BEWARE of shady Auto-Refinance scams from RateGenius
I recently applied for a Rategenius auto refinance, and based on my score, I was placed into a category where I could get a 48-month loan @ 5.0%, which is a couple of points less than what I have now, as well as 10 less payments. I figured it made sense, so I went ahead with the process. After a fairly simple application, I was contacted by RateGenius for a couple of questions and was advised I would be given a callback. Keep in mind that my initial credit was soft-pulled as well as hard-pulled by a third party at this point, and an initial offer of the 48mo@5% was the primary and only factor in my decision to refinance. After a callback from a friendly RateGenius sales person, I was told that "she was ecstatic to inform me I was approved for a 72-month loan @ 7.9%". My jaw dropped. I was floored and asked the lady what type of reasonable "genius" would accept such a shady offer. I asked to speak with her supervisor but have not heard back from the company. Now, I am stuck with a hard inquiry on my credit, which could stay there for years, with absolutely no positive outcome. BEWARE!