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.