Scam?

[james5377]

Hey Guys,

I was thinking of about this for quite a while......

When I was about to sign the finance contract, I was told that I was going to get 5.99% interest rate for 5 years coz I have a FICO score of just 695. He told me that if I get a extended warranty and interior/exterior coating, he will "adjust" my interest rate to 4.5%. However, I vividly remember that my FICO score is 732 when I last checked it three weeks ago. Facing the pressure of getting the lower interest rate, I signed the paper and get the extras.

When I got back home and signed up experian.com for my FICO score, It came out that my FICO score is still 732!! So my question is: Could this be a scam where my interest rate is supposed to be 4.5% but they jacked it up to 5.99% so that they can sell me the extras in order for me to get lower interest rate??

Any suggestions or opinions???

 

[alexlitov]

Yeah, it's a well known scam...

 

[wanger68]

sounds about right... those wiley salemen...

 

[Turbo Matty P]

you've been owned

 

[Stormtrooper77]

You should have got your score before you went to the dealer. That way, when he came out with his score, you could just show him yours. He'll have nothing to say about that.

 

[70]

This is why I got my financing before hand.

Didn't have to worry about it.

Just wait a few days. They might call you back and claim that they couldn't get that rate and want either more money or a higher rate or tell you to return the car.

To which you will reply, F-OFF!

 

[AndrewF150]

I don't want to sound like I am sticking up for the salesmen but, when I got my home loan I had went on-line to check my score. It said it was up in the 700's myself, which is good for someone being 20. When I went into the bank and they pulled up my scores they were a few points lower.

I asked the finance officer what is up with that and she said that the companies on-line aren't as accurate as what banks and such get. I did a little research and found this to be true, the scores you can get on-line seem to be a little bit higher than what they really are.

Anyways there are 3 credit companies/bueros(sp) that banks get thier scores from.

 

[Glhboy]

Most companies use Trans Union for credit info and a lot of times it is lower. Some companies use CBI which is higher so you could be a 732 on CBI and a 670 on Trans Union.

 

[james5377]

The thing is they use Experian which is the same credit reporting company as I do!! If using the same credit company, how could there be a discrepancy??(rant)

Should I report to BBB or something else?? (pissed)

 

[sttl013]

....When I was about to sign the finance contract, I was told that I was going to get 5.99% interest rate for 5 years coz I have a FICO score of just 695. He told me that if I get a extended warranty and interior/exterior coating, he will "adjust" my interest rate to 4.5%.....

/members/sttl013/bs.jpg

They can offer you the better rate no matter what you buy extra. They want to make money, plain and simple. They gat paid more selling a higher interest loan, and they get paid more if you buy more s***. If you qualify for 4.5%, then you don't buy from them unless you get that rate without buying more than you want. I'd go as far as checking your local or state laws about this s***.

This is why car dealers have such a bad reputation!!

 

[Turbo Matty P]

I'm investing all my money in the word "OWNED".

 

[Aaron]

every time someone pulls your credit for any reason the score will drop!!!!maybe not by much but if you go to 10 dealers one saturday and they all pull your credit it will reflect the credit score. Never let anyone pull your credit until you are ready to sign!!!!!!

 

[Stormtrooper77]

Another note:

As Aaron said, your score drops everytime someone does a credit check. So next time you go to the dealer for a test drive, don't give in on giving thme your license. All they do is run a check (without your authorization) and decide right then and there if you can purchase the car or not or whether they will **** your ass.

Ps. They don't need to have a copy of your license, all they need to know is that it is valid. You can simply show them that fact.

 

[Turbo Matty P]

here's how to check to see who is looking at your credit....order a full credit report. If you see someone has inquired about your credit without authorization you can sue them. Plain and simple. I used to work as a salesman and we were NOT allowed to do credit checks on anyone unless they put their name on the dotted line saying so. Salesmen use other factors to "pre-qualify" you. they ask you about where you live, where you work, what other cars you drive...etc....they do this to get an idea of what kind of money ou may or may not have,

 

[kc5zom]

every time someone pulls your credit for any reason the score will drop!!!!maybe not by much but if you go to 10 dealers one saturday and they all pull your credit it will reflect the credit score. Never let anyone pull your credit until you are ready to sign!!!!!!

That is only somewhat true. The FICO score is designed to handle multiple inquiries in a short period (ie when you are shopping for a mortgage or automotive loan) without dropping significantly. The key to that is short. Pulling multiple queries over say a month is more damaging than multiple queries in a week or two.