Complaints

• Initial Complaint

  12/17/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  Gravity Lending advertised a pre-approval process for a car refinancing loan without an impact to my credit report. Their website states they will perform a soft pull and after that has been evaluated, and the proposed terms have been discussed and agreed to by myself, a lender will then perform a hard pull. Despite this false advertising and promise of only a soft pull, I immediately received a notification from ********************* that my credit had been run and a hard inquiry had been performed. Shortly after this I got an email from a loan officer saying I had been approved for a loan. I spoke with the loan officer assigned to me after this happened and he stated that this is "part of their process" and that I consented to the hard pull by checking the box on the consent form. The 3rd bullet on the consent form the states as follows.."You authorize Gravity Lending to obtain such information solely to conduct a pre-qualification for credit." This is indicating that by checking the box and clicking submit, Gravity Lending is going to review my information for pre-qualification of credit. It does NOT state this information will be used for preapproval.

  

  Business response

  12/20/2024

  Hi *******,

  The application was submitted from the ** address ************* using the Linux | Chrome browser, and the checkbox at the end of the application was marked, granting us permission for a permissible purpose. As a courtesy, we have emailed ********************* to request the reversal of the hard inquiry on your credit, and we expect to receive a response from them next week, at which point we will provide you with an update. We apologize for any confusion that may have occurred during the application process. If you are still interested in proceeding with the refinance, please contact us at **************.

  Customer response

  12/29/2024

  Complaint: 22699006
  
  I am rejecting this response because:
  Rejecting this response until the hard credit inquiry is reverse. 
  Regards,
  
  ******* ******

  

  Business response

  01/09/2025

  Hi *******,

  We received confirmation on January 8, 2025, from the Director of Indirect Lending at ***************** regarding the removal of the hard inquiry.  We were advised that the inquiry has been removed.  Please allow up to two weeks for this update to appear on your credit reports. If you have any questions, feel free to reach out to me or a manager at ************. -- ******** ******.

• Initial Complaint

  12/02/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Misleading ************* Experience I had a disappointing experience with Gravity Lending regarding the ************* policy I purchased through them during the refinancing of my vehicle loan. My vehicle has a rebuilt titlea fact that was evident from the *** and known to them at the time of refinancing. Despite this, I was sold a *** policy that excluded coverage for vehicles with rebuilt titles.After a total loss, my *** claim was denied, leaving me responsible for the remaining balance of my loan. It was only after the denial that I was refunded the cost of the *** policy, but this doesnt resolve the financial burden caused by their failure to ensure the policy was appropriate for my situation.I trusted Gravity Lending to provide clear and accurate information when refinancing my loan. Instead, I feel misled and let down. I cannot recommend their services to others unless they improve their transparency and due diligence when offering financial products.

  

  Business response

  12/05/2024

  Hi Keitron,

  We completely understand your disappointment regarding the inability to utilize the *** policy as you expected. Our Director of Sales, ******** ******, has carefully reviewed your closing call, where you indicated that your vehicle was not reconditioned. Had you confirmed that it was, the loan officer would not have presented the *** policy to you. I have included a copy of the *** contract you signed, with the relevant disclaimer highlighted, which states that a rebuilt title would void the *** contract. I sincerely apologize for any misunderstanding this may have caused. If you have any more questions, please feel free to contact ******** ****** or any other manager at ************.
   

• Initial Complaint

  10/30/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  I used Gravity Lending to browse rates and terms for an auto refinance I was looking to potentially do. Gravity Lending stated that the information I provided was for a pre-qualification and would NOT impact my credit score. Their website states they will perform a soft pull and after that has been evaluated, and the proposed terms have been discussed and agreed to by myself, a lender will then perform a hard pull. Despite this false advertising and promise of only a soft pull, I immediately received a notification from *********** that my credit had been run and a hard inquiry had been performed. Gravity Lending lies on their website and provides COMPLETELY false advertisement. I attempted to contact the credit union gravity lending gave my information to who then pulled my credit, causing a hard inquiry. However, they were unwilling to help remove and/or dispute the credit pull inadvertently done by their institution WITHOUT my consent. I did not enter my Social Security number on gravity lendings website, how can they pull my credit with just some basic information? Would that not mean anyone could enter anyones information if they had their address, name, etc. and gravity lending would permit their credit to be run? This is unbelievable and misguiding and I want this inquiry removed from my credit report. I am prepared to report this to the **** if not resolved by gravity lending ASAP.

