RateGenius Reviews
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RateGenius is comprised of a network of lenders that help you refinance your existing vehicle loan. Learn how customers are reviewing this service.
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Not flexible, not meant for us working-class folks.
Overall Experience:Beware, this company is not flexible and only works with the kind of people who have never struggled. We sold our house this year and used the equity to pay off a TON of debt which boosted out credit the best its ever been, so we figured we would give them a try to refinance our cars since we have amazing credit. But they denied the application without an explaination, so I called their number to see why and the rep I spoke with explained they dont work with people "like me". I guess even with great credit, a high income and a good history for the past few years I am just riffraff to them because of a bankruptcy on my record many years ago when I was young. She said they dont even attempt to work with people like me. I teared up as we parted ways on the call because I feel like I was treated like garbage, like I am not good enough to be associated with because of a past mistake. I spent years working hard, fixing up my credit, making good payments and moving up in the world to be treated like so poorly. Waste of my time and ding on my credit for even attempting. Don't bother with this company.
Bottom Line: No, I would not recommend this to a friend
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Total scam - dishonest - a waste of time
Overall Experience:I have dealt with many companies that are unprofessional but this one is right at the very top. Especially with employees like Jeremy Odom who is super helpful until you elect not to accept the GAP or extra insurance coverage.
I received full approval on July 18 to refinance my car at the end of its lease on August 5th. Paperwork came on July 23rd. I reached out to "helpful Jeremy" up to that point to decline the GAP and Assureguard.
I then had to keep reaching out to get a straight answer. Finally got new paperwork on the 26th. He then wanted copies of my DL, insurance, registration. My license was renewed on the 24th of July so I copied the temporary paper license, insurance, and my registration from 2018 and the registration receipt from its renewal that will be expiring at the end of August, 2019. Not sufficient. More time passes, I have to reach out. Driver's license not good enough. Have to copy front and back of the expired one. Makes no sense but I did. Registration still not sufficient. I go online and the DMV sends me what they said should be fully sufficient. Again, showing registration with expiration in August. No response. I reach out, yet again. Nope. Sorry. Asked non-helpful Jeremy if he was going to maybe share that information with me? Is my lease being up in a few days? No response. Asked for the underwriter's contact information. No response. Then he just provides his number. Of which he would not take my call. Went to Chase Bank and it was completed in 24 hours. Shockingly, the paperwork, license, registration worked wonderfully for them. Thanks Chase!
I will do everything possible to ensure anyone I know or can reach by review does not fall into the Jeremy Odom Rate Genius trap.
Bottom Line: No, I would not recommend this to a friend
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Aug 8, 2019
Hi Joni, thank you for your review. We're committed to providing our customers with an excellent overall experience, so we're disappointed to hear that yours was anything less than perfect. Certain members of our lender network are more selective than others in their preference for document submissions. In addition to crisp and clear items, some also require that the registration must be valid for at least 60 days. Our attempts to complete the refinance focused on this aspect. Nevertheless, we did notice that there was a lot of back and forth in your case, and we know that's frustrating. We'll relay this feedback internally to identify ways that we can be more accessible and return calls more expediently. We sincerely apologize for any inconvenience, stress, or confusion that we may have caused. Thank you again for your review! We're so glad that you were able to find a better loan option, even if it wasn't with us, and we hope to have another opportunity to earn your business in the future.
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Credit data fishing expedition
Overall Experience:rateGenius.com was recommended for me by Credit Karma for auto refinancing at reduced rates. Application response was delayed three days. My TransUnion score of 701 was apparently too low to lower my 8.5% rate at Wells Fargo. Nothing more than a data fishing expedition whose hard inquiry will reduce my credit score.
STAY AWAY FROM rateGenius!
Bottom Line: No, I would not recommend this to a friend
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Jun 4, 2019
Hi Jeff, thank you for your review. We're disappointed to hear that your experience with us didn't meet your expectations, as we strive to provide the best possible service for our customers. Our application responses can take up to 3 business days, as we like to give our lender network time to review your application thoroughly, and gather any further information if necessary in order to generate an offer. It's what differentiates us from other auto refinance platforms; we provide fully underwritten, legitimate offers of credit. Because we work with so many lenders, it can sometimes take a few minutes, and it can sometimes take a couple of days. However, we are working to make our process more expedient, as we understand how frustrating it can be to wait for an approval.
Regarding your application, we are sorry that we weren't able to beat your current rate. It's not all about credit score. Of equal importance is your LTV, DTI, and whether we can locate a loan offer that has better rates or terms than your current one. We can assure you that we aren't in it to data fish. If that were the case, we would neither be a preferred partner with Credit Karma, nor in business for over 20 years. We sincerely apologize for any inconvenience, stress, or confusion that we may have caused. We thank you again for your feedback, and we hope to have another opportunity to find you savings in the future.
