I posted a question the other day about PeopleFirst - this is why: Went to buy a used car the other day, saw something I liked, then got to the finance part. I told the dealer that my credit rating might suck, what did he think my chances were for a decent rate? He looked at my reports (doesn't everyone carry their reports with them?) and said "Geez, I don't know. I was in the finance business for a number of years and this bad stuff stays on for a LONG, LONG, time." Right. I call back later that day and the dealer tells me that the bank refused me at first, then, with his help of course, decided that they would take me for the low, low prices of a $200 activation fee and a 21% interest rate. I don't think so. I immediately apply online for a PeopleFirst loan. It was a Sunday so my results came the next day - 10.95% but with some restrictions: must buy from franchised dealer, car newer than '97 & less than 60,000 miles, borrow up to $30,000. Two hours later I'm at a dealership test-driving cars, pick one, get to finance part, tell them (confidently) that I have PeopleFirst, no need for financing. They tell me that they have had a problem with PeopleFirst paying them in a timely manner, they would not release the car unless they got their money in a timely fashion. I explain my credit situation to the credit person (she is very impressed by me having my credit reports AND knowing my credit scores), she is confident they can beat 10.95%. Thursday I will pick up my car, financed at 8.9%. SO... A huge THANK YOU to everyone here because if I were not armed with some knowledge I either would have been to timid to apply for credit or (worse) would have accepted the extorsion offered at the first place. My credit journey is far from over, but you folks have made it as good as it could be!! bc PS: the first dealer just called and said he got the bank to lower the rate to 15% - I told him someone else had already suckered me in.
congrats! Your scores arent too far off from mine. Two good points you make: 1. Peoplefirst is a ripoff 2. You can always do better than #1
BC.... Who did PeopleFirst pull? Ive got the follwing: EX - 619 EQ - 570 TU - 596 Included on my reports is an auto loan that was opened in 1/2000 - never late.
I'm not sure the lesson is that PeopleFirst sucks. It did do much better that the first extortion rate. And gave you a position of strength - which perhaps helped the second place come up with a better offer. Congrats! Tom
They pulled Experian for sure, not sure about the others. BTW, this particular credit/loan person told me that scores in the 600's is normal, 400-500 is considered a "problem". I agree, although the part about the dealership having problems with payment was not good.
Congratulations It's good to read of successes here. That's great news. Hey Sam-I've been looking at the new a4s-how are you liking yours?
Re: Congratulations As a former car salesman, never tell the Finance guy that your credit might be bad. Even if your score is good he'll tell you that it's going to take some $$$ to close the deal...not to mention the rate he'll try to hit you at. Congrats on your rate! Sure beats 21% doesn't it GT
Re: Congratulations Congrats.... Enjoy your car! I got ripped off 6 years ago with good credit. Once bitten, twice shy. I want to buy a house this year and get a car next year. So, I'll be using the same approach.