  

  Business response

  11/01/2024

  Hi ******,
  
  We truly understand your frustration and we genuinely appreciate you bringing your concerns to our attention. While we followed all proper procedures,your experience is important to us, and we want to ensure you feel heard and valued.  When we received your application from our landing page, it had the following information:
  
  "channel_code":"LP",
  "source_code":"GRAVLEND",
  "client_data_origination_ip":"**************",
  "client_data_browser_fingerprint":"Windows | Mozilla Firefox",
  "applicant_pp":"true",
  "applicant_first_name":"******",
  "applicant_last_name":"*******"
  
  The checkbox at the end of the application was checked, which gave us permissible purpose to run your credit. Your refinance application was approved by a lender in our network. If you're still intersted in moving forward with the refinance process, please reach out to us at **************.

  Customer response

  11/01/2024

  Complaint: 22484754
  
  I am rejecting this response because:

  
  The 3rd bullet in the information required to be acknowledged prior to checking the box at the end states as follows.. 

  "You authorize Gravity Lending to obtain such information solely to conduct a pre-qualification for credit." 

  This is indicating that by checking the box and clicking submit,Gravity Lending is going to review my information for pre-qualification of credit. It does NOT state this information will be used for preapproval. 

   

  Per Gravity Lending's homepage, the following information is provided defining a prequalification vs. a preapproval...

  "Pre-qualifying will not impact your credit score. Gravity Lending uses a "soft pull" - we get your credit information, but it doesn't affect your credit score, and it doesn't appear as an inquiry on your bureau."

  "Prequalifying for an auto loan is a low-risk way to determine what type of loan you can get. When you prequalify, a lender does a so-called soft pull on your credit so that it can give you a rough estimate of the types of rates you might qualify for when getting an auto loan."

  "It is important to note that prequalifying for an auto loan refinance is not the same as being preapproved for a loan."
  
  "Preapproval gives you a much more accurate and definite picture of what type of loan you can expect. So, why prequalify at all? The most significant advantage of prequalifying is that it will not hurt your credit score because the lender uses a soft pull to get you information. By contrast, a hard pull is used in preapproval, which will likely cause your score to dip." 

   

  The personal information I provided and the box checked was for PREQUALIFICATION of credit. Based on the above quoted information from Gravity Lending's website, my credit should NOT have had a "hard pull"conducted and I did NOT authorize my credit to be pulled. I have included images from Gravity Lending's website confirming everything referenced and quoted above. Once again, I am requesting this inquiry be removed from my credit report. If it is not removed, I will be taking further action with the Consumer Financial Protection Bureau. 

  
  Regards,
  
  ****** *******

  

  Business response

  11/14/2024

  Hi ******,

  After speaking to our lender and explaining the situation to them, they have agreed to reverse the hard inquiry and turn it into a soft inquiry.  Please allow some time to see this change reflect on your credit file.  Do not hesitate to contact us at ************ with any questions.  Thank you.

• Initial Complaint

  10/04/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Accessed credit report with a hard inquiry without permission.

  

  Business response

  10/04/2024

  Hi *****,

  We received your application from our landing page with the following information:

  Thu Sep 19 22:12:56 MDT 2024
  "client_data_origination_ip":"*************"
  "client_data_browser_fingerprint":"MacOS | Safari"
  "applicant_pp":"true"
  "applicant_first_name":"*****"
  "applicant_last_name":"********"

  The checkbox at the end of the application was checked, which gave us permissible purpose to run your credit.  Your refinance application was approved by a lender in our network.  If you're still intersted in moving forward with the refinance process, please reach out to us at **************.

   

  Customer response

  10/04/2024

  Complaint: 22378838
  
  I am rejecting this response because:

  I did not agree to a hard credit inquiry. 
  
  Regards,
  
  ***** ********

  

  Business response

  10/09/2024

  Hi *****, 
  One of the bullet points on the submission page of your application reads "You understand and agree that you are providing written consent to Gravity Lending and/or our trusted partners, under the Fair Credit Reporting Act (FCRA) to access information from your personal credit profile or other information from one or more consumer reporting agencies such as *******, ********** and Experian. You authorize Gravity Lending to obtain such information solely to conduct a pre-qualification for credit."  By checking the last box before submitting the application, you granted Gravity Lending and our partners permission to access your credit profile.  I've included an image of the submission page for reference.  Please do not hesitate to call ************** and speak to a manager at any time.  