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Bad customer service
Overall Experience:I applied for a loan, got approved. During the whole process, I got calls and texts to assure I was doing what needed to be done on my end. Long story short, I paid fees for DMV and was under the impression that my title and registration will be changed, being that my original loan had a co-borrower. I paid to have that person removed and figured I get my new registration. Once the loan finalized, my rep Kyle T., completely went ghost on me and disappeared. I’ve been trying to reach out and find out more about the situation. No one answers my text or emails. When I called customer service, I got the runaround. So basically, now that the loan is complete, they basically said "forget you" and washed their hands of me once they took my money. I wouldn’t recommend this site to anyone and Credit Karma should stop advertising them.
Bottom Line: No, I would not recommend this to a friend
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Dec 3, 2018
Charles, thank you for your feedback. Because we always strive to provide our customers with excellent service and communication, we are disappointed to hear that your experience with us was anything less than perfect. We are aware of certain opportunities for improvement within our follow-up processes and responsiveness during the post-funding stage, and we are actively working on ways to improve both our organizational and technological infrastructure to better fit our customer's needs. We understand how this can be frustrating, and we sincerely apologize for any stress, confusion, or inconvenience. If you have your application number handy, email us at pr@rategenius.com, and we'll answer any questions you may have. Thank you again for your feedback and we hope to have the opportunity to work with you again in the future.
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Very bad service
Overall Experience:This is by far the worst company I have ever dealt with. I made sure to post on all my social media accounts about the horrific and corrupt customer service I have dealt with here. I told all my friends and family as well, whom in turn will tell their networks and so on. I am extremely disappointed in the lack of professionalism I have experienced.
Bottom Line: No, I would not recommend this to a friend
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Oct 26, 2018
Thanks for your review, Mohammed. We're so sorry to hear that your experience with us was anything less than perfect, as it's our mission to provide excellent service and communication to everyone we work with. We'd like to learn more about what happened, but we'll need your application number to do so. If you don't mind, please email us your app# at pr@rategenius.com so that we may research this issue, learn from it, and take the necessary steps to ensure it doesn't happen again. We apologize for any inconvenience, stress, or confusion that we may have caused, and we thank you again for your feedback. Despite your initial experience with us, we hope that we'll have another opportunity to serve you in the future if you'll have us.
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I believe it is a scam
Overall Experience:I received an email ad from Credit Karma about the refinance. I applied and received an auto response but never received or heard anything else. It’s been weeks. I would never recommend and think Credit Karma should drop their ad business.
Bottom Line: No, I would not recommend this to a friend
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Oct 2, 2018
Mario, thanks for your feedback. We're sorry about this. We never intended on leaving any of our applicants hanging. Turns out, our messaging system had been glitching over the last few weeks! We're so sorry about that! We're aware of the issue and have already repaired it.
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Gap insurance and expanded warranty selling co.
Overall Experience:This place it's just so they can sell you gap insurance and extended warranty when you try to refinance, even when your car does not need it. They may find you a .20 to .50 lower rate of what you currently have. After I read the reviews I told then "by the way I will not be needing gap insurance not extended warranty," so they didn't call me back, I had to call back. With a 720 credit score, I was told they couldn't find me a better rate. Simply because I didn't need the extras.
Bottom Line: No, I would not recommend this to a friend
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Sep 24, 2018
Hi Edgar, thank you for your feedback. Because we strive to provide our customers with excellent service and communication, we are disappointed to hear that your experience with us was anything less than perfect. Though we do sell optional additions like GAP and Service Contacts, we are paid by our lender network for the loans that we provide. Plus, we care deeply about saving people money, either in terms of interest rates or in terms of monthly payments, so we would do our best to find a rate that works best for you.
Our records indicate that our offer was only slightly lower than your current rate and that despite our best efforts to find something lower, we were unable to find a loan option that fit your needs. However, we never want our customers to feel that we have no interest in helping them, and we will address that internally to identify opportunities for improvement. We apologize for any inconvenience, stress, or confusions. We thank you again for your feedback and we hope to have the opportunity to work with you again in the future.
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Scam!
Overall Experience:I requested and discussed information but never made an application. I received from them today a rejection letter. How can they dare submit a rejection, when I never made an application to them?
By the way, my credit score is 834.
Bottom Line: No, I would not recommend this to a friend
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Sep 24, 2018
Marc, thank you for your review. We're disappointed to hear that your experience with us was anything less than perfect, as we always strive to ensure that our customers have the best possible experience. Our records indicate that you submitted an application to us via LendingTree (their application process is quite simple and can often seem like simply entering information to obtain rate information, but it's actually providing information for a loan application). LendingTree then sent your information to us, and likely also several other lending institutions in their network. So, we received your information via your LendingTree application, which is why we sent you the letter.
In addition, credit is only one factor considered when determining offers for auto refinance loans. Equally, if not more important, are LTV and DTI of the vehicle.
Thank you again for your review. We hope that we were able to alleviate any confusion, and we apologize for any stress or inconvenience. We hope to have the opportunity to work with you again in the future.
