Was "approved" by Roadloans for a $15,000 loan @ 18% for a car. Then they sent a list of "preferred" dealers. The first dealer told that they would rather get me credit thru one of their lenders. My credit is not the worst but it is also not the greatest. They got me approved however, they wanted twice the amount for a down payment that I had and twice what the roadloans down payment was. So when I could not give a $4000.00 down payment they said they could not use the roadlons loan because of the $$3000 finders fee / loan origination fee that roadloans charges them. So I called roadloans and they will not talk to you about this they just would say that "we are not charging you a fee and that it was illegal for the dealer to talk to me about it". The list of "preferred" dealers has about 15 dealers on it. I have contacted all of them and faxed over the roadloan doc that spells out the criteria the dealership needs to follow. It has been a week and not one has called me back.
Most of the dealers on the roadloans "preferred" list sell 1998 sedans. Rental cars that have been beat senseless and are on their last leg. And even then the loan is not able to be used. I was not taken by roadloans financially but my time and energy going to go to all these dealerships for a few weeks now has beat me up. I bought a car from a small dealership with a loan from a small finance company and the payments are very reasonable.
Now to improve my credit score and next time I need a car hope its not in the middle of a recession!
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