I went to the dealership today to buy a car, Of course they pulled a credit report when I told him that he could only pull one he told me the lie that it makes no difference because all pulls in 14 days time only count as one Then the finance manager told me that the way they code pulls is important and that a lot of times they do not code them as auto because is masks or hides all inquiries in the last 30 days from the score if coded for auto or mortgage and they want a true score. So once again the protections are in place but the crooked finance folks find a way to go around them BTW I had a fico of 648 and a auto enhanced score of 685 (I snuck away and made a copy of the report) but because of excessive inquiries I was approved for 14.75% he said score was good but the inquiries in the last 24 months made me less attractive to lenders I left in a cloud of dust never to return. A poor salesman worked very hard for me but lost his commission because of the FINANCE PR*CK. Fico says I have 1 inquiry he says all the inquiries count and some are almost 2 years old(.8 total) 7 mortgage 1 Hard
i think i have said this before - SOME dealerships will try to sell you a higher rate than the lender is actually willing to give to get the kickback. (i hate to even admit that the dealerships that have contracts with us have the ability to do this) try to arrange your own auto financing before you go in (ie credit unions) because i am betting you would get about a 5-7% rate if you do it that way. or take the higher rate, wait 6 months and refi to a lower rate. what kind of a vehicle are you looking at? we are eyeing a new chrysler grand voyager - y'know a *cough* minivan. (spouse's idea)
2000 ford expedition, They are telling me that a company called people first, capital one auto and Mazda american are the lenders that will finance for me, They called and in addition to the inquiries they are now saying accounts opened too recently. The Expedition is very nice I had it checked out, low miles and a good price$ 17000. 40 000 miles, nada is 18900
as for kickback one of the papers I read said 3% to dealer plus any points. I did not know there were points in car buying?????
its hard when its a good deal. just call around and check rates. i know i keep pushing credit unions, but they dont have the same regulations as a regular bank and can offer much better programs. we actually found the two minivans today, but my hubby said "lets wait until monday to decide". so get this, i apply online w/chrysler, right? i get a response saying "pending further review". so i call them up and they say that they are an indirect lender and cant talk to me about my application and i need to contact a chrysler dealer to get the info. i said well am i at least approved?, and the guy replies "i can't tell you that"...WTF?!?!!? i'll take all your personal information and then won't tell you anything about it. btw, usbank turned me down because they pulled TU and saw my false 120 day late showing from 1998. HAHAHAHA!
the points are part of the jacked up interest rate. they tend to get a standard "point" increase on every deal (on top of the rate) plus whatever else they can get on an inflated interest rate - in your case 3%. so the "base" rate being offered was 11.99% before the 3% increase (i think you said they offered 14.99%) and if they get a standard 4 points on every deal, chances are the rate you were being offered was 10.99% (or less depending on their point system)
YEAH jenz: YOURS ARE FAKE but everybody else got theirs cause they didn't pay their bills on time. LOL
the funny part about it lbrown is not only do i have monthly credit reports for the last 10 years showing it was never on the report before yesterday, but on the monthly "tick bar" on the tradeline it still shows timely payments for that timeframe. i was laughing because i applied w/usbank because they pull TU and i knew they would deny me for it, which builds my case against the CRA/OC for putting it on there. see lbrown, i'm not as stupid as you look.
Re: Re: insight into auto credit i'm starting to think lbrown LIKES me...its the proverbial pulling of the pig-tails...kinda like in kindergarten.
Re: Re: insight into auto credit You know jenz, in spite of the occasional critics, LB does have a fan club: http://lbrown59.youaremyfriend.com/
Re: Re: Re: insight into auto credit i have to admit, when he isn't busy pulling my pigtails, he actually has some intelligent things to say. then all of a sudden, those preteen hormones go outta whack. we sometimes don't agree, but i respect his position on things.
Re: Re: Re: insight into auto credi Jenz, No guys are gonna ask you out if you are driving a MINIVAN. that just reeks of a high maintenance soccermom
Re: Re: Re: insight into auto credi LOL. minivan's are the portrait of middle class suburbia isn't it? too bad i don't get to drive it. i'm taking over his gas guzzling truck since i don't commute as far or i work from home.
Re: Re: Re: insight into auto credi i should add that while i am very high maintenance, i am NOT a soccermom - no offense to any soccermoms out there. i'm the mom that carries the laptop everywhere i go so i can get work done.