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Bait and switch
Overall Experience:I looked into getting a refinance loan through this company and at first, they offered me a much better interest rate. Once I was able to speak with Angelica, she told me that since they had more details on my car that my rate was going to be 5% higher. She claimed that I was really underwater on my vehicle. I had done my research prior to applying, and I knew exactly where I stood on my loan and if $800 difference makes me underwater, then so be it.
I am with a great finance company now, and I have no issues aside from my higher interest rate. So with that said, it would have had to be a great deal for me to change up. With the 5% higher raise they gave me this only put me a small percentage down from my current company, so I politely declined rateGenius' offer. Well, as soon as I did that, Angelica copped such an attitude and told me that she was just going to close out my application if I was not interested in listening to her. RateGenius needs to work with their employees to get them to understand that not everyone is going to take their offer and that it is OK. It is never OK for a rep at a company to be so snarky totally unprovoked.
I was completely taken aback by her attitude and it was not justified in the slightest. I stayed polite and simply said yes Angelica, please close my application, have a great day, and thanks.
Bottom Line: No, I would not recommend this to a friend
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Sep 19, 2018
Denise, thank you for your review. We want all of our customers to have an excellent experience with us, and we take great pride in our service and communication. We encourage our loan officers to make cancelling the refinance process just as easy as is it to start it. So, we are very disappointed to hear that you were treated in a way that is not aligned with our standards. We will review this matter internally in order to ensure this behavior is not repeated, and we sincerely apologize for any stress or inconvenience. We assure you that this experience was unusual, and we hope to have the opportunity to work with you in the future and prove that we love what we do. We're so glad that you were able to find savings, even it wasn't with us, and we thank you again for your feedback. Have a great rest of the week!
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Dubious
Overall Experience:rateGenius featured prominently in my Credit Karma portal claiming that they could get me a lower rate on my recently completely auto loan with a local credit union.
I figured, "why not?" So, I applied with them. I got an email saying my application to refinance my vehicle is "APPROVED!" Hooray!! I'm so special! Haha, not at all. I'm pretty sure anyone who gives their contact information gets this email.
Then I get a call from a service rep - Justin. He tells me the rate they can get me, which is actually a full point higher than what I currently have. Hmmm...he agrees that this isn't a good deal. He says he'll research some more and get back with me.
It's been two weeks now, and I have yet to receive any follow-up communication.
Bottom line - I received a hard credit inquiry for nothing, and they wasted my time.
My recommendation - AVOID.
Bottom Line: No, I would not recommend this to a friend
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Aug 22, 2018
John, thank you for your feedback. Because we always strive to provide our customers with excellent service and communication, we are disappointed to hear that your experience with us was anything less than perfect. Though not all applicants get approved, we do present offers to those who do. Even if the offer rate is relatively similar to a customer's current rate, we still present the option because some customers simply seek to lower their monthly payment.
We wish that we were able to find you a better rate, and we hope to have the opportunity to try again in the future. Regarding your loan officer's lack of response, we take follow-ups and prompt communication very seriously, and our lack of follow up is unacceptable. We will research this matter internally to ensure that your experience is isolated. We thank you again for your feedback, and we sincerely apologize for any inconvenience, stress, or confusion that we may have caused. Have a wonderful rest of your week, and we hope to have the opportunity to work with you again.
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Stay away
Overall Experience:It seemed legit until they start hitting you with fees at the end after you providing all your info. They asked for $1200.00! Just go with a regular lender if you can and save yourself the hassle.
Bottom Line: No, I would not recommend this to a friend
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Aug 22, 2018
Angel, thank you for your feedback. Because we always strive to provide our customers with excellent service and communication, we are disappointed to hear that your experience with us was anything less than perfect. rateGenius does not charge any fees, and without researching the specifics of your account, it's hard to say specifically what that $1,200 refers to.
However, it's likely that either the new lender requested a down payment, or it could be that you expressed interested in one of our optional service contracts of GAP protection products (both are easily removable from the documents). We hope that we were able to clarify things for you, and we apologize for any inconvenience, stress, or confusion that this may have caused. We thank you again for your feedback, and we hope to have the opportunity to work with you again in the future.
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Company Response from rateGenius, Inc
Hi Alayna, thank you for your feedback. We're so sorry to hear that your experience with us didn't meet your or our expectations, as we always do our best to make sure that we provide excellent service and communication to all of our customers. Though we wish we could help everyone, that's not always the case. Of course you're not riffraff to us; we are so lucky to have had the honor of your application and your trust in us to find you a better rate. We are so happy that you've been able to make such strides financially - that's a rare feat and you should be extremely proud of your accomplishments. Even if you have great credit, low DTI, and a low LTV, you're right - that bankruptcy on your credit history does make it difficult for us to find an approval for you within our lender network. Luckily, that's only temporary, and once that bankruptcy falls off your record, we would love the opportunity to work with you again. Regarding the way that you were treated, we will listen to the call, research this matter internally, and take steps to ensure that doesn't happen again. We never want our customers to feel less than, and we sincerely apologize for any inconvenience, stress, confusion, or hurt feelings that we caused you. Thank you again for your feedback and your application, we hope to have another opportunity to work with you, and we wish you the best of luck.