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New Roads Auto Loans

FMC
Frequent Contributor

New Roads Auto Loans

Anyone have any experience using them?

Message 1 of 15
14 REPLIES 14
tricie17
Frequent Contributor

Re: New Roads Auto Loans

Santander.  Stay away.

Starting Score: 544
Current Score: 661
Goal Score: 700


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Message 2 of 15
bigpoppa09
Established Contributor

Re: New Roads Auto Loans

Avoid them like the plague.
Message 3 of 15
FMC
Frequent Contributor

Re: New Roads Auto Loans


@tricie17 wrote:

Santander.  Stay away.


They are NOT Santander. You are confusing them with Roadloans. They are part of CPS.

Message 4 of 15
FMC
Frequent Contributor

Re: New Roads Auto Loans


@bigpoppa09 wrote:
Avoid them like the plague.

Why? 

Message 5 of 15
Kjohn1
Regular Contributor

Re: New Roads Auto Loans

Well, with about 3 min of looking, I see that they claim to be BBB A+ accredited. BUT, the BBB banners on their website do not link to their BBB profile (like it's supposed to), so that made suspicious. Went to BBB website and cannot find them listed; even tried a few different variations of their name. Now, it could be listed under a different business name, but those two things were enough to tell me I wouldn't trust them.

 

ETA: Okay, their parent company, CPS, does have an A+ BBB rating (lots of complaints about them, though), but we all know that the parent and the child can be quite different. I'm not even sure if they're actually allowed to tout the parent company's rating as their own; that's probably why it doesn't link. Still seems shady to me.

Message 6 of 15
tricie17
Frequent Contributor

Re: New Roads Auto Loans

They use Santander for loans.  Very strong ties.

Starting Score: 544
Current Score: 661
Goal Score: 700


Take the myFICO Fitness Challenge
Message 7 of 15
Tigers09
Valued Contributor

Re: New Roads Auto Loans

FMC, I think you could do much better trying a CU for a loan.
I looked at them before I found myFico a couple of years ago. After they hit me with 5 credit pulls over three days all they could offer was 18-22%
State Farm Rewards (3,000) ~ Marvel MC (8,000) ~ PenFed Power Cash (10,000) ~ PenFed Promise (1,000) ~ PenFed OLOC (500) ~ Discover ($1,100) ~ Citi DC (2,200) ~ NFCU cashRewards (6,200) ~ NFCU Platinum (2,700) ~ NFCU CLOC (15,000) ~ Venture (10,300) ~ DCU Visa (5,000) ~ Chase Freedom (3,000) ~ Amex Hilton Honors (5,000) ~ Amex SPG (1,000) ~ Amex BCE (1,000) ~ Care Credit (15,000)
Current Scores (6/6/18): 697 Transunion, 659 Equifax, 674 Experian
Message 8 of 15
FMC
Frequent Contributor

Re: New Roads Auto Loans

They approved for a rate of 13% to 15% depending on the vehicle, my score is in the low 500's. Carvana has me at 18%. CU's have either denied me or approved me at 18%. 

Message 9 of 15
Kjohn1
Regular Contributor

Re: New Roads Auto Loans


@FMC wrote:

They approved for a rate of 13% to 15% depending on the vehicle, my score is in the low 500's. Carvana has me at 18%. CU's have either denied me or approved me at 18%. 


They may be okay. The fact that they are misleading at best, lying at worst, about their BBB rating is enough to turn me away from them. By the way, their parent companys rating has been downgraded since j last looked; and they aren't accredited. Lots and lots of complaints out there about them.

 

Personally,  I'd pay a little more at a reputable CU (not to mention building a positive relationship with them), rather than go with some shady subprime bottom feeders.

Message 10 of 15
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