Credit Cards Center Credit cards from our partners
Reply
Established Contributor
Posts: 855
Registered: ‎10-25-2011
0

Buying Used? Dont trust Carfax.

Doesn't even matter if you're buying from a dealership. Always get the car inspected by a mechanic, and never trust carfax.

 

Educate yourself here:

http://abcnews.go.com/2020/video/check-carfax-18743237

Contributor
Posts: 79
Registered: ‎05-04-2011
0

Re: Buying Used? Dont trust Carfax.

Great report.

 

I've seen the opposite also. I've had a CarFax report show accident history when the AutoCheck report did not. Regardless of what either of those companies report I encourage anyone to get the car checked out. You may find a car with clean reports that has had major body or structure damage with shoddy repairs. You may also find a car with damage reports but the damage was superficial and the repairs flawless. No reason to steer clear of a car like that.

 

As a good example. My wife's car when we sell it will show a rear end collision on the carfax report. The reality is the rear bumper was only scratched with no other damage to the car. It was repaired and the car is in the same condition as it was when bought new. Because of that report the car may have a stigma attached to it even though it is as good as the equivalent car that had no repair. The severity was no more than a shopping cart scuff however the police report getting into the system is unavoidable.

 

It is unfortunate but this "certification" system is flawed. I've bought several used cars with "bad history" per the inspection reports. But I don't rely on those reports. I rely on the actual vehicle condition, the quality of the repair, etc... Never had an issue.




Starting Score: 594 (Dec 10, 2010)
Score: 758 (March, 2013
Goal Score: 730 on all (by end of 2012)

Take the FICO Fitness Challenge

New Contributor
Posts: 69
Registered: ‎01-24-2009
0

Re: Buying Used? Dont trust Carfax.

CarFax and AutoCheck can only show what has been reported to them. If they were never informed by a participating dealership/repair shop or insurance company, then they of course will not have the info on their report.

 

Scores Credit Karma TU=697 Vantage 727 | WalMart TU=709 | CreditSesame Exp=739 | Exp. FICO = 739 Barclays TU=706 Discover IT = 702

Discover IT $14,900 | BJ's Perks MC $5500 | TD Bank Visa Signature $5000 | Capitol One QuickSilver One $1600 | Capitol One Platinum Prestige $3000 | Merrick $4000 | Walmart $50000 | PayPal CS $1400 | Fingerhut $1800 | OCCU Duck $5000 | SG Visa $2000
Established Contributor
Posts: 855
Registered: ‎10-25-2011
0

Re: Buying Used? Dont trust Carfax.


PCMedic wrote:

CarFax and AutoCheck can only show what has been reported to them. If they were never informed by a participating dealership/repair shop or insurance company, then they of course will not have the info on their report.

 


But you can see the way that carfax advertises on their TV ads. No particular emphasis on that fact and it leads many consumers into thinking carfax is a complete report. Used car salesman also know that the consumers are lead to this false belief and tell car buyers its complete. 

New Contributor
Posts: 69
Registered: ‎01-24-2009
0

Re: Buying Used? Dont trust Carfax.

This apears right on Carfax's Home page "CARFAX Vehicle History Reports are based on information supplied to CARFAX. CARFAX does not have the complete history of every vehicle"

 

In the report they provide it states ... "CARFAX depends on many sources for its accident / damage data. CARFAX can only report what is in our database"
, as well as ... "Not every accident or damage event is reported and not all reported are provided to CARFAX."

 

So I hardly think they are trying to hide anything. As far as what a used car salesman may tell you, RULE #1 ...Never trust a used car salesman!!!

 

Scores Credit Karma TU=697 Vantage 727 | WalMart TU=709 | CreditSesame Exp=739 | Exp. FICO = 739 Barclays TU=706 Discover IT = 702

Discover IT $14,900 | BJ's Perks MC $5500 | TD Bank Visa Signature $5000 | Capitol One QuickSilver One $1600 | Capitol One Platinum Prestige $3000 | Merrick $4000 | Walmart $50000 | PayPal CS $1400 | Fingerhut $1800 | OCCU Duck $5000 | SG Visa $2000
Established Contributor
Posts: 855
Registered: ‎10-25-2011
0

Re: Buying Used? Dont trust Carfax.

[ Edited ]

PCMedic wrote:

This apears right on Carfax's Home page "CARFAX Vehicle History Reports are based on information supplied to CARFAX. CARFAX does not have the complete history of every vehicle"

 

In the report they provide it states ... "CARFAX depends on many sources for its accident / damage data. CARFAX can only report what is in our database"
, as well as ... "Not every accident or damage event is reported and not all reported are provided to CARFAX."

 

So I hardly think they are trying to hide anything. As far as what a used car salesman may tell you, RULE #1 ...Never trust a used car salesman!!!

 


Do you know how many consumers actually pay attention to that? Not most. I was referring to the TV ads in which most consumers are seeing instead (if you didn't pay attention to what I posted). My point is that they should properly disclose on their TV ads like they do on their website and reports. I'm aware that about the information they disclose on the website and on the actual report. I read these disclosures, but most people don't and you should be smart enough to know that right?

 

So I'm SURE they are misleading consumers. If you didn't pay attention to my post, maybe you didn't even watch the video from the original post either. Consumers blindly trusting that the carfax reports are complete and car salesmen selling carfax like its the bible. Due to the TV ads (thought I'd emphasize this for you). 

 

So, what's RULE #2? Never trust a carfax!!!

 

What's the point when not all information gets reported to them? You think people know this? Not the people in this class action lawsuit against carfax: http://www.topclassactions.com/lawsuit-settlements/lawsuit-news/2555-carfax-vehicle-history-report-c... 

 

Because I can't say it any better, I'll quote from another article: http://www.examiner.com/article/don-t-rely-on-carfax-when-buying-a-used-car

"So, what exactly is the point of running a report that isn’t trustworthy? Having a Carfax is worse than having no report at all because it serves only to confuse. At best, you can hope to get an accurate, albeit partial, account of a car’s history. Save your money for a physical inspection by a qualified expert."

 


Bottom line: All I'm doing is trying to keep myfico members informed. What are you trying to do again? Thank you come again.

 

Regular Contributor
Posts: 232
Registered: ‎09-26-2013
0

Re: Buying Used? Dont trust Carfax.

I think Carfax is a good tool but its not complete as has been said in the previous post so I wouldnt rely just on that.   State law may vary on this but in NC, If the damage does not exceed 25% of the value of the car ( i am assuming the selling price), the dealer is not required to notify anyone of the repaired damage. 

 

I bought my wife a dodge journey R/T last year.  A month ago I was at the car wash and noticed a small section of clear coat coming off.  I took it to the body shop and had the owner look at it.  Turned out, it had been wrecked.  Instead of putting a new door skin and using replacement metal on the door jamb, they used bondo for a quick fix.  I asked him what it would take to repair it.  He said he would have to tear everything out just to see how far the damage went before he could even estimate how much damage there was and how it was repaired.  In other words it would have cost at least a couple of thousand.    

 

The fix the dealership used kept the repair cost under the 25% so they would not have to disclose it to the consumer.   I went and traded and got my wife a GMC Acadia.   (never was a dodge fan) and no i did not go back to the same dealer lol. 

My Sock Drawer: Care Credit $4200-0, JCP 2100-0, Chase 3000-0, Chase Freedom $4500.00-0, WF $1000.00-0.00
In Use: NFCU Visa Sig $17.5k- 0.00k
I still have too MANY CARDS
Starting Score 538
Current Score Oct 30-14 701 fico Eq-- 745 Fico Tu-- 713 Fico Ex

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.