• Initial Complaint

  09/25/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  Gravity Lending advertised a pre-approval process for a car refinancing loan without an impact to my credit report. A day later, I received a notice from Experian that a hard credit inquiry had occurred.

  

  Business response

  09/26/2024

  Hi ******,

  The application we received was submitted from IP address: *********** owned by ********************** and the checkbox at the end of the application was checked, which gave us permissible purpose permission.   As a courtesy, an email has been sent to *********************, requesting the reversal of the hard inquiry on your credit. We apologize for any confusion that may have arisen during the application process. Should you still wish to refinance your vehicle, please reach out to a manager at **************, and we will be happy to assist you. We value the chance to make things right.

• Initial Complaint

  09/06/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Gravity lending was supposed to pay off my vehicle loan through Campus ******************** by a new loan from ****** financial credit union. I have already had to make one months payment to ****** and defer a payment to Campus. Gravity lending has STILL not paid off my loan from Campus. So now I have 2 loans for the same vehicle!

  

  Business response

  09/06/2024

  Hi *******,

  We apologize that your experience with Gravity Lending has been frustrating. There were some delays in processing your application, but we worked together to resolve the issues and sucessfully funded your new refinance loan.  The recent Labor Day holiday also caused a delay in receiving the funds to send to Campus USA CU.  We mailed the payoff check to Campus *** CU via ***** on September 4th, and it was delivered on September 6th. Please allow ********** CU up to 10 business days to process the check and close your account. If you have any questions, please contact a manager at **************.

• Initial Complaint

  09/06/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  My fiance and I reached out to Gravity Lending (GL) 4 weeks ago. After doing a hard pull on our credit they started requesting documents, which we submitted in a timely manner. ****** is self employed and they asked for 3 months of bank statements, which we submitted, then was told that doesn't work, they need 1099s for past 2 years. submitted that with them still asking for more. Now with a hard pull on our credit, 2 forms of ID, proof of purchase from the truck, a pay off letter from lender, my income, fiance's 1099s for 2 years, and other documents they requested, we still won't b approved for a loan even though my credit is rated excellent and his is rated good. ***************** has no idea what he's talking about, and we got passed around to 3 different people. All they would say was "you're right, we made a mistake." We now need to start over and will not be going with GL again, we will be seeking a local credit union. Be aware that this company feels like a scam, they ask for documents and even when you submit thm they will say they need more, and they'll do a hard pull on your credit without you even knowing all the documents they'll need first. They only thing I didn't give them was my future first born child. Would never recommend these clowns to anybody and I wish there was legal action we could file against them because they've wasted countless hours of our time, effort, and made an inquiry on our credit reports with nothing to show for it.

  

  Business response

  09/06/2024

  Hi *******,

  We apologize that your experience with Gravity Lending did not meet your needs. Unfortunately, the lender who approved your refinance loan does not accept 1099 forms as proof of income, and the only alternative was to provide full tax returns.  We understand your frustration that ***** did not clearly explain this requirement to you and your fiance at the start of the process.  We will use this experience as an opportunity to provide additional training for our loan consultants, ensuring a more seamless application process for future applicants. We hope you will allow us another chance to make it right.

  Customer response

  09/10/2024

  Complaint: 22250123
  
  I am rejecting this response because:
  
  Regards,
  
  ***************************

• Initial Complaint

  09/05/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I did not accept a loan from Gravity Lending. On August 30, Sept 2, and Sept 5 2024 I received a loan Docusign agreement from an *********************** with Gravity Lending. On Aug 30 and Sept 2 and today, Sept 5th, I emailed explaining I did not accept a loan (and am not) and to get rid of my information

  

  Business response

  09/05/2024

  Hi *****,

  I apologize for the continued DocuSign emails you've been receiving.  DocuSign is set up to email recepients reminders if their documents have not been signed yet, this is a feature we need to manually turn off.  We have turned off the reminders for your documents, so you will no longer be receiving emails.  Your refinance application has also been closed out, so no one else will be contacting you.  Please reach out to me if you continue to receive the DocuSign emails.  ---***************************** **************

• Initial Complaint

  08/22/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  Gravity lending engaged in false and deceptive advertising practices. Through their partnership with Lending Tree, I submitted a request for an automobile refinance and was presented multiple pre-approved financing offers, two of which included an interest rate between 6 and 7% at a length of either 48 or ********************************** via phone and text, that offer changed materially to an offer of an interest rate of 9% at an even longer term. When I referenced the prior offers, they said they are no longer offering that kind of deal and that my current loan is upside down and they would require a down payment.

