be ripped off, as you have no idea what you are agreeing to do (but will be held responsible for after you sign).

Hopefully, you'll be able to close out this loan without the lender finding out.   Drive carefully and good luck. (and never sign anything again withour reading it).
Respond to this report!
What's this?

#4 Author of original report



I do appreciate your response. I should have read the documents all the way through. Unfortunately I just signed where they said to sign and didn't go through everything. 

It's a shame that I'm "the bad guy" in this situation when the documents that were sent to me were completely false and changed from the info I originally gave to the lady. My only option is not trade it in or hope I don't get into an accident, not sure if the difference on the loan will affect my insurance. This is a huge mess. Yes they got me a lower rate and payment, but they falsified all the documents and I signed without knowing. Now you're telling me it falls back on me! I'm sure if it came down to it they would have everything recorded or backed up some how. 

I just know I'm never using Rate genius again.
Respond to this report!
What's this?

#5 Consumer Comment


AUTHOR: Flynrider - (USA)

  Did you sign loan documents that described your truck as more than it really was?  Did your signed application state an inflated income?   If so, then you are the problem.    You see, it's the person that signs the document that is responsible for what is in the document.  Assuming that you were not forced to sign, you are the bad guy in this transaction.

" Is this going to affect me when I try to trade my truck in? "

  If you obtained bank financing under false pretenses, you can bet that it will come out if you try to trade that truck in.    
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?