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steffiejoe
Contributor

Car fax

I am in the process of shopping for a used luxury car. I have applied for financing with Pen Fed and was approved for a vehicle but the deal did not work out so I am still searching.

 

I signed up for up to 5 car fax searches .I noticed on my most recent search some of the information listed is different. For example  the vehicle I am looking at now is silver, however on the most current registration the color is listed as white( according to the car fax).

 

The dealership said that car faxes are not 100% accurate . Any one else have experience or issues with the reliability of a car fax?

 

 

Thanks

Your credit score
849
Source: Equifax Date: April 29, 2015
Message 1 of 10
9 REPLIES 9
pizzadude
Credit Mentor

Re: Car fax


@steffiejoe wrote:

I am in the process of shopping for a used luxury car. I have applied for financing with Pen Fed and was approved for a vehicle but the deal did not work out so I am still searching.

 

I signed up for up to 5 car fax searches .I noticed on my most recent search some of the information listed is different. For example  the vehicle I am looking at now is silver, however on the most current registration the color is listed as white( according to the car fax).

 

The dealership said that car faxes are not 100% accurate . Any one else have experience or issues with the reliability of a car fax?

 

 

Thanks


It is certainly possible that some of the details could be off on the vehicle description like color, the DMV doesn't always have 100% correct info........but I would be concered if there were any discrepancies on the major features of the car, just read the report carefully to compare it to the car.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 10
steffiejoe
Contributor

Re: Car fax


@pizzadude wrote:

@steffiejoe wrote:

I am in the process of shopping for a used luxury car. I have applied for financing with Pen Fed and was approved for a vehicle but the deal did not work out so I am still searching.

 

I signed up for up to 5 car fax searches .I noticed on my most recent search some of the information listed is different. For example  the vehicle I am looking at now is silver, however on the most current registration the color is listed as white( according to the car fax).

 

The dealership said that car faxes are not 100% accurate . Any one else have experience or issues with the reliability of a car fax?

 

 

Thanks


It is certainly possible that some of the details could be off on the vehicle description like color, the DMV doesn't always have 100% correct info........but I would be concered if there were any discrepancies on the major features of the car, just read the report carefully to compare it to the car.



Thanks! I have never purchased a used car before so this is new to me.

Your credit score
849
Source: Equifax Date: April 29, 2015
Message 3 of 10
steffiejoe
Contributor

Re: Car fax

Please check out  the reviews I just located on car fax!!!

 

http://www.consumeraffairs.com/automotive/carfax_inacc.html

 

 

I think I will have my insurance company check for accidents on the next vehicle I select.

 

Hope this helps

Your credit score
849
Source: Equifax Date: April 29, 2015
Message 4 of 10
Revelate
Moderator Emeritus

Re: Car fax

Car Fax is ok, you're mostly just looking for things that haven't been in a reported accident.

 

As for signing up, most higher end dealers tend to post Carfax listings for free if you link from their site.  I suppose if you're looking for an older luxury model that may not be the case, but does Penfed even finance non-sponsored dealerships or private party?

 




        
Message 5 of 10
steffiejoe
Contributor

Re: Car fax


@Revelate wrote:

Car Fax is ok, you're mostly just looking for things that haven't been in a reported accident.

 

As for signing up, most higher end dealers tend to post Carfax listings for free if you link from their site.  I suppose if you're looking for an older luxury model that may not be the case, but does Penfed even finance non-sponsored dealerships or private party?

 


 Pen fed does not really have a list of sponsored dealerships, at least I have not seen a list. I know Capital One gives you a list of dealerships which will honor their blank check.

Pen fed does offer 1.49% if you purchase a used car from Enterprise.

So far I have had approval for financing for 2 separate dealerships. One is a large dealership located in the Houston area( I backed out of this deal) and the other is a small dealership .

 

When you apply the application has a section for you to enter the vehicle information, mileage, Vin#, cost and it asks if the seller is a dealer, or private party.

 

Once you enter the cost it will let you know how much Pen Fed will approve for that particle vehicle.

 

 

Your credit score
849
Source: Equifax Date: April 29, 2015
Message 6 of 10
Revelate
Moderator Emeritus

Re: Car fax


@steffiejoe wrote:
When you apply the application has a section for you to enter the vehicle information, mileage, Vin#, cost and it asks if the seller is a dealer, or private party.

 

Once you enter the cost it will let you know how much Pen Fed will approve for that particle vehicle.