  

  Business response

  08/23/2024

  Hi ****,

  We are so sorry your experience with Gravity Lending did not meet your needs. We work hard to create a great experience for all of our customers.  ********** manager, ****, has looked into your application and may have found better options available for you.  We ask that you allow **** to go over those options with you, and to discuss our pre-approval process.  You can call **** at **************, and she can work to resolve this for you. We hope you will give us another chance to make it right.

• Initial Complaint

  08/14/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  *********************** (Senior Loan Officer) pulled a hard inquiry on my credit without my approval and possibly false advertising. I googled best refinance auto loan rates in ********** and marketwatch pulled the top 5 rates/banks. This bank was advertising 4.99% (***** loan terms with minimum credit score of 640. In addition, the site disclosure mentioned that it depend on the state and fico score. I wanted to inquire about it and filled out the necessary info without my SSN. And since this is my 1st inquiry and remember reading that they'll only do 'soft inquiry, won't share my info, and loan officer will be assigned and will ask for details/consent/authorization, I was expecting for someone to contact me. I received the application confirmation at 12:39 PST, and then received an email alert that someone did a hard pull on my credit (12Aug2024/14:27PST). And I didn't hear from *********************** until this morning. He pre-approved me for 7.99% for 84mos with my 846 Fico Score. And this person, couldn't answer why I didn't get the 4.99%, why he pulled a hard inquiry on my credit without my approval, didn't give me other options on the rates (like I'm desperate), and all he could say was "I don't know". As a Senior Officer, I expected more from his title. I requested for him to do a reversal pull and provide confirmation and timeline, and all he could say was I don't know and hung up on me. I called back and spoke to ********************* (another Supervisor from a different department) and informed him about experience with ******. I requested the same reversal info and email confirmation from ****, and all I received a couple of hrs ago from their universal email was that they didn't proceed with my loan.

  

  Business response

  08/14/2024

  Hi ********,

  Delivering exceptional customer service from all of our departments is a top priorty for us here at Gravity Lending, so we sincerely apologize for your experience with ***********************.  When you completed your application on the landing page for Gravity Lending & Bankrate, permissible purpose was selected before you completed the submission.   

  Below is the data origination information from your application:  "channel_code":"LP",  "source_code":"BANKRATE-LP",  "client_data_origination_ip":"*************",  "client_data_browser_fingerprint":"MacOS | Safari",  "applicant_pp":"true"

  We've reached out to Beneficial State Bank today and requested the hard pull on your credit to be reversed.  We have not received a response from them yet, but sales manager ********************* will be in contact with you once we have their decision to reverse the hard pull.  Please allow them at least 48 hours to respond to our request.  Do not hesitate to contact me or **** with any questions you may have.  -- ***************************** ************

   

   

  Customer response

  08/15/2024

  Complaint: 22138741
  
  I am rejecting this response because of incomplete answer. Awaiting response on why I didnt get the 4.99% & only offered the 7.99% which is way too high for CA rates. Why wasnt I given a fair rates with my impeccable credit/five score? In addition, the business stated 48 hrs of approval request for the credit pull reversal from the bank they used. Therefore, Id like to get a status/ confirmation email. Thanks, 
  
  Regards,
  
  *****************************

  

  Business response

  08/16/2024

  Hi ********, 

  Regarding the 4.99% APR, there is a disclaimer posted that reads:  *Advertised 4.99% APR based on state availability and qualifying credit criteria on a representative example of refinancing with a FICO score of 760 or higher for 36 months.  Because you do not live in the area where the 4.99% rate is offered, you were not eligible for that rate.  The 7.99% rate that was offered to you was just the first lender we sent your application to.  Had we proceeded with the refinance, we would have tried to find you a better rate.  We received a response from Beneficial State Bank, and they are not going to reverse the credit inquiry.  They offered to answer any questions you may have regarding their decision, and said you are more than welcome to reach out to them directly.  

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