E-Loan eventually
Written: Apr 28 '01
The Bottom Line
Don't be tempted. Go somewhere else.
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My wife and I decided to buy a new car as she had just started a new job and needed reliable transport. I checked around and found that the 7.35% rate from E-Loan for up to six years was the best there was and I applied for a loan.
I tried to use both of our names on the loan but the web site informed me that all named applicants had to have been working for at least one month (my wife hadn't at that time) so I changed the application to my name only and within an hour it had been approved. This was on a Tuesday and I did not ask for special delivery of the draft.
We went out looking for a car the following weekend and found a great deal by use of the Web and by playing a couple of dealers off against each other.
On the Sunday we purchased the car, having first received assurances from the dealer's finance people that the E-Loan draft would be accepted when it arrived and that we had until the following Thursday to get it to them. Any later and the 8.9% loan from the dealership would automatically kick in.
By Tuesday, when no draft had arrived I was calling E-Loan asking them how it could take more than seven days to get it to California. They said there was nothing they could do.
It arrived the next day and we went to the dealer immediately. The dealer then told us that they don't normally accept drafts, but they would as a favor to us!!!
We filled it in according to the instructions (we thought) and all was well.
Just under two weeks later I received a call from E-Loan. There was a problem. The loan was in my name but the title documents were in both my wife's name and mine. The upshot was, no money had been paid to the dealer for the car and we would have to start another loan in both of our names to make it good. When asked about the one month limit on employment which had prevented joint names earlier I was told, "Even a housewife can apply.".
I reapplied immediately saying my wife was not employed (not true of course) and asking for overnight delivery, ($12).
Four days later I called the same person at E-Loan (always get the name and number) and asked what had happened to my new draft. "The computer broke." she told me. I told her to get it to me the next day and to refund my $12.
The draft did arrive and the dealer went through the pain again. Throughout this thing the dealer's people (Lew Webb Toyota in Irvine) were good but the four visits it took were a real pain for us.
At the end of all this we have car and a loan, at 7.59%, not 7.35 and my $12 has never been refunded.
Recommended:
No
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About the Author
Member: Dave Carmichael
Reviews written: 9
Trusted by: 0 members
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