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
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.