ComplaintsforRight Way Auto Financing and Brokerage Ltd.

• Initial Complaint

  21/08/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  **** at rightway auto was checking to see if I could get financing for a vehicle. **** suggested a co signer where my credit was not so good. so I asked my son ****** ****, who has impeccable credit, to co sign for me. **** said he would do a soft credit check on ****** so it didn’t effect ******** credit. when **** completed the credit check, he stated ****** had great credit, and that he recommended ****** not co sign because It was too high of a risk for ******. Which was fine with me that ****** did not co-sign. My issue is, about a week and a half after that day, My son was contacted and was told his credit was no longer good. This is very upsetting to ******, and myself, because all **** was supposed to do was a soft credit check which should not have changed ******** credit rating. I contacted mark, explained to him what was going on with ******** credit rating, and **** said he did not do anything that would effect ******** credit rating, but that he would check into it. Three or four days later I did not hear anything from **** so I tried contacting **** to see if he found out what happened and I was not able to get a hold of him. I have tried numerous time since then to contact mark, by phone, left messages for him, sent a written letter, and **** has not contacted me as of yet to help me resolve this issue. I would like your help in resolving this issue, because my sons credit should not have been affected. **** also should have been professional enough to contact me back and help me resolve this. I think he made a mistake and does not want to own that he messed up. I need your help in getting my sons credit rating back in good standing like it was. ******** credit should not be ruined because of a soft credit check for co-sign. And I did not actually do any business with Rightway auto. So I am confused as to why my sons credit went from fantastic to having none. Sincerely, ******* **** ************ **************@gmail.com

  Business response

  01/09/2022

  Please be advised that ******* **** is giving an explanation of the situation that is not accurate as to what unfolded. Ms **** applied to our company seeking a vehicle. Due to her financial situation, she was advised she would not debt service for a new vehicle on her own. At the time, she already had existing loans that she was co signed on with her other children. Due to this, she offered her son as a potential co-signer. As is company policy, we advised both ******* and her son that we would first perform a credit check, which typically costs a few point on an applicants bureau, however it will typically go back up as they continue to make payments on any existing loans they have in their name. When we performed a credit check on her son, we advised them of a handful of potential lenders they may qualify for together, and ******* and her son allowed us to submit their application to these banks on their behalf. Three lenders did not issue approvals that supported *******s overall goals for financing. a fourth lender issued an approval stating they wished ******* to be removed from the application as she did not qualify. It was at this time that we called *******s son directly, and we informed him that the only approval that suited *******s goals for financing, did not allow her to be attached. We then advised her son that because of this, we did not believe it was best for us to proceed with the application, as due to the financial struggles by *******, we did not want to risk his personal credit by allow him to solely finance a vehicle in his name for his mother. We then informed ******* of this same information.

  Both applicants were aware that they were applying for credit, and seeking approvals. Both applicants were informed of the potential impact on the credit check by us, and the application credit checks to potential lenders, as per our company policy. 

  ******* was very unhappy with our decision to not proceed, and has since taken every measure to tell an inaccurate version of the events in the assumption that we can change her sons credit score back. This is not how the credit world works. 

  We have taken every measure we possible can at this point to explain to ******* and her son, however ******* is unwilling to accept the impact of her decision. We stand by our decision making and have full faith that we acted in the best faith for both ******* and her son, in each step they requested from us.

  Please let us know if we can help in any other way.

  Customer response

  05/09/2022

   I am rejecting this response because:
  
  The businesses response was unsatisfactory because ***** version of events is inaccurate. 
  
  Me, nor my son were advised that there would be a credit check done which typically costs a few points on an applicants bureau, but would go back up if my son continues to make his payments. 
  
  **** said he was going to do a soft credit check, so it would not effect my sons credit. But **** did a credit check on my son as if he was applying for the loan, and did not advise me, nor my son. We were not advised about the application credit checks to a handful of potential lenders, as per their company policy, that may qualify us together. We did not give permission to submit applications on our behave to other potential lenders. I thought we were dealing with Right Way Auto and Finance only. 
  **** was to do a soft credit check only, not an application for a loan. 
  We were not aware that they applied  for credit, and we were not informed of the potential impact to my sons credit, by the credit checks done by them. 
  As for me being upset at their decision not to proceed with financing with me alone, does not bother me at all. I knew my chances of getting financing was low. What upsets me is how things were done without our knowledge, that my sons credit is ruined, when **** said doing a soft check does not effect a persons credit. I did not  know anything about a soft credit check until I spoke with ****. 
  It kind of makes me wonder if this is something **** does on a regular basis to potential customers inquiring about financing.
  
  

  Business response

  06/09/2022

  We have attached supporting documents that show ******* was fully aware she was working through a financing and credit application. We have her original application that was submitted to us through our lead provider. After which, we call our clients, and obtain and clarify the information on the application, at which time as is complete industry standard and practise, we advised them on intentions with applying for credit and the potential impacts. We also attached the fax we received from ******* that include her proof of income statements, which proceeded with the route we ended up taking to obtain a potential co-signer. 

  We have full confidence that we treated ******* fairly and responsibly, and although it is unfortunate that we were not able to successfully achieve financing for her and her son, the impact of her decisions and the onus of her and her sons credit score is not on us.

   

  Please let us know if you need anything else from us, as we wish to resolve this issue but we are not able to "reverse" or "replenish" an applicants credit score on their behalf.

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