Lie To The Buyer About Their Credit Score SCAM
- October 13, 2020
- Posted by: alakra
- Categories: Credit Score Scam, Finance & Accounting
This is one of the most common tricks that car dealers pull
on unsuspecting shoppers, first things first, not all banks and lenders look at
the credit score only to make their decision whether you get approved or
declined, there lots of other factors.
Some finance managers tell you that your credit score was
much lower than it is. This causes you to pay a much higher interest
rate on your car loan than you should have paid. Keep in mind that not all
finance managers are the same, but how would you know?
You see, the way interest rates work on car loans is the
higher your credit score, the lower the interest rate you will have to pay. So
naturally, the lower a credit score the dealer can produce from your credit
history, the higher APR they can charge on the car loan.
Naturally, some salespeople are greedier than others. They do
not want to just sit there while you walk out the door paying 3% APR when there
are profits to be made. Remember these guys could be under lots of pressure
from the upper management (make money or go home) they will use all their
skills against the uninformed car shopper. This money-making trick is typically pulled on people with marginal credit but works even on people with good credit too. It works because most people do not know their credit score. Unfortunately, and some might know it, but like we said banks do not only rely on the credit score, you could have a great credit history, but one minor thing can lower your score below 600. On the other hand, you might only have a cell phone bill under your name, and because of it your credit score over 700.
See the credit score is not everything, but you could get
milked because of it if you are not well informed, let us go over your credit
report in detail, so you do not get the runaround and save yourself lots of
stress and money.
-
- Your credit does not get pulled every time you visit a
dealership if landed on a vehicle you liked. - Dealers do not send your application to too many lenders
for the best approval and have too many inquiries and because of it, you might get declined even if your situation is approval to the bank/lenders. - We will guide you to the right scenario that going to fit
your lifestyle. - You do not need to apply online with all these
lead-generating companies where they end up selling your credit information to
the paying dealership. - Your information will not end up in a dealership either
too busy for your tough situation or a dealership that does not have the right lenders
or vehicle for your situation and your lifestyle. - You do not end up pushed into a vehicle not what you’re
hoping to get or seen in an ad online with all the empty promises.
- Your credit does not get pulled every time you visit a
- Too many people trust the official printouts produced by the car dealer without ever knowing if it is true. Remember you need to do more than just get your credit report; YOU NEED TO BE ABLE TO KNOW what’s ON IT!
One of our customers we had helped emailed us to say that while sitting in the finance office at the car dealership, four finance people came out after reviewing his car loan application with very “concerned looks” on their faces. They also had an official-looking paper that said “credit score” on it and it also had the number 580 circled in red. Boy, the pen sure is mightier than the sword. They informed our friend that they could only get him financed at 10.9% APR, not the special 0% interest rate that the manufacturer was advertising.
Our intended victim then pulled out his credit score that we provided him with all the details that week where he had a much higher score of 720 compared to the dealer’s bogus credit score. You see our friend knew where his credit standing and knew what he will qualify for. He then asked why the dealer’s result was so different from our credit report which we pulled the same week.
Not expecting this car buyer would know his credit situation, three of the very surprised sales guys scattered knowing they were busted. The poor last guy lied to the buyer, saying that “credit agencies display better credit scores to consumers than to businesses.” Our friend then left that dealership and bought his car elsewhere with the low 0% advertised APR. This vindicated the buyer and proved the finance people were lying.