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Review 5/12/2011
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Terrible experience with Lenox. Initial contact sounded great, we were told that with a 810 credit score we should close within 2 weeks. After a month, they requested more info. We sent the requested info and it still wasn't enough. They needed to see a canceled check to prove we had paid-off a loan, even though the loan company had provided them a letter congratulating us for paying it off early and verifying we had closed the account. We had been promised a 3.99% rate, but so much time had lapsed, we lost the rate. Then just as everything was ready, we were told we had to pay for another appraisal since the old one was now outdated. Shortly after the second appraisal, I called to find the status and was told they wouldn't loan because there was a old mobile on the property that is used for storage. That info was in the first appraisal, but didn't seem to matter until the second appraisal was done. In all, it took over 6 months to be declined and Lenox "shopped our loan around" and several more credit inquires were made due to that. The extra inquires knocked about 40 points off of our credit score. I contacted customer service and complained that we had been jacked around and I wanted Lenox to reimburse us for the two appraisals. I was told they could only reimburse us if we closed a loan thru them!!!. I got really mad and contacted the Vice President of sales. After much "investigation" and stalling, I was promised a refund. Several weeks later I contacted him again, he apologised and said it would be sent over night via UPS. I did receive it the next day. We contacted Quicken loans and told them of the mobile, and asked if they could take the loan. No problem, so we applied with Quicken and were approved 5 hours after faxing the requested information. We closed in less than a month so we decided to refinance our home in Wyoming too. Again we were approved in 5 hours and closed the loan in less than 3 weeks. Due to the fact the rates rose during the time Lenox was jerking us around, we will pay over $5,000 more in interest over the next 15 years. I told Lenox they were responsible for that increased cost, but they said no. I proposed that to "mend the fence" they could make a donation in an amount of their choosing to our local elementary school, on behalf of my wife and I. Again, they chose not to and felt that they had done nothing wrong, except for admitting that they provided us "poor customer service." We were promised many things and outright lied to in several cases, so I strongly recommend you avoid Lenox. I'm sure they can "get the job done," but Quicken charged us less in closing costs than Lenox was going to charge us, and the whole reason we called Lenox was due to their ad proclaiming "no closing costs, it's the biggest no-brainer in the history of mankind." Yeah, we could'a got a "no closing cost loan," but the interest was 0.5% higher and would have cost over $10,000 more in interest over the next 15 years... WHAT A SCAM. Don't take a chance with Lenox, there are too many other good companies out there. Try Quicken, they sure did GREAT for us!!!
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