I submitted an application to refinance my 2023 Bronco Raptor in response to a mailing I received from RateGenius on a Tuesday and when I checked the application status on Wednesday morning, it showed as canceled. I did not receive a notice of adverse action nor any update that my application status had been changed (and yes I checked SPAM). When I contacted them to find out what happened, I was given this explanation "Unfortunately, we were unable to find you an approval for the application due to the value of the vehicle being less than what’s still due on the loan. The payoff balance on the vehicle is too high for our lenders and they might require a large down payment to cover any negative equity. I apologize for any inconvenience, and we hope to serve you in the future." Naturally, I checked myself and the valuations for my vehicle on KBB and Consumer Reports were between $3,700 and $22,000 above my principle balance for the average and most optimistic valuations respectively. In addition, my principle balance is $6,000 lower than the original amount financed. When I asked what valuation was used on my vehicle, I was told that they could not provide this information in an email. My advice is to avoid doing business with this company as they lack transparency, credibility to deliver as advertised and the professionalism to communicate outcomes to potential customers.Jan 5, 2024 Update: I received a message from from RateGenius yesterday morning indicating that my application has been submitted for approval even though it was canceled on Jan 3, 2024 and still reflects that status as of today. Simply ridiculous.
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Headquartered in Austin, Texas, rateGenius has been driven to help people save money for 20 years. With a massive lender network of over 150 financial institutions in all 50 states, rateGenius helps find people better auto loan rates through refinancing.
