I've been seeing a lot of E-Load commercials lately and it's rather disturbing. In 2000 I got a loan through E-Loan and it was not a pretty process. It started out fairly well, except that they offered me one rate - but approved me at a signicantly higher rather than advertised. They said it was due to my credit - but my credit was perfect at that point having finally scraped my ex-wife off my credit report.
I agreed to the higher rate and got a "check" for the new Honda CR-V I was buying. I went to the dealer and he sold me the car. So far - so good.
Then - I started getting calls from E-Loan to get more information to qualify me for the loan. I pointed out that I was already qualified and that they had send me a check and that the car was bought 3 weeks prior. It was a done deal - so what's the qualifying about?
They tried to tell me that the check they sent me wasn't a final approval - even though the paperwork they send claimed otherwise and the auto dealer had already cashed the check.
I forget all the details - but the check bounced - then very soon after that they made it clear somehow.
The loan wasn't through E-Laon - it was through Bank of America. So E-Loan wasn't the actual lender - they brokered it.
Even though everything came out OK in the end - the process was very spooky and dishonest on the part of E-Loan. The bottom line is - I'll never do business with them again - and I would advise my friends to avoid them as well. The idea that they write checks that are convincing enough for auto dealers to take and then claim that the loan wasn't yet approved is what I would call fraud.
Posted by marc at April 22, 2004 02:24 PM |I to had a bad experence with them. It was early in the process so I just went with another company. They keep asking for more and more documentation. even after I sent them the HUD-1 they wanted more proof where my down paynment came from. I will NEVER recomend e-load.
Posted by: kelly at November 12, 2005 05:12 AMBad Experience with E-Loan.
Recently I was persuing a loan with E-loan, I haven't borrowed much money in the past, so I'm not real "savy" with loan processes.
Things I don't like about e-loan:
Not being able to deal with 1 person
I did not feel I received enough infomation to be
comfortable with the entire process.
I also found it strange after contacting e-loan all of a sudden I started receiving numerous phone calls from other loan companies by telephone. Did they give it out? I dunno, sure seems like a strange coincidence.
The "real kicker". After I notified them that I was not going to go thru with the loan with them... the person said to me "well... thanks alot for waisting our time and money" ... (to me this was rude and unprofessional) ... my reply to him was "I didn't think it was necessary for him to be a smart alec and because of his "smart alec" answer told me that I had made the right decision in not acquiring the loan thru them.
Obviously they do not care about people nor how they feel. So I have made it my quest to post this "experience" in as many places as possible.
Feel free to copy this and blast it out into cyberspace. We "people" deserve to be treated with respect, regardless of our decisions... afterall.... it is OUR MONEY!!
Totally agreed E-Loan Sucks!!
Eloan.com is a nightmare! I applied for a car loan with them on the recommendation of a friend. I quickly realized they were worthless but they continued to FLOOD my email Inbox with hundreds of solicitations.
My credit score is in the top 10 percentile and they insisted that I apply to their loan partners hence the hundreds of emails. I have had to create a new online email address for personal correspondence because my other email is now so contaminated. This was in April 2006 and I still receive more than 100 junk emails a week from applying at eloan.com (it s almost September).
Plus they never got around to stating terms of the loan, they just wanted more and more info. I DON T recommend them. Join a credit union, check with your bank, ask your friends!!! Just don t apply with eloan.com.
Posted by: Laura Sullivan at August 28, 2006 04:33 PM..........
if you want to read this discussion and comment,here is the link :
http://marc.perkel.com/archives/000216.html