 

 


Ah that's good to know re: private party sales, thanks Steffie!

 




        
Message 7 of 10
urbex
Established Member

Re: Car fax

Keep in mind as well that CarFax (and all the other services like it) can only relay reported issues.  If a vehicle is in an accident, flood, whatever, and is repaired either by the owner or an indepedent shop without going through an insurance company, that damage is likely to never be reported and CarFax won't pick up on it. 

I had a Jeep Grand Cherokee in my shop a couple years ago that looked immaculate inside and out, and was reported by the previous owner that my buddy bought it from to have never been in any kind of accident, driven by the proverbial little old lady just to the store and back, etc.  He pulled CarFax on it, along with another report like it (the name of the company escapes me now), they both came back spotless. 

 

It was in the shop to have aftermarket heavy duty offroad bumpers and rock protectors added.  When we pulled the factory front bumper off, it was very obvious that the vehicle had been involved in a decent front end collision, with significant frame damage.  Someone prior had merely replaced all of the externally visible components - bumper cover, grill, headlights, etc, and did only what was needed to make the parts line up correctly.  We ended up putting in a full day just doing frame repair, and even then had to modify the replacement bumper to fit correctly. 

 

A previous owner and/or less than reputable shop likely just put in junkyard parts with a fresh coat of paint, and never reported any of the work, so it never shows up on CarFax.

 

Point being that lack of info on a CarFax doesn't guarantee a car is clean, and CarFax is really only good for walking away from a deal if it shows info on the report.

Message 8 of 10
steffiejoe
Contributor

Re: Car fax


@Revelate wrote:

@steffiejoe wrote:
When you apply the application has a section for you to enter the vehicle information, mileage, Vin#, cost and it asks if the seller is a dealer, or private party.

 

Once you enter the cost it will let you know how much Pen Fed will approve for that particle vehicle.

 

 


Ah that's good to know re: private party sales, thanks Steffie!

 


 Not sure what happens if you select private party. But Im sure you can call Penfed and they will let you know how purchasing from a private party works.

 

With the dealership purchasing they sent out a check made out to me and the dealership. I was told to sign the check and give it to the dealership and they would handle the title, registration  and adding Penfed as the lien holder. However like I mentioned earlier I backed out on the first deal , so they canceled that loan with no problem or delay .So I was able to move  forward with my second choice.

The rep at Penfed said I had 90 days to search for a vehicle and it would be the same credit inquiry.

 

I am taking the second vehicle in to have it inspected by a independent mechanic on Friday!! Penfed has already told me what they will loan on this vehicle . If everything checks out I plan to purchase.

Your credit score
849
Source: Equifax Date: April 29, 2015
Message 9 of 10
steffiejoe
Contributor

Re: Car fax


@urbex wrote:

Keep in mind as well that CarFax (and all the other services like it) can only relay reported issues.  If a vehicle is in an accident, flood, whatever, and is repaired either by the owner or an indepedent shop without going through an insurance company, that damage is likely to never be reported and CarFax won't pick up on it. 

I had a Jeep Grand Cherokee in my shop a couple years ago that looked immaculate inside and out, and was reported by the previous owner that my buddy bought it from to have never been in any kind of accident, driven by the proverbial little old lady just to the store and back, etc.  He pulled CarFax on it, along with another report like it (the name of the company escapes me now), they both came back spotless. 

 

It was in the shop to have aftermarket heavy duty offroad bumpers and rock protectors added.  When we pulled the factory front bumper off, it was very obvious that the vehicle had been involved in a decent front end collision, with significant frame damage.  Someone prior had merely replaced all of the externally visible components - bumper cover, grill, headlights, etc, and did only what was needed to make the parts line up correctly.  We ended up putting in a full day just doing frame repair, and even then had to modify the replacement bumper to fit correctly. 

 

A previous owner and/or less than reputable shop likely just put in junkyard parts with a fresh coat of paint, and never reported any of the work, so it never shows up on CarFax.

 

Point being that lack of info on a CarFax doesn't guarantee a car is clean, and CarFax is really only good for walking away from a deal if it shows info on the report.


Great point!! With  the commercials and the way the dealerships hype up car fax , it made me think a car fax was 100% reliable.

 

The name of the other report you can run is AutoCheck . AutoCheck is a part of Experian.

 


 

Your credit score
849
Source: Equifax Date: April 29, 2015
Message 10 of 10
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